Remortgaging Could Put Substantial Savings Into the Family Budget

Remortgaging Could Put Substantial Savings Into the Family Budget

The UK economy is still being heavily impacted by the global pandemic caused by a novel coronavirus. More heavily impacted are the families within the UK. Many are struggling and worried over what is to come in the weeks and months ahead. Financial strains and anxiety are likely the number one concern of most and it stimulates an action of finding how to safeguard one’s financial health. For homeowners, it would be a smart choice to decide to investigate if and how a remortgage could be helpful.

Experts had, before the pandemic and lockdown that resulted, been quite vocal on encouraging homeowners to consider a remortgage to save money. That message has not changed. Now interest rates are even lower. Lenders are growing competitive as they become more comfortable lending in the midst of the health crisis and remortgage deals are more creative to reach a greater number of homeowner’s interests.

In March, the Bank of England responded to the economic downturn by lowering the standard base interest rate not once, but twice. The new interest rate of 0.1% is a 300 plus year historic low. There are definitely deals to find for those homeowners that are nearing the end of their mortgage deal and even for those that did not remortgage and chose to be moved to their lender’s standard variable rate (SVR). For those on a SVR, more peace of mind could be found with a fixed rate for the life of the chosen remortgage term. Rather than sit on an unstable rate that changes, it could be wiser to choose a fixed and stable rate to deal with in the months and years ahead.

Most homeowners after shopping around will discover that a remortgage could offer savings, for some that savings could be substantial. By cutting down the cost of perhaps the most expensive monthly payment in one’s budget, it could offer much needed relief for the family budget.

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