Homeowners have been using their time during lockdown to shop for a remortgage. With interest rates at attractive lows and new remortgage products being introduced to the market, there are opportunities not to be missed. According to one report the growth in volume of remortgages was at almost 40% between the second and third weeks of May in comparison to the lockdown week of 9th March.

With the opportunity to save money due to lower interest rates, homeowners have been seeking remortgages. The volume of remortgage applications grew by 110% in April in comparison to the prior year according to an online broker. Experts have encouraged homeowners to shop online for remortgages to discover how much of a savings is possible. For some property owners, the savings could be substantial and amount to thousands.

The current interest rates attached to remortgage deals are very attractive. Homeowners that are about to come to the end of their mortgage deal will likely find that a remortgage now will save them in comparison to the interest rate they are used to paying. In some cases, the interest rate could be so much of a difference as to offer savings in the thousands.

The standard base interest rate set by the Bank of England a bit over a month ago made history. Never, in over 300 years, the entire of the Bank’s history, has the rate been so low. With 0.1% as the base rate, borrowing is cheap and at a time when saving money is important as people deal with the impact of a global pandemic.

The current remortgage market is perhaps the best for borrowing that it has been in decades. There are very attractive deals available for homeowners, including those that offer the opportunity to convert built up equity into cash. Because of the ability to save money for months and years ahead, it could be the answer to the financial worries of many homeowners.

The Bank of England has given warning that there could be a major recession in the months to come. The word “unprecedented” has come up often in reports of how the economy could suffer under the stress of a global pandemic due to covid-19. For that reason, many are looking for ways to help save money and inflict less of an attack on their personal finances.