Remortgages are becoming more popular with homeowners as they look to escape paying more than necessary. Saving money is usually the number one reason for homeowners to remortgage, yet there are other reasons. One of those reasons is to release equity into cash. The cash can then be used for any reason dictated by the homeowner. They can put the cash away into an emergency fund, reinvest into the property, pay off debt, fund a dream summer holiday, or fill another need or dream.

According to UK Finance homeowners cashing out equity with a remortgage has increased by 9% compared to last year.

The data shows that many homeowners are taking on the opportunity to both save money and avoid rising interest rates while also putting cash into their hands.

It helps also that the remortgages currently available from lenders are very attractive. There are low interest rates, there are higher loan to value deals, and there are incentives attached to get the attention of borrowers.

Lenders are trying hard to get customers and the competitive environment could make it a great time for homeowners to remortgage and the data is revealing that to be true.

Even in the uncertainty of Brexit, homeowners are finding ways to save money and avoid paying more than necessary in the wake of rising rates and the warnings of more to come. Remortgaging offers many benefits of which most often it is saving money. For those looking to get more than peace of mind and a lower interest rate, turning their built up equity into cash makes the process even more of a benefit.