The current economy is being impacted by an enemy that was previously unknown. There have been pandemics in our history, but not in over 100 years and never has it been Covid-19. The virus is still being studied and is yet to be fully understood. No one is quite sure how long the impact will last or the fallout after it is under control or eradicated. The opportunity to find peace of mind for one’s financial health is not to be missed with so much of an unknown at play.

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.