Homeowners are likely to find a very appealing remortgage to fit their unique needs, whether it is connected to a lower interest rate, a long term fixed rate, or offers cash in hand by converting built up equity into the deal. Those that are close to having their mortgage deal end are encouraged to shop early to assure they are not pressured to make a quick choice. Experts also encourage homeowners to shop from a wide variety of lenders or a broker, which deals with many lenders, rather than stay loyal to their current lender to discover the best remortgage choices.

Current remortgage deals should be grabbing the attention of homeowners. There is likely a very good chance that a homeowner could find savings by securing a lower interest rate. It could result in a substantial savings for some at a time when injecting more money into the household budget could be helpful as families navigate the pandemic. While savings could be found, it appears that remortgage lending is tightening and some homeowners could find it more difficult to grab their savings opportunity in the days ahead.

Remortgage lending has been lacking in demand as of recent. This despite the low interest rates attached to deals currently on the market. In comparison to what homeowners would have secured two or more years ago in an interest rate, remortgaging could offer substantial savings for those that are close to having their mortgage term end or for those that already have had theirs end and are now moved to their lender’s standard variable rate (SVR). 

Homeowners are looking to save money through remortgaging and it is certainly a smart choice due to the possibility of saving a lot with a lower interest rate. In March, in response to the pandemic’s impact on the economy, the Bank of England’s Monetary Policy Committee (MPC) cut the standard base rate, not once, but twice. The Bank’s new historical low standard base rate of 0.1% increased the possibility of homeowners finding a lower interest rate on the remortgage lending market at a time when savings matters so much.

Homeowners have a unique opportunity to not only find savings for their household budget, but also to inject cash flow into it. There are lower interest rates on the remortgage market now in comparison to a year or more ago when homeowners likely secured their mortgage. Rather than letting their mortgage term end and being moved to their lender’s standard variable rate (SVR), a homeowner could remortgage with a lower interest rate and save money. For those that have had their property equity grow, they could turn their equity into cash with a remortgage.

Homeowners are being advised by experts to revisit the details of their current mortgage deal. Those that have had their term end and have been moved to their lender’s standard variable rate (SVR) could be paying too much. A remortgage could gain a lower interest rate for the homeowner willing to put in a bit of time and shop around for the best remortgage deal. It is easy to shop online and quickly gather quotes that could offer exceptional savings, as well as a fixed rate to lock in the low interest rate for months or years to come.