Homeowners that have been considering a remortgage but putting it off in hopes of the lowest interest rates possible could find they have fewer choices if they wait too long. Despite the Bank of England’s Monetary Policy Committee (MPC) cutting the standard base interest rate to the lowest in over three centuries of history of the Bank to 0.1%, it may not offer borrowers the best opportunity. Those seeking a mortgage or a remortgage could find lenders offering fewer deals as they begin to pull products.

Remortgaging had been in demand due to low interest rates. With the Bank of England’s Monetary Policy Committee (MPC) having cut the standard base interest rate to the lowest historical level in over 300 years of the Bank’s history to 0.1%, remortgaging is expected to be in even higher demand. Adding in the current pandemic impacting the world and remortgaging is likely being put upon the top of most homeowner’s priority lists.

The Bank of England’s Monetary Policy Committee (MPC) last week met to further examine the current UK economy and made the decision to again cut the standard base rate. This time the cut took the rate to the lowest ever in the Bank’s history at 0.1%. This will make it cheaper to borrow and for those on variable rates it will make their repayments less costly.

The Bank of England took action against the current coronavirus pandemic by cutting the standard base interest rate again. It is the second cut to the rate in just over one week. The previous cut of 0.5% had put the rate at 0.25%. It has now been cut to the lowest rate ever in the 325 year history of the Bank and now rests at 0.1%.

In the midst of a possible global recession in the near future due to the coronavirus pandemic, people are looking for ways to assure a financial safety net is in place. For homeowners, the beginning of building that financial safety net could be remortgaging. Not only could a remortgage save money for a homeowner if they secure a lower interest rate, but they could release their built up equity into cash.

There is an unprecedented event encapsulating the globe. The Covid19 pandemic is pushing governmental authorities to make strong mandates to keep the public safe and to slow down the spread of the virus. More people are staying home and are limiting their exposure to crowds. Meanwhile, there is a focus for individuals to make smart choices for themselves and their family which includes of course financial choices.