Britain has become a nation of homeowners Unfortunately, forty percent of all UK homeowners are blindly staying with their standard variable rate mortgages unaware that they are potentially losing out on some big time savings.
If you are currently paying the standard variable rate with your lender, or are coming to the end of a special rate, you could find that a lower rate of interest on offer from alternative lenders. By renegotiating the interest rate, you could have lower monthly payments.
So, for example:
If you have an existing interest only mortgage of 220,000 with a standard variable rate of 6.5%, you would be paying 1,191 per month.
If you switched to a remortgage package that offers a two year fixed rate of 4.49%, the monthly interest payments would only be 823.
That is a monthly reduction of 368, and over the two-year term thats worth an amazing 8,800 in savings!
Apart from saving you money, remortgaging your home can also present you with other options that may be more beneficial to your financial needs it could allow you to pay off your existing mortgage early, to raise extra money or even to consolidate your outstanding...
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