Homeowners Missing Opportunity to Save with Remortgage

Homeowners Missing Opportunity to Save with Remortgage

Remortgage borrowing in the UK has increased incrementally over the past decade. What once was a little known method to remain in the current house and obtain a new mortgage loan, is now well known among the millions of the home owners across the country. However, recent research is proving even though the remortgage has become more popular, many are still not taking advantage of its range of benefits.

In a recent survey by MoneySuperMarket, around 70% are missing out on the massive amount of savings which could be taken on the cost of the monthly mortgage payment. Actually, less than 30% are seeking out a remortgage to possibly change their financial future entirely.

The average amount of savings realised by those who remortgage is almost £450. This is an average and many house owners are seeing savings amount to much more than that. Not only are savings each month possible with a remortgage, access to valuable cash is also potentially available through the process.

The total savings left on the table and not taken advantage of by home owners across the country amounts to about £3.4bn.

Sally Francis-Miles, expert with MoneySuperMarket commented on the latest economic data, saying: “The UK mortgage market is worth £1.3 trillion so if even a quarter of those with a mortgage can save a few hundred pounds each, that’s a drastic amount.”

Remortgage is a valuable tool which many house owners are not taking advantage of. At the time of maturity for current mortgage loans, it would be wise to check out remortgage and discover the amount of savings possible, according to housing experts.

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