The pandemic has made remortgaging much more than just a path to a lower interest rate. The savings found, which in many cases is substantial, is a much needed relief during the Covid outbreak. In fact, a recent survey reported that homeowners reported having relieved stress and finding peace of mind through remortgaging, whether to discover a lower interest rate and reduce monthly payments, or for some the ability to turn built up equity into cash.

The pandemic’s impact on households pushed the Financial Conduct Authority (FCA) to offer a programme to allow homeowners to take a holiday from paying their mortgage. The hope was to soften the impact of the pandemic, especially when the lockdown occurred and kept many from working or at least from working as usual. Now with another lockdown in place, the holiday from payments expected to end this month has been extended into the next year.

Homeowners that are near having their mortgage terms end should start shopping around for a remortgage opportunity as soon as possible. Tremendous savings could be found with a lower interest rate than what the homeowner is currently paying. Even those that have allowed their mortgage terms to end and have been moved to their lender’s standard variable rate should shop around. For according to a recent report, homeowners who remortgaged in September are now paying repayments at an average monthly savings of £200.76.

The Bank of England’s Monetary Policy Committee (MPC) met for their November meeting to discuss the current economic situation within the UK. They sought to forecast what was ahead in which to determine what action should be taken to provide support for an economy impacted by a global pandemic. The meeting resulted in a unanimous vote among the nine members to provide £150bn in the quantitative easing bond buying programme as the winter pandemic wave takes hold and another lockdown goes into place across England.

The Bank of England’s Monetary Policy Committee (MPC) will be meeting again this Thursday to determine what must occur with the standard base interest rate to assist the economy through the continued stresses of the global pandemic. There had been talk of the need for negative interest rates. However, most experts agree that the time for such a move is not necessary. Instead, it is expected that the rates will remain at their current historic low which was set in March.

The UK has begun another lockdown due to the further impact of the pandemic. In an attempt to slow down the spread of the virus, certain activities will be prohibited, but those looking to move home can do so. On Twitter, Housing Secretary Robert Jenrick answered a question as to whether one can move home and remarked, “The housing market will remain open throughout this period. Everyone should continue to play their part in reducing the spread of the virus by following the current guidance."