Remortgaging Proving to Have Positive Impact on Mental Health During Pandemic

Remortgaging Proving to Have Positive Impact on Mental Health During Pandemic

Remortgages are primarily sought out for the ability to save money. With a lower interest rate, a homeowner might in some instances save a substantial amount of money, which could be possible with the current historic low rates being offered by lenders. Other times, a remortgage is secured to keep from having to pay more than necessary by securing a fixed interest rate to protect against rising rates. It can also put cash into a homeowner’s hand with an equity cash release remortgage. During the pandemic, it appears a remortgage is also offering peace of mind.

In a recent research study commissioned by NatWest, almost half of homeowners remortgaging stated it had provided a positive impact on their mental health. There were 43% reporting the positive impact, and 23% stated it had significantly improved their mental health. 

A remortgage is said to have relieved financial anxieties for almost 1 in 10 homeowners remortgaging due to the need to increase their monthly cash flow due to the pandemic.

The pandemic has also deterred homeowners from moving home with 40% stating they had planned to sell their home prior to the pandemic outbreak, and now 38% no longer plan to sell.

There were 62% that responded they would consider a remortgage the second time to fund improvements to their home. The study revealed that 19% of the homeowners recently remortgaged to fund home improvements, while 43% sought to reduce their monthly payments.

Homeowners that have been watching the offers from lenders might be noticing a slight uptick in the interest rate levels being offered as a tightening on lending seems to be occurring. However, there are many lenders still in a competitive mode and looking for the attention of borrowers with low interest rate deals. It is encouraged by experts that homeowners considering a remortgage shop around and take action sooner rather than later to secure a low rate and get the peace of mind others have experienced.

Obligation Free Remortgage Quotations

Get a Quote »