The world is fighting a silent killer in the first global pandemic in over 100 years. The coronavirus pandemic has gripped the headlines and crippled the economy of nations. Many people have been trying to simply survive financially in a situation that is unprecedented and with the end not yet in sight. The attempt to make smart financial decisions could be the action that would make all the difference in how one will emerge from this health issue and how quickly they will recover physically, emotionally, and financially.

For homeowners, it is likely the consideration of a remortgage was thought out as to whether it was possible, whether it would be helpful, and how soon it could happen.

It would be following the advice of experts to consider a remortgage. There are low interest rates being offered by lenders and brokers. In fact, the Bank of England’s Monetary Policy Committee (MPC) recently cut the standard base interest rate to the historical lowest point ever, in over 300 years it has never been as low as the current 0.1%.

With the possibility to secure a lower interest rate, some homeowners could stand to save thousands. Such a savings could make a major impact in how one’s budget handles the demands of the coronavirus pandemic lockdown. 

By securing a fixed rate remortgage, the savings could stay in position even when interest rates increase, as they most certainly are expected to do after the pandemic is over.

If the homeowner has built up equity in their home, that equity could be cashed out with a remortgage putting cash into the homeowners hand for whatever expense they deemed necessary. Some might build up an emergency fund, help a family member or friend out, or pay down debt. The choice, whatever the requirement or planned use of the money, it is theirs.

Along with the equity cash release, a lower interest rate could offer savings to be realized for years ahead. 

The opportunities and benefits of a remortgage are as varied as the needs of each homeowner. It would be helpful to explore what savings and peace of mind could be found by shopping around online. It is fast and easy to seek out information and to obtain quick quotes from brokers and lenders on their websites. Perhaps that first step will lead to a smart financial decision that could make all the difference both for now and in the months and years ahead.