The ability to save money and pad one’s household budget is usually always at the top of the list when it comes to making a financial choice. It is even more so when the economy could be viewed as unstable due to circumstances outside of the normal. If no one can predict an outcome, then no one can truly predict the economic impact. The global pandemic’s impact on the UK economy and therefore individual households was entirely out of focus for those that could precisely say what was to come a year ago or even now.

Homeowners have been known to simply let the opportunity to remortgage slide. At the end of their mortgage term, rather than remortgage, they simply allow their loan to be moved to the lender’s standard variable rate or SVR. However, with interest rates from lenders reaching historic lows, fewer homeowners are letting their mortgage deal lapse to a SVR, in fact, many are choosing to remortgage before their current term ends to take advantage of possible savings.

Interest rates are at an historical all-time low. The current standard base interest rate set by the Bank of England’s Monetary Policy Committee (MPC) is at the lowest rate in over 300 years. In fact, it is the lowest it has ever been. Lenders are offering deals on mortgages and remortgages that are below 1%. Borrowing is cheap and lenders are competitive to get the attention of those looking to take advantage of the opportunity in saving money while borrowing.

The opportunity to save money with a remortgage has increased. With low interest rates being offered, more borrowers are interested in the lending market and lenders want to gain their attention. To do so, lenders are offering amazing deals. The growing competition in the lending market has brought lower interest rates and more savings to borrowers, especially homeowners seeking a remortgage and home buyers seeking a mortgage.

As the month of September closed, the data in the housing market began to be compiled and once again the demand from buyers has proved to be astounding. The resilience in the housing market has surprised since the global pandemic took a strong hold on the economy early last year. Month after month the data has shown that demand is strong and that certain factors have caused the opportunity to buy property too good to overlook. According to Halifax, the average house price increased in September by 1.7% which is the strongest monthly increase in 14 years for the month which closes out the third quarter of the year.

Experts are warning us that heating costs are not going to be easy on the household budget this winter. Preparing for added expenses that seem almost inconceivable during the hardships brought on by the pandemic could simply start with shopping for a remortgage. Homeowners have the opportunity to find substantial savings through securing a lower interest rate in a new deal as well as other benefits.