Covid19 Pandemic Puts Remortgaging Onto Priority List of UK Homeowners

Covid19 Pandemic Puts Remortgaging Onto Priority List of UK Homeowners

Remortgaging had been in demand due to low interest rates. With the Bank of England’s Monetary Policy Committee (MPC) having cut the standard base interest rate to the lowest historical level in over 300 years of the Bank’s history to 0.1%, remortgaging is expected to be in even higher demand. Adding in the current pandemic impacting the world and remortgaging is likely being put upon the top of most homeowner’s priority lists.

There are many benefits to a homeowner seeking a remortgage. If there is a lower interest rate to be secured, then savings would begin immediately after the remortgaging is finalized with the lender. Getting a longer term with a low interest rate and the homeowner could not only save now but later on when the economy is in recovery and interest rates go back up.

For those homeowners that have had their current mortgage deal end and have been moved to their lender’s standard variable rate (SVR), securing a fixed rate remortgage could offer peace of mind against interest rates rising after the pandemic ends and offering the homeowner a financial safety net. Having something to feel secure and in control about concerning one’s financial health and budget is definitely going to make remortgaging attractive as anxiety over the impact of the pandemic grows.

Saving money is not the only benefit of remortgaging, as some homeowners will be seeking the ability to turn their built up equity into cash. With an equity cash release remortgage, the cash can be used for whatever the homeowner wants or needs whether it is to hold onto it for an emergency fund, to pay down debt, to make a purchase, and/or sustain a family during quarantine.

Once a homeowner decides remortgaging belongs on their priority list, experts encourage them to shop around for a remortgage online. By shopping from the convenience of home online, a homeowner can do most of the work required to seek a remortgage quickly and easily. Most lenders and remortgage brokers offer the ability on their websites to seek a quick quote after a few questions are answered. Having information as to what remortgages are available and how much savings could be had by a deal will allow the homeowner to make a decision that could have a positive impact in the months ahead.

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