Homeowners Have Choice of Long Term Remortgages for Peace of Mind

Homeowners Have Choice of Long Term Remortgages for Peace of Mind

Homeowners are expected to show strong demand for remortgages over the next few months. There are a high number of mortgages that are going to end their term in October, the same month of the Brexit deadline. There is also an expectation that many homeowners that are close to having their mortgage term end and those that already have ended and are now on their lender’s standard variable rate (SVR) are watching the lending market closely and waiting for the right moment.

Perhaps the right moment has already arrived, for many lenders are gearing up for the rush of remortgaging and are offering very attractive deals to grab the eye of borrowers now. Since fixed rate remortgages are the most popular and are expected to continue to be as the uncertainty of Brexit is on borrowers’ minds, lenders are pushing their fixed rates into new territory.

Recently longer fixed rate terms have shown up from lenders. That hasn’t been the case since the financial crisis. In fact, Virgin Money recently launched the first 15 year fixed rate remortgage which would allow homeowners to lock in a low interest rate to protect their household budget from rising rates for over a decade and a half.

Lenders are also raising their loan to value levels (LTV) which is opening up opportunity for more homeowners to find savings.

Remortgaging and escaping a lender’s SVR is the smart move according to many experts. Those that mortgaged two or more years ago could find that a SVR is double or more the interest rate level they were used to paying. A remortgage would allow an escape from higher interest rates, especially a risky SVR, and offer peace of mind as Brexit reveals itself and the impact on the national and global economy.

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