However, it seems it’s not something which many people have been thinking about.
The majority (89 percent) haven’t considered this option, a survey of more than 2,000 homeowners who have a mortgage in the UK found.
It found 84 percent of homeowners state their mortgage is their biggest monthly outgoing, yet 29 percent aren’t aware of how much they pay in interest each month.
Despite 70 percent saying they want to get a better handle on their money in 2021, just one in 10 (11 percent) have considered remortgaging as a way to improve finances.
Some homeowners are put off remortgaging, the survey found, with more than half (51 percent) saying they are happy with their current rate.
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