Remortgage Urged by Housing Specialists in Order to Find Massive Savings

Remortgage Urged by Housing Specialists in Order to Find Massive Savings

The latest data made available for UK house owners is quite telling for those thinking about a remortgage. Many have remortgaged and found a heavy amount of incentives being offered by lenders looking to make their annual sales quotas. Lenders are offering deals which feature low interest rates as well as low cost valuations, free admin fees, and other incentives. The striking factor leading to many house owners remortgaging is the potential savings which can be realised. Some place the savings at more than £3,000 for the year.

According to recent data, the amount of savings possible through remortgage has now reached a ten year high. Some house owners are seeing savings in the range of £3,000.

House owners have not seen this type of motivation to remortgage since the year 2008.There is one simple reason for this and it all has to do with interest rates. The gap between the average fixed interest rate and the average lender standard variable rate now stands at 2.59%. In relative terms this is a massive amount. And what does it mean for the everyday house owner? It means potentially saving thousands of pounds on the monthly mortgage payment.

Some estimates have placed the amount of savings for many house owners at more than £2,800. With Brexit uncertainty creating a sense of instability around many sectors within the housing market, many are deciding to wait until the official date of Brexit passes which is March 29 to commit to a home move or remortgage.

Reality is possibly favouring those who decide to make a decision now compared with later. Lenders are in a hyper competitive mode currently and house owners are possibly able to find deals they might not otherwise.

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