As a home owner, the cost of paying for things such as the mortgage payment each month, and home owner’s insurance and stamp duty all combine to form a hefty bill. Add to that, possibly an unpaid school loan, the weekly grocery bill, and utility cost for the home. What happens typically is the outgoings outpace the household income. This presents a problem, especially whilst the housing market is running at such a high rate of uncertainty. In the eyes of many housing specialists, it could be the right time to look into remortgage.

Many home owners are still unaware of the lending tool known as remortgage. Some may think it is used as a last resort to keep a property, or maybe the option turned to after an interest only loan. A remortgage is so much more than a rescue mission or a third option.

In recent years, there has been a surge in the name remortgage and with good reason. As house price growth continued over time during the last decade, inflation also increased. All this was taking place in the background as wage growth remained relatively stagnant.

Remortgage has been benefitting home owners for years, but many housing experts would argue that it is helping people today like never before. It not only makes it possible to lower the monthly mortgage repayment amount, but it also makes access to cash possible during the process. A fixed remortgage also provides protection and security against the threat of an interest rate hike in the future.

Remortgage should never be the second or third option for home owners. It has now become a lending tool firmly planted near the top of mortgage lending hierarchy.