If there is one thing that people are most worried about during the current coronavirus pandemic other than being ill it is money. Many are out of work as social distancing becomes the best way to stop the spread of the virus. People are staying home to avoid exposures and businesses are hurting. Many have lost their jobs and others could do so as well. The loss of income, while in some ways spending more money to fight the current situation, is putting a strain on family budgets.

For homeowners, there is the worry that their budget could become strained and make it hard to keep up with repayments. Then there are the usual expenditures of homeownership to cover that can cause problems if one is unable to afford maintenance and other expenses.

Because of those financial worries, many homeowners are turning to remortgaging. The Bank of England’s Monetary Policy Committee (MPC) recently cut the standard base interest rate to an historic low of 0.1%. Remortgage brokers and lenders should be offering lower interest rates that will be attractive to homeowners looking to save money not only now but for years ahead depending on the term chosen.

There is also the option to release built up equity as cash. With an equity cash release remortgage, the homeowner can have cash on hand to better navigate the current global pandemic crisis.

Experts encourage homeowners to shop online and discover what savings and benefits from remortgages are available. Acting fast to remortgage could be a smart move as lenders are expected to remove many remortgage products from the market and tighten up the lending requirements.