Homeowners were given an early holiday gift in the form of an opportunity. Those that have already sought a mortgage repayment deferral and those still considering it have been awarded an extension. Consumers have until 31 March 2021 to apply for the mortgage holiday extension. The maximum amount of time for the holiday is six months and should end by 31 July 2021. Homeowners are encouraged to apply before the end of January 2021 to take advantage of the entire six month period.

The pandemic has changed how we view and use our homes. For many it has had to become a place where one lives, works, and studies. Baking and cooking is becoming popular and streaming entertainment is more important to do as a family than just on one’s mobile phone. Because of the changes in how homes are being used, many are looking to change their abodes to be better suited for their needs. It has helped push a boost into the housing market in spite of the economic impact from the pandemic.

Home buyers are finding it could be a very good time to make their holidays special by purchasing a new house. There are low interest rates being offered by mortgage lenders and brokers, and there has recently been a drop in the asking prices of properties on the market as the rush to beat the stamp duty deadline nears. Also, home sellers are ready to take advantage of interest in the market while the market is in demand.

The pandemic has made remortgaging much more than just a path to a lower interest rate. The savings found, which in many cases is substantial, is a much needed relief during the Covid outbreak. In fact, a recent survey reported that homeowners reported having relieved stress and finding peace of mind through remortgaging, whether to discover a lower interest rate and reduce monthly payments, or for some the ability to turn built up equity into cash.

The pandemic’s impact on households pushed the Financial Conduct Authority (FCA) to offer a programme to allow homeowners to take a holiday from paying their mortgage. The hope was to soften the impact of the pandemic, especially when the lockdown occurred and kept many from working or at least from working as usual. Now with another lockdown in place, the holiday from payments expected to end this month has been extended into the next year.

Homeowners that are near having their mortgage terms end should start shopping around for a remortgage opportunity as soon as possible. Tremendous savings could be found with a lower interest rate than what the homeowner is currently paying. Even those that have allowed their mortgage terms to end and have been moved to their lender’s standard variable rate should shop around. For according to a recent report, homeowners who remortgaged in September are now paying repayments at an average monthly savings of £200.76.