Homeowners could be paying more than necessary every single month due to their lack of obtaining a remortgage. According to a recent report by TSB Bank, the average homeowner could save over £2,000 this year by remortgaging to a fixed rate product connected to today’s interest rate offers. The average monthly savings reported of over £160 per month could certainly assist many households, but the research shows that 89% of homeowners have not considered a remortgage.

The housing market has been benefitting from the many looking to move into a dwelling that best fits their needs for the pandemic. It helps that in the need for a better suited home the interest rates are low making borrowing cheap, and there is a stamp duty holiday that can also offer savings so that money can put buyers into a more valuable home. Buyers are showing strong demand and that in turn helped the UK average house price reach a six year high for the end of 2020.

The housing market has benefited unexpectedly from the pandemic. It would have been thought that if yet another negative impact took its toll on the economy the housing market would be in trouble. However, as the pandemic forced lockdowns and a new normal for working and schooling, our homes took on a new focus. The pandemic lifestyle required new spaces, more time spent at home, and homeowners, especially, started looking around and seeing their property in a new light.

The New Year is here and with it new opportunities for homeowners to start looking for ways to make their home property the real investment it was meant to be and it can all start with a remortgage. In buying a home, it is likely the most expensive purchase ever. It isn’t meant to steal away income and become a bottomless pit of expenses, but rather an investment. You own it, and there are ways to make it work for you as well as offer you a safe and comfortable dwelling to live within.

The housing market has brought surprises to even the most optimistic forecasters that felt the pandemic would definitely crush the expectations and actions of home buyers and home movers. Instead, the market was robust in terms of operating within a pandemic. Not only were buyers motivated by low interest rate mortgages, but also the stamp duty holiday in place to the end of March 2021. Home movers are thought to be motivated by the same, but also in seeking out a better home property to suit their pandemic lifestyle.

Homeowners have had many options put in front of them and those options could bring benefits that might make the future months and years better. The pandemic has many people out of work or has caused hardships to their businesses. Many have had to adjust to working at home and children have had to learn to study at home. Socializing is non-existent and life has changed drastically all while worrying about our own health and that of our loved ones and friends. Entertainment venues and museums are empty. Weddings and celebrations have been reduced to only a few or totally postponed, but there has been a way to adjust and find some relief and for homeowners it has been remortgaging that offers the opportunity.