The second is that even if they do realise it, they may be put off by the stress involved and may not realise how large the potential savings actually are. Remortgaging costs you. This may wipe out the savings from lower interest if you have a small mortgage. The interest rate might not be quite as competitive as on other loans in the range, but that is offset by benefits such as a free valuation, no application fee, and either payment of your legal fees if you use a nominated solicitor, or a 250-300 cashback so you can pay them yourself. Such deals are ideal for people with smaller loans.
Lenders often exclude their existing, loyal, customers from their best remortgage deals.
So you may need to shop around to find the best deal for you. That doesn't sound fair. That's because it's not. Then you probably won't be able to move, even though cutting your interest bills would free up money that could go towards closing the negative equity gap. All is not lost however.