Homeowners have been busy seeking remortgages. There are many reasons for the high demand that has been consistent over the last few months. One, of course, is to save money. A very large number of homeowners had their mortgage deal end last month. Those homeowners could remortgage or they could allow their lender to move them to the lender’s standard variable rate (SVR). Since SVRs of some lenders are double or more the mortgage rate those homeowners were used to paying, a remortgage could offer substantial savings.

Some homeowners may have chosen to wait out getting a remortgage despite a higher interest rate with a SVR. There are whispers that the Bank of England’s Monetary Policy Committee might cut the standard base interest rate in the next year. In the hopes of getting the very lowest interest rate, some homeowners might be holding off making a decision on a remortgage now.

Sitting on the fence, rather than remortgaging, might not be the best action to take with so many attractive remortgage deals available now.

Due to all of the homeowners that would have had their mortgage deal end, and to a slowdown in mortgage demand because of Brexit’s impact on the housing market, lenders are competitive in the remortgage market. There are many homeowners ready to borrow and lenders want their attention, so they are offering remortgage deals that are sure to grab the eye of homeowners.

Some lenders are offering their own historically low remortgage interest rate. There could be substantial savings to be found by homeowners, especially those that are on their lender’s SVR. Remortgages might or might not get better in 2020, but with the opportunity to save now, it might be a better option to take advantage of the benefits that are certain now rather than wait it out for an unknown benefit or not.