Study suggests most people can save by remortgaging

Research carried out for the Telegraph suggests that now is the best time to remortgage in six years, and over half of homeowners in Northern Ireland and the rest of the UK could cut their monthly mortgage repayments considerably by switching to one of the new low interest rate deals currently hitting the market.

An independent analysis of home loans found that drastic rate cuts by lenders mean that a home owner with a £300,000 mortgage could save nearly £700 on their monthly mortgage payment by switching to a new mortgage deal. A study of 2million mortgages from Britain's biggest lenders found that 51 per cent of customers could save money by remortgaging, with the amount saved depending on the size of the mortgage debt, the equity share the home owner has, and the rate of their current mortgage deal.

The study found home owners on current mortgages with rates as high as 6.08 per cent, while there are now mortgages available with rates as low as 1.64 per cent. Home owners have seemingly spotted the opportunity to save money with remortgages in May reaching a two-year high.

If you are remortgaging a property in Northern Ireland and require a conveyancing solicitor to handle the process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.