Remortgage Delay could Result in Missed Savings for Homeowners
Remortgage has proven over the past several years it is a mortgage lending tool to put into motion and be taken advantage of. However, many house owners are waiting too long to apply for a new deal. This is resulting in savings being left out on the table and not realised. According to the latest research, procrastination is costing the everyday homeowner several hundred pounds per year.
This procrastination is leading homeowners to miss out on almost £400 per year in savings by not switching to a fixed rate mortgage following the maturity of their current deal. Lenders are currently in a frenzy competing for new business and this is good news for any homeowner looking to potentially improve their current financial situation. Fixed rate deals are available from lenders small and large.
Homeowners currently on a lender’s Standard Variable Rate Mortgage should be aware of the point in time of maturity. Then, count back about four to six months from that date. This is the optimum time frame to start looking for a remortgage, according to many close to and in the housing market. Leaving too little time to find the next mortgage deal could jeopardise the ability to find the best deal with maximum savings.
A standard variable rate deal when purchasing a property is a popular type of mortgage loan. Homeowners are urged to watch the deadline on maturity and start looking for a remortgage to immediately take advantage of four to six months prior to that date.
Many housing experts see current economic conditions as the perfect time to consider looking to a remortgage.