It is the first day of summer and no doubt there are likely many homeowners that will complete their process of obtaining a remortgage on this very day. Remortgages have been in demand by homeowners as they seek to avoid any rising interest rates that could occur in the coming years. Because of the threat of rising interest rates homeowners are expected to continue showing strong demand for remortgages throughout the summer of 2018.

Lenders have been offering low interest rates to those seeking a remortgage. Some have taken extra steps to be competitive and grab the attention of borrowers such as extending the age of the approved borrower into levels not seen before to benefit the aging homeowner and some are offering the rare interest only deals.

Homeowners are expected to take advantage of the current competitive market in which lenders are putting out more and more products and more inventive ways to bring homeowners to the lending market. There are longer fixed terms, lower interest rates, and some offer incentives such as free legal work and valuations.

Homeowners have been highly encouraged to not wait out the Bank of England’s Monetary Policy Committee (MPC). Instead of waiting until there will be a rush to remortgage, it could be to the homeowner’s advantage to take action this summer.

Experts advise homeowners to throw away their loyalty and shop around for deals that best suit their needs. Also, they should look beyond the interest rate and consider the deals offered as a whole. That will allow the homeowners to take into account any fees as well as the interest rate to determine the full and real savings offered. However, the benefits of one remortgage over another might make one remortgage win out over the one with the lower rate.

Summer is going to be a great time to both shop for a remortgage and secure an attractive deal keeping demand strong into autumn.