For homeowners seeking to put money back into their household budget, a remortgage brings an opportunity to save a substantial amount. Experts suggest that there could be thousands of savings waiting to be found. Lenders are not only offering low interest rate remortgages, but they are also able to loosen restrictions on borrowing while offering more products onto the market.

According to a recent report, remortgaging has reached levels that were almost in line with pre-lockdown figures. In the last months of May, the volume of remortgage instructions was up by 7.2% according to LMS. The number of completions in May was 18% higher than in April, and 21% higher than in March. However, the volume of remortgaging was still 16.3% lower than in May 2019.

Homeowners are face to face with an opportunity to save money and help build peace of mind for their financial health during the global covid-19 pandemic. Cutting the expense of perhaps the most expensive line item in their household budget, their monthly mortgage payments, homeowners could save thousands. The ability to save a substantial amount of money has driven up demand for remortgages.

Homeowners could be sitting on an opportunity to save thousands and put more money back into their household budget. According to experts there are homeowners that could benefit greatly by choosing to remortgage and for many the savings available could be substantial. There are plenty of low interest rate deals being offered by lenders due to the Bank of England’s Monetary Policy Committee (MPC) cutting the standard base interest rate to the lowest level in history. In over 300 years the rate has never reached the low of 0.1% that it is now.

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.