Homeowners have a historically unusual opportunity in front of them to find a remortgage they could love. One that offers a long term fixed rate at a very low interest level. Not in decades have interest rates been so low or have lenders been so competitive.

While the possibility of rising interest rates has been set back by the slowing of the global economy, it doesn’t mean that homeowners should put off getting a new deal. Lending practices are currently quite open and economic changes could cause a tightening. Also, remortgage borrowing takes longer with the adoption of new regulations and for a homeowner looking for a great deal the key is putting time on your side.

Those homeowners that have had their current mortgage deal end and have been moved to their lender’s standard variable rate (SVR) should seriously consider a remortgage. While the SVR may be currently affordable, a lender could make it not so in a blink of an eye. Lenders typically change their SVR with little notice to customers. Considering that it takes longer to obtain a remortgage due to more required steps of validating affordability by both the homeowner and the lender, it could be that a homeowner could find themselves in trouble. With little notice of a SVR change and it taking time to shop around and obtain a remortgage, a homeowner should prepare ahead of time rather than reacting to a lender’s notice.

There are very attractive remortgages being offered and lenders are competing for the attention of homeowners with long fixed terms and other incentives, so it could be that it’s time to find a remortgage you could love and break up with the old one.