Homeowners are taking advantage of the low interest rate deals being offered by lenders. Some of the deals are the lowest ever offered by the lender in their history. While there are no expectations of the Bank of England increasing the standard base interest rate by the end of the year, it doesn’t mean that homeowners are safe in assuming they won’t encounter higher repayments.

Homeowners that have had their mortgage deal end and have moved to their lender’s standard variable rate (SVR) are at the most risk of seeing increases in their rate and therefore increases in their repayments. If it becomes more expensive for lenders to offer loans, then they will increase their SVR to pass the expense onto customers. SVR loans are a risk to those that are better suited to budget friendly repayments that are offered by fixed rates.

Not only do those homeowners on a SVR loan have much to gain from a remortgage, but there are those that are coming near to the end of their mortgage term, those that could benefit from a cash equity release, and of course those that could save from a lower interest rate.

When it comes to seeking out a remortgage, most homeowners are heavily focused on the interest rate. However, that may not be the best practice when shopping for a new deal. Sometimes the lowest interest rate remortgage has fees involved that make it a less attractive choice than the one with much lower fees and a slightly higher interest rate.

In making the best choice in a remortgage it is important to look at the entire deal and consider more than just the interest rate. Take into consideration all the fees involved to determine if the remortgage is going to be a savings or more costly. There are also other considerations such as a safety net of having a long term fixed rate, or a remortgage that allows a new deal in a short time after the initial loan without heavy fees involved. Sometimes a savings isn’t the priority with a remortgage. Each homeowner has unique remortgage goals.

The best choice in a remortgage might also be with a different lender, so putting aside loyalty to a lender in favor of a better deal might be necessary.

Remortgages are truly attractive right now and lenders are keen in grabbing the attention of homeowners, so low fees, great incentives, and other perks are embedded into the deals to make them even nicer. Shopping around patiently or getting the assistance of a remortgage broker can be helpful in narrowing in on the best opportunities. Then it is a matter of going over the fine details and choosing the best of the best remortgage deals to get the right choice for the unique needs of the homeowner.