Remortgage has never enjoyed the spotlight like other mortgage lending options. It remains hidden in obscurity for most UK homeowners to find, almost like trying to discover a needle in a haystack. But now, and for the last several months, remortgages have become more popular and in higher demand. It is now being viewed by experts as a wise choice for saving money in the New Year.

UK homeowners looking to find hidden savings related to the cost of the monthly mortgage are among the lucky ones. Interest rates are quite low and lenders are locking horns over who can offer the most attractive deals. Fortunately, home owners are finding fixed loans through remortgage which offer significant savings.

Andy Knee of LMS commented on what can be expected this year in the remortgage sector, saying: “As we look ahead to 2017, we expect lenders to start raising the rates they have on offer – a view reflected among borrowers – 32% now anticipate a rate rise in the next year – who can remortgage to fix now to secure favourable rates. The full impact of the EU referendum is still waiting to be felt in most areas of the economy, including the mortgage market. We expect confidence to fluctuate in March if Article 50 is declared, as expected. Rising inflation will apply added pressure to household budgets, so any way to reduce outgoings, such as remortgaging, will be welcome relief to many families who start to feel the squeeze.”

A remortgage is now quite accessible and can be completed entirely online in a short amount of time.