Remortgage activity in recent months has soared. This is due mainly to historically low interest rates and lender competition eager to offer deals for those who see their current mortgage deals approaching maturity. Housing experts see this as an almost perfect time to consider a remortgage and obtain a lower interest rate.

Calculations by many housing experts have been completed and the proof is undeniable. Homeowners are leaving cash on the table by choosing not to remortgage at this point. The average savings which many have formulated per household totals more than £200 per month or £2,500 per year. This savings could make a significant difference too many households and might even lead to great savings accounts at year end.

Fixed rate remortgages are popular due to their consistent effect on the household budget. With a fixed rate remortgage everything remains the same each month. There is a standard, set amount for the mortgage payment which is outgoing each month. With a fixed rate there is never a surprise which pops up and increases outgoings for no reason. A fixed rate means the mortgage payment is just that, fixed each month.

Fixed rate remortgage deals are available in short term deals lasting two or three years, then there are longer term fixed rate mortgage deals. These last five, seven, and even ten years. Many house owners opt for a longer term fixed deal, but it really depends on the ability to predict changes which might occur down the road. Changes in the future could steer you in one way versus the other.

Remortgage has the power to change the lives of many house owners and provide hope for a stronger financial future. Experts feel strongly about applying for a remortgage before talks of a rate increase begin circulating again.