Homeowners miss out on remortgaging savings

B&B are urging people to take action now to save as much as possible when remortgaging.

Borrowers are being urged to save by remortgaging in the current market, according to Bradford and Bingley (B&B).

The financial institution said remortgage levels were still dropping and as a result of failing to remortgage, homeowners were missing out on up to £1,800 in savings a year.

Recent CML figures also revealed that remortgaging levels dropped for the sixth consecutive month in June.

B&B mortgage development manager Duncan Pownall said: "Given the popularity of remortgaging over recent years and the fact many homeowners are increasingly rate aware, I would have expected remortgage levels to have been higher this year as hundreds of thousands of borrowers come to the end of their cheap fixed rates.

"It is vital that people take steps now in order to avoid a potential leap in their mortgage costs."

Mr Pownall hopes people will take action as remortgage rates start to fall off the back of the Monetary Policy Committee's decision to cut interest rates last week.