UK Homeowners Could Remortgage to Thrive in the Covid Pandemic

UK Homeowners Could Remortgage to Thrive in the Covid Pandemic

Many households are struggling with the impact from the global pandemic caused by Covid-19. Businesses are having to learn to operate differently to keep staff and customers safe, with some unable to do so and survive. Jobs are less secure and finances are a worry to many due to that lack of security. Those with budgets are finding it a worrisome state to make ends meet and plan for the future while also having to fight an illness that is running rapid through communities. It is hard to set goals, especially financial ones, in such an environment that is changing day to day.

Homeowners are encouraged to look to remortgaging for peace of mind. 

There could be substantial savings awaiting their action to remortgage and secure a lower interest rate. The interest rate deals are very attractive currently and while some lenders are tightening lending, there are just as many that are competing for the attention of borrowers and ready to offer an amazing deal.

Homeowners that come to the end of their mortgage deal have the option to remortgage or to accept being moved to their lender’s standard variable rate (SVR). The SVR might be acceptably low, but savings could be greater with a remortgage. Also, the ability to lock in a fixed rate could be helpful to those that need a set repayment amount month to month without influence of rate changes that could prove harmful to the financial stability if rates increase with little to no notice.

Those homeowners that have been moved to their lender’s SVR and those that are close to having their current mortgage deal end should shop around with lenders and brokers online. It is a fast and easy way to discover what deals are available and what savings could be found. 

Getting a remortgage could offer the financial relief through savings that will make the difference to a homeowner seeking to thrive rather than suffer through the pandemic’s financial impacts.

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