Homeowners are proving experts right with their growing demand for remortgages. According to reports the simple search online for the word remortgage grew by almost 60% in March compared to usual monthly searches. The online searches are likely due to homeowners taking advantage of the ease in shopping the web for a remortgage as well as their spending more time at home with social distancing. Remortgage brokers and lenders are reporting that they are fielding more inquires as well from homeowners seeking information.

There is a strong expectation that remortgage demand is going to be strong in the weeks ahead. One reason is due to the Bank of England’s rate setters, the Monetary Policy Committee (MPC), lowering the standard base interest rate to the lowest ever in history at 0.1%. Therefore, homeowners could have the opportunity to secure a lower interest rate and save money. Another reason is to release built up equity into cash to create an emergency fund or to pay expenses during the coronavirus pandemic.

Remortgaging is gaining attention from homeowners. The reasons are varied, but for most it is the opportunity to secure a low interest rate and save money. The Bank of England’s Monetary Policy Committee (MPC) cut the standard base interest rate to a historical low level of 0.1%. In over 300 years there has never been a lower rate that what it is now.

If there is one thing that people are most worried about during the current coronavirus pandemic other than being ill it is money. Many are out of work as social distancing becomes the best way to stop the spread of the virus. People are staying home to avoid exposures and businesses are hurting. Many have lost their jobs and others could do so as well. The loss of income, while in some ways spending more money to fight the current situation, is putting a strain on family budgets.

Certain times call for particular financial moves. Perhaps now more than ever, the smart move is securing a remortgage if you are a homeowner. The UK economy and the global economy are under attack just as humans are from the coronavirus pandemic. Things are likely to get worse before they get better say the experts. It is time to consider how to stabilize one’s family budget and look for savings to make a difference.

In the midst of the coronavirus pandemic most people have had financial questions on their minds. For homeowners, there has likely been a lot of time spent on wondering if a remortgage might be a good decision as the economy faces yet another unknown impact on the heels of years dealing with Brexit. For many it could not only offer savings, but peace of mind in the midst of stress from the external pressures currently being put on the family budget.