The housing market has exceeded expectations during the global pandemic. Most would have thought the market would slow down and perhaps ice over due to lack of activity. However, the pandemic itself caused a rush to the market. Having suffered through lockdowns, it caused renters and homeowners to convert to home buyers and home movers to obtain the pandemic lifestyle home of their dreams. It was made possible by low interest rates even though confidence in the economy was low.

The housing market keeps surprising and outperforming expectations and all of this during a global pandemic. The pandemic is in fact the main factor is spurring the housing market into its record breaking fury. Lockdowns caused people to examine not only their space, but their lifestyle. In turn, many sought out change which included homeownership versus renting, more space for working, studying, and being outdoors safely, and an escape from the city and into the countryside.

Remortgaging has been offering homeowners savings as well as the possibility to have cash in hand. The cash can be used for any need the homeowner has, but many have used it to invest back into the property for improvements and upgrades. Some of those improvements likely increased the value of the property. Not only has the equity cash release remortgage been popular with homeowners, but it is now growing in popularity with landlords.

The ability to sell one’s home for a large profit is a real possibility in the current market where demand is ultra-high and supply is very low. However, it could be like the song of a siren and lure homeowners into a market that will leave them in danger of seeking a quick solution to their own housing needs. The market is full of buyers and letting go of your home for profit could still leave you short on being able to buy another home. Homeowners that rush to sell could find themselves renting and not for the short term.

The lending environment is highly competitive and that means more savings possibilities for home buyers, home movers, and homeowners. Lenders and brokers are offering very attractive products and many are connected to historically low interest rates. That means borrowing is cheap, and cheaper than ever before as some offers have interest rates under 1%. In comparison to rates offered two years ago or more, which were considered very low and abnormal, the difference is large in terms of offering substantial savings.

The opportunity to remortgage is perhaps the best it has been in many decades. Factors have come together to make the current lending market too attractive to overlook. Lenders have been competitive, but the level has risen and many have just recently launched below 1% fixed two year deals. The possibility of paying less than 1% for two years is an unheard of situation. Not even during the financial crisis were interest rates so low.