Homeowners have an opportunity through a remortgage to save money. That amount of savings could be substantial. Studies have shown that a homeowner will likely discover a lower interest on the market than the one they were previously paying. For those that don’t decide to remortgage and move onto their lender’s standard variable rate (SVR) a savings is still possible. However, a remortgage could save twice as much or even more than a SVR. Passing up the opportunity to shop for a remortgage could be shoving money out the door that could have stayed in the family budget.

The interest in the housing market is reaching a new level. Even as the pandemic passes the one year mark and appears to be staying active a bit longer, home buyers are still seeking a home to best suit their pandemic and post-pandemic needs. With interest rates low, and a new government backed scheme to ease the risk of lenders during a struggling economy, the demand is sure to be high. The extension of the stamp duty holiday is also a motivator to buy now.

The housing market has continued to show strong resilience during the pandemic. First time home buyers and home movers have been keen to take advantage of the low interest rates as well as fulfilling the need to have a better dwelling for their pandemic lifestyle. The new desire for places within the home for work, studying, fitness, and more is pushing the demand. Now the government is due to unveil a new 95% mortgage guarantee scheme to help more buyers get onto the property ladder.

The latest report from LMS, titled the LMS Remortgage Healthcheck Index, has issued a forecast that is basically neutral in the outlook for 2021 on homeowner borrowers seeking remortgaging opportunities. The data is based on the final quarter of 2020. However, some of the situations of the end of the year have changed in the start of 2021. For instance, at the end of the year borrowers had few high level loan to value (LTV) offers and currently there are more on the market with some lenders announcing a 99% LTV remortgage.

Homeowners have been seriously shopping for remortgages and there is good reason to put a focus on the best remortgage to be found. Interest rates are very low, in fact some lenders have been offering deals with historic lows for their lending institution. In addition to the savings benefit in finding a low interest rate deal, homeowners have found other opportunities such as releasing equity into cash to take on home projects, refurbishing plans, upgrades, or other life or home needs. There are many remortgage products with unique benefits and while one is not right for all, there is the right one available for every homeowner.

The UK housing market has the attention of many. Not only home buyers, home sellers, landlords, and those within the industry, but homeowners as well. With continued interest in the housing market, homeowners can be assured that they will have steady increases in the value of their properties. This increase and stability in built up equity can assist in getting remortgages, and it could put cash into hand with an equity cash release remortgage.