Homeowners have an opportunity to save hundreds, if not thousands of pounds, should they be able to grab a lower interest rate remortgage deal. The Bank of England’s standard base interest rate was cut to the lowest level in all of the Bank’s 325 year history to 0.1%. With the ability to secure a low interest remortgage, a homeowner could inject savings into their household budget that would be both helpful now, but also in the months and years ahead.

Many might be thinking that it would be difficult to get a remortgage with the pandemic restrictions and lockdowns, but most homeowners need simply to get online and shop around for the remortgage of their dreams. 

Most remortgage brokers and lenders offer the ability for homeowners to obtain quick quotes online. After answering a few questions, and in a matter of minutes, homeowners will be able to quickly determine if and how much of a savings is available to them.

Those that are close to having their current mortgage deal end will likely find that the interest rates available now in comparison to two or more years ago are much more attractive. Those that have already had their deal end and have been moved to their lender’s standard variable rate (SVR) will probably not only find that they have the ability to secure a lower interest rate, but to lock in that savings for years to come with a fixed rate deal.

Lenders have indeed pushed the Bank’s rate cut to their own offerings, but homeowners will find there are fewer remortgage deals on the market. This makes it much more important to do research and shop around before making a decision.

Experts encourage homeowners to consider the remortgage as a whole to determine the true savings. Rather than only looking at the lowest interest rate, consider any fees as well to find the real savings. A remortgage with a slightly higher interest rate, though still lower than the homeowner has been used to paying, would probably be the best choice than the lowest interest rate remortgage if it is attached to higher fees.