There are solutions to cutting costs from the monthly outgoings in any household budget. Costs can be cut from the typical power usage and other utilities. Costs can be cut on the amount of petrol used in the course of thirty days. Costs can also be cut in the amount of everyday consumption in food, water, and other necessities. But many homeowners overlook one of the most powerful tools to cut costs overall. That tool is the home remortgage.

Data collected from a recent survey illustrates the main point of not realising the full potential of a remortgage for many house owners. A survey conducted by YouGov for Habito revealed some interesting findings in regard to the perception of a remortgage.

Only 30% of UK residents see the possibility of a remortgage securing a better interest rate on their property. Almost 50% see remortgage as a way to incur more debt.

These figures reveal more than just a lack of understanding of the power of remortgage. They also demonstrate the potential for a hike in interest rates to take place and completely surprise many homeowners. The Bank of England has warned of a possible hike interest rates coming, and possibly by the end of the year.

The recent survey shows how remortgage is still unaware to many residents and is not in full mainstream thinking. Remortgage gives the homeowner an opportunity to not only cut cost each month on the monthly mortgage payment, but also secures the future by offering protection against additional hikes in interest rates.