Homeowners are being encouraged by experts to seek out a remortgage and avoid paying more than needed on their home loan. They are especially trying to get the attention of new homeowners that are close to having their two or five year fixed rate mortgage deal end. In years past some homeowners may have pushed aside the need to remortgage and been perfectly comfortable on their lender’s standard variable rate (SVR), but currently that could be a costly mistake.

When a mortgage deal ends and the homeowner does not remortgage the lender will move the loan to the lender’s SVR. This is a risky interest rate for those not willing to have their loan attached to a rate that can fluctuate with little warning. That can push a homeowner to need to rush to remortgage and could cause them to face financial difficulty in meeting their repayments promptly.

With SVRs at a level at double what most homeowners are paying on their soon to end two year and five year fixed rate mortgages, not remortgaging or at least determining what savings are available could be a financial regret.

Before a homeowner’s mortgage term ends there are things that can be done to help make the decision to allow either their loan to be attached to a SVR or to remortgage.

One task to be faced is doing research on how much of a savings could be possible. By shopping online and getting quick quotes it’s fast and simple to see if a remortgage could be a financial help and offer savings.

Another task is to gather the needed paperwork a lender or remortgage broker would require to get started on your remortgage process.

Experts also offer advice to push aside one’s loyalty to their current lender so as to open up possibilities to more options and remortgage products through remortgage brokers or other lenders.

By shopping around early for a remortgage it can give a homeowner information that will be helpful in making a decision on whether a SVR or a remortgage is best.