Homeowners Be Prepared for a Pandemic Upset to Your Remortgage Plans

Homeowners Be Prepared for a Pandemic Upset to Your Remortgage Plans

Only months ago, homeowners looking to remortgage had to learn to navigate a new normal placed upon them by the impact of the pandemic. Summer brought a sense of understanding and patience as borrowers accepted the inability to expect quick processing of their borrowing needs with lockdowns in place and restrictions necessary to keep workers and customers safe. Now, a new urgency is taking place as the pandemic seems to be worsening in some areas of the UK rather than coming under control. Therefore, for those planning to remortgage or shop around for a new deal, it could prove challenging.

There are many reasons for homeowners to remortgage and some have reported in recent surveys to have done so for the ability to save money, lower monthly repayments, or to turn built up equity into cash. An added bonus to the remortgage effort was reported as offering peace of mind and relief from anxiety and stress during the pandemic. 

Demand has been pushed due to the benefits to be found from remortgaging and the very attractive interest rates currently offered. It is expected that more homeowners will be seeking remortgages due to the coming end of mortgage repayment holidays and because many homeowners will be coming to the end of their mortgage terms.

When demand is high or it increases in lending, borrowers should expect to have some delay to their processing of a loan. In the midst of a pandemic, growth in demand for a product, such as a remortgage could push the process to last even longer. 

Homeowners should be aware that time should not be wasted if a remortgage is being considered. Taking action sooner rather than later could be the smart choice, otherwise the homeowner could be pressed to remortgage in a rush, miss out on the lowest interest rate remortgages being offered currently, and even perhaps face a tightening in lending.

It is quick and easy to shop online and obtain quotes as to what remortgages are available and what savings could be had. Whether a homeowner needs a remortgage soon or is shopping early, it would be helpful to keep in mind that the current lending environment of now could change quickly due to the pandemic. Rather than miss out on all that remortgaging could offer, shop soon. Once the best remortgage is found, start the process as soon as possible.

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