Homeowner Loyalty to Lender Could Cause Missing Best Remortgage

Homeowner Loyalty to Lender Could Cause Missing Best Remortgage

Homeowners that are considering a remortgage are being warned to throw their loyalty to their current lender aside. Rather than be loyal and take the easy route to a remortgage with the present lender, it could be more beneficial to shop around for a remortgage. The best deals are likely being offered to new customers to entice them while current customers are missing out on substantial savings.

Lenders are currently in a very competitive mode. There are attractive remortgage products to sift through to discover the best one. There are as many products and opportunities as there are unique needs of homeowners. One deal might not be the best for one homeowner and yet the perfect fit for another. By shopping around through what is available from many lenders it will enlighten the homeowner as to what savings and benefits are possible.

It would be smart to consider the overall savings of a remortgage. Don’t be so focused on finding the lowest of low interest rates. Those most often have the highest fees attached to them, while the one with a slightly higher rate, which is also offering a savings has the lowest fees. Therefore, overall the remortgage with the lowest interest rate might not be the one with the best savings. The fees associated could wash away a lot of what would be gained with the lowest rate. Look for savings and if a long term or fixed rate is desired, then there are plenty of those these days with low interest rates as well.

Loyalty rarely is smart when it comes to remortgaging. Keep an open mind and shop online. You can always go to your current lender and ask if they will match the deal you found and if not, then do what is best for your financial needs and move on to where the savings are offered.

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