More homeowners are actively reviewing their mortgage options, with new figures showing a sharp increase in remortgage activity.

Research from Twenty7tec shows that remortgage searches increased by 37% year on year during October, with 820,865 residential remortgage searches recorded during the month.

Across the wider mortgage market, more than 1.8 million searches were carried out, 12% higher than during the same period last year.

Homeowners are reviewing their options

The figures suggest existing homeowners are becoming increasingly active as mortgage rates, household finances and individual circumstances continue to change.

For many borrowers, the question is no longer simply whether mortgage rates will rise or fall.

It is whether the mortgage they currently have – or the deal they are about to move onto – is still the right one for them.

Homeowners approaching the end of a fixed mortgage deal may have several options available, including:

• Taking a new product with their existing lender

• Remortgaging to another lender

• Changing the mortgage term

• Altering the repayment structure

• Borrowing additional money

• Reviewing whether a two, three or five-year fixed rate is most appropriate

The cheapest-looking interest rate is not always the cheapest overall option either. Arrangement fees, valuation costs, legal work and incentives all need to be considered when comparing mortgages.

Don't leave your mortgage review until the last minute

If your current mortgage deal is due to end within the next few months, it can make sense to start looking at your options early.

Reviewing your mortgage in advance gives you more time to understand what is available and decide whether staying with your existing lender or moving elsewhere represents better value.

It can also reduce the risk of simply moving onto your lender's Standard Variable Rate because nothing has been arranged before your existing deal ends.

At Chetwood Lloyd Mortgages, we compare mortgage options from across the market and explain the differences in plain English.

Our mortgage advice is fee-free, so if your current mortgage deal is approaching its end, now could be a good time to see what your options look like.

Speak to Chetwood Lloyd Mortgages today and arrange your mortgage review.