Homeowners have been turning up to the lending market to take advantage of the opportunity to get a new deal. Remortgaging increased with the warnings that called for homeowners to shop for a lower interest rate before the Bank of England’s Monetary Policy Committee (MPC) increased the rate. It had been expected that the rate would be changed in the spring, but now that has been pushed back to perhaps autumn of 2018.

Lenders are still offering very attractive remortgage deals with low interest rates and homeowners have been keen to obtain a fixed rate deal when possible. Such a move will protect the homeowner from rising interest rates for years to come.

However, there are other reasons for homeowners to remortgage in the coming weeks and months beyond the opportunity to grab a lower interest rate.

Homeowners could be looking for a long term deal with their remortgage to help with budget planning for years ahead. This would be great for those looking to take more control over their financial position as well as those looking to save, pay down debt, or perhaps for planning for a life changing event such as the arrival of children into the family.

By choosing a cash equity release remortgage the homeowner can turn the built up equity in the home into cash that they can use for whatever purpose they desire. The homeowner could invest the money back into the home, pay down debt, or use it for opportunities such as a lifetime desired holiday abroad, investment into buy to let, or other opportunity.

There are of course the usual and more obvious reasons for homeowners to remortgage and while interest rates are low, of course that is likely the top reason. However, the equity in a property can be turned to cash with a remortgage and that money can be used to fund life changes and opportunities for the homeowner making a remortgage likely desired for more reasons than just a low interest rate.