Current remortgage deals could save home owners money
Remortgage deals currently offered by lenders, remain cheap and could go a long way towards helping home owners save money on the variable mortgage rates being offered by their lender.
Currently home owners can find a fixed rate remortgage at the same rate level as a tracker mortgage and so it is a good time for home owners to look around for the best remortgage deal. By remortgaging their home borrowers could benefit from a cheaper interest rate.
Many lenders recently raised the loan-to-value levels on their deals and the terms for such products have grown. Mortgage experts feel that there are still many home owners who could benefit from remortgaging but as of yet have not.
There are some home owners who would face serious financial hardship if their lender raised their variable rate unexpectedly. For these borrowers remortgaging should be a real consideration. However many home owners remain oblivious to the fact that their current low variable rate may not last, and they could see their monthly mortgage payments increase.
Lenders can change their mortgage rates at any time without any notice, which may come as a shock to some home owners. By the time they realise the need to switch their mortgage, it may already be too late. The best remortgage deals may have already gone, as the lowest mortgage rate deals are set to disappear due to the tightening of the lending environment.