According to statistics released by a leading high street bank earlier this week, up to 58% of homeowners admit that they have never remortgaged their home unless in the process of moving. With 92% of the same group taking steps to reduce household costs this could mean that many are missing out on vital savings.
With homeowners spending an average of around 16 years in each property, failure to research the market and take full advantage of the latest mortgage deals could be costing individual households hundreds of pounds every year according to the report.
Figures released by the bank are softened by statistics from the Council of Mortgage Lenders suggesting that remortgage issues are up by over 30% for August 2011 compared to the same month last year, with lenders also seeing a 9% year on year rise for July too. Figures for September and October are yet to be released.
Remortgaging will not be the right option for everyone, but keeping in touch with the mortgage market even after the initial mortgage sign up can help borrowers ensure they're getting the best value out of their mortgage.
Remortgaging is a process by which you switch from one mortgage deal to another. There may be exit charges from your current mortgage lender if you decide to move to an alternative deal.