Several independent reports have revealed that many homeowners are seeking remortgages. Online searches for remortgage information have increased to a year high. Lenders and brokers are reporting more inquires. It is not surprising that homeowners are taking action to remortgage as there are many benefits to be found in a remortgage deal currently including discovering substantial savings, putting cash into hand, and gaining peace of mind for one’s financial health in the midst of an unknown future for the UK economy.

The pandemic hit the UK economy on the heels of Brexit which had followed the economic crisis and recession recovery. It has been one punch after another to household budgets. If anything, it has revealed that one must prepare and make choices with the knowledge that anything could cause a change to the current economy whether good or bad. There is no long term normal to be experienced as what the new normal is has not been fully recognized and all that can be truly said is that if there is a normal it is that change is ever present.

For homeowners, there is the option of finding ways to save money on perhaps the largest expense in their monthly budget. One’s mortgage repayments can take up a large percentage of one’s income. By finding a lower interest rate in which to pay, a homeowner could save and experts have said there are many homeowners that are capable of discovering thousands in savings over the term of their remortgage deal.

The best advice is to shop around and gather information as to what savings could be found. A quick search online makes it easy and quick to get that important info.

Suggestions for making the most of one’s shopping efforts are to:

• Throw loyalty to one’s current lender aside. Gather remortgage info from many sources as the best deal will likely be found from a lender seeking a new customer.

• Look beyond the lowest interest rates offered with a remortgage. One must take into consideration what fees and other costs are associated with a deal. Balancing the costs with the savings will reveal the true overall savings a remortgage is offering.

• Consider a remortgage broker for deals not offered directly from lenders to the public. Brokers work with many lenders at a time and they understand the competition is therefore higher. Offering exclusive remortgage deals can gain the attention of borrowers using a broker and it is worth seeking their expertise and services.

• Consider a fixed rate remortgage as that will offer one a set monthly budget that will not change for the duration of the deal. It is easier to budget and have cost expectations versus having a variable rate that could change putting a homeowner into a stressful rush to avoid paying more than necessary.

• Take advantage of the quick quotes offered online through remortgage broker and lender websites. After a few answered questions, a homeowner can have possible deals in hand in which to compare and narrow down to the best deal available.

Homeowners will find there are more remortgage products on the market than offered weeks ago which makes for more choices. There are higher loan to value (LTV) offers, more fixed rate deals and many with longer terms attached. There are also more equity cash release offers having come onto the market. Most importantly following the Bank of England’s Monetary Policy Committee (MPC) cutting of the standard base interest rate to the lowest ever in history at 0.1%, there are low interest rate remortgages available to help homeowners save money.