UK Homeowners Seek Savings through Years Ahead with Fixed Remortgages

UK Homeowners Seek Savings through Years Ahead with Fixed Remortgages

Homeowners have shown continued strong demand for remortgaging over the past months. The last quarter of the year could prove to be one of the strongest of 2019 as there were a large number of homeowners expected to have their mortgage term end in October and November. The data for the final months of the year will not be available for a while, but experts are optimistic that there could be a large number of remortgage borrowers due to the current opportunities available to save money.

Low interest rates remain very attractive from remortgage lenders and brokers. For some lenders, their lowest rates are historically low for them and that provides the possibility for many homeowners to discover a substantial savings with a low interest rate remortgage.

Lenders are expected to remain competitive in the weeks ahead and there is still time for homeowners to secure a low interest rate remortgage deal before the end of the year. The competitive mode of lenders could lighten once it appears that the bulk of homeowners expected to seek a remortgage lowers. That could mean the very best remortgages that offer the most savings could disappear in the beginning of the new year.

In September, according to UK Finance, there were 17,740 new remortgages with additional borrowing with the average additional borrowing amounting to £50,000. There were 19,140 new remortgages with no additional borrowing. In both cases, the volume of remortgages were increases over September 2018.

Reports issued on remortgage lending have shown that fixed rate remortgages are the most popular with homeowners. Lending reports have indicated that two year fixed rate remortgages are offering some of the lowest interest rates available on fixed rate deals.

There are certainly plenty of opportunities for savings with a remortgage, and for those interested in knowing just how much could be saved, experts suggest homeowners shop online for quick quotes to determine the savings opportunities that could be theirs. Then if the opportunity to save is enticing and peace of mind against raising rates is there, taking action to remortgage sooner rather than later is encouraged.

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