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.

Lenders began making changes to the market quickly. However, rather than quickly lowering rates for borrowers as a reflection of the Bank’s new historic low interest rate, lenders started by pulling products from the market. The number of remortgage and mortgage deals became lower and that meant fewer choices. 

Homeowners will now find a shift in the market, which has started to occur rather quickly. Lenders have begun competing for the attention of borrowers. 

When the environment gets competitive, the remortgage and mortgage deals become more attractive and more creative. The creativity puts deals on the market that are more varied, and have more benefits and features that can be helpful to a range of homeowners, such as, but not limited to, free valuations, equity cash release, and a variety of term lengths with fixed rates.

Homeowners are being encouraged to shop around for a remortgage and they can start easily by doing so online. Most remortgage lenders and brokers will have deals listed on their website and allow the homeowner to get a quick quote after answering a few questions. With quotes on hand from competitive lenders, homeowners could discover the best remortgage for them with savings that will help not only now, but in the years ahead.