Homeowners Encouraged to Shop for Remortgage before Holiday Rush

Homeowners Encouraged to Shop for Remortgage before Holiday Rush

The holidays are only weeks away and the rush and hustle that is always a part of the busy season as we gather with family and friends and celebrate. Due to the Covid-19 vaccine rolling out and allowing this holiday season to be more normal than last, it is sure to put many more things to do on one’s check off list. However, at the top of the list, homeowners might want to make room for shopping and obtaining a remortgage. Doing so could offer peace of mind, a financial safety net, and perhaps a bit more cash in hand to have a very memorable holiday season.

Currently lenders are offering amazing low interest rate remortgage deals. In comparison to the level of interest rate offered for homeowners mortgaging or remortgaging two or more years ago, borrowing is much cheaper now. The ability to save a substantial amount of money is possible. Not only could one save a lot of money, but they could also get cash in hand by choosing an equity cash release remortgage.

In turning built up equity into cash, a homeowner could spend for the holidays or they could prepare an emergency fund for the rising heating costs expected this winter. The money could be used to upgrade or improve the home, which is what many homeowners have reported doing with their cash released from equity. It is expected that many will be improving their heating systems to offer savings against the expected rising costs this winter.

By choosing a fixed rate remortgage a homeowner could lock in a low interest rate remortgage for years to come. It has been forecasted that in the next two years the Bank of England’s standard base interest rate could be in double digits. Securing a low interest rate with a fixed rate deal could save now as well as in the years ahead when the rates are rising. The peace of mind offered by a safety net against rising rates could be enough reason for a homeowner to take action and remortgage now, even if it meant paying a penalty fee to end their current mortgage deal early.

Shopping online is a quick and easy way to begin the search for a remortgage. Getting quotes is a simple as visiting a lender’s website. Another way is to visit the website of a remortgage broker and get many quotes from a variety of lenders all at once. Since brokers often have exclusive deals from lenders that aren’t offered directly to the public from the lender, the homeowner could find an exclusive best remortgage for their needs among the many quotes to be found on a remortgage broker’s website.

Interest rates are not likely to get any lower due to rising inflation. The Bank will counter rising inflation by raising the standard base interest rate making borrowing more expensive. Getting a remortgage before rates begin to rise is encouraged by experts and that means doing so before the beginning of next year according to expert forecasts. 

Before the busy holidays are upon us, perhaps the gift of a remortgage should be the first item shopped for to secure savings, a financial safety net against rising interest rates, and maybe a bit of cash on hand to make the season warmer and brighter.

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