Homeowners Put Money in Hand with Equity Cash Release Remortgage

Homeowners Put Money in Hand with Equity Cash Release Remortgage

In the midst of the pandemic, everyone is looking for a way to put a safety net around their financial health. That means discovering savings and ways to put more money into the budget. For homeowners, both could be discovered with a remortgage.

Due to the Bank of England’s Monetary Policy Committee (MPC) recently lowering the standard base interest rate to the lowest level in history at 0.1%, borrowing is cheaper and shopping for a remortgage could offer a substantial amount of money in savings. Experts estimate that for many homeowners it could equal thousands of pounds saved.

In addition to the opportunity of finding savings that will last the term of the remortgage, money in hand can be a part of the deal if one chooses to turn built up equity into cash. With an equity cash release remortgage, the homeowner will be given cash to do with as they please. In this trying time, it might be used to stash away to build up an emergency fund, to pay down debt, or to cover expenses. It could even be used to outfit a home office for working at home, or for purchasing needed items and supplies for home schooling. The money is the homeowners to do with as they wish and need.

Searching for the remortgage that will offer savings while also putting cash in hand could easily be accomplished by shopping online. Both remortgage brokers and lenders will likely list their available deals on their websites. Many will have the ability for homeowners to obtain a quick quote after answering a few questions. With the ability to discover possible remortgages online, it is then only needed to compare the offers and narrow down the best choices.

Experts encourage homeowners to look beyond the lowest interest rate offered. Many of the lowest rate deals will be connected to higher fees, and by choosing the slightly higher interest rate with lower fees, the savings could be greater. Consider the savings overall, which includes any fees, to discover which deal offers the greater savings, and that could or could not be the lowest interest rate remortgage offered.

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