Homeowners urged to remortgage now ‘before it’s too late’

Time may be running out for savvy remortgagors looking for a good deal, according to a leading estate agency.

Remortgage customers have been able to benefit from some of the lowest rates ever seen, with some rates available at well under 2%.

But there are growing signs that some rates are starting to creep up for remortgagors, which is bad news for those borrowers who have yet to capitalise on the heightened competition that has caused low rates to appear in the market.

Borrowers should not be put off from remortgaging, however, as there are still savings to be made, and that is why Romans estate agents has announced that it is hosting a “Remortgaging Week”, from 29th August to 2nd September, to help homeowners take advantage of low rates.

A recent investigation found that homeowners in the South East could save up to £222 each month by switching to a better mortgage deal.

Despite the growing number of mortgage comparison sites, the same report also found that 58% of homeowners have never remortgaged.

Greg May, director of Romans Mortgage Services, said: “The current base rate is at a record low of 0.25% and hasn’t risen for over a decade. But, they won’t stay this low forever, current forecasts from The Guardian suggest that in early 2018, interest rates will rise.

“Those wanting to discover if they could be saving money should act now, before it’s too late.”