Many UK homeowners could be paying more for their mortgage than necessary. In less than a year’s time, the Bank of England’s Monetary Policy Committee (MPC) has raised the standard base interest rate three times the amount than this time last year. With two increases, the rate has gone from an historic low of 0.25% to 0.75%, which could amount to a major outgoing expense in the family budget for many homeowners.

The only escape from paying more for homeowners that did not secure a low interest rate prior to the increases is a remortgage. The good news is that there are still great deals available from lenders as they are looking to attract new customers in a rather competitive environment. Remortgages are the largest sector in the mortgage lending market right now and to grab the attention of borrowers, lenders are offering incentives and low interest rates that could help homeowners save a lot of money.

Taking the time to shop around for the best remortgage is the key to finding the right deal for the homeowner’s unique needs. For some, that might mean throwing aside loyalty to find the greater savings, while other homeowners might discover a treasure of a deal with a remortgage broker that couldn’t be found directly from lenders.

No one wants to pay more money than they have to and by simply shopping around homeowners could quickly discover what savings are available to them. It’s worth the effort in the long run should one find that just a few minutes of time online amounted to hundreds or thousands of pounds saved in the course of one year or many years ahead.