In the final months of last year and the first few months of this year, homeowners were rushing to get low remortgage interest rate deals.  There was the expectation that rising inflation was going to push the Bank of England’s Monetary Policy Committee to raise the standard base interest rate from its long time low of 0.5 per cent.  Yet a weak economy left them little choice but to leave it unchanged.  Now homeowners are going out to get remortgages for other reasons than a chance to grab a low rate before a hike occurs.

Some homeowners are choosing remortgages to gain cash from their built up equity.  This cash can be used for a variety of things and has no stipulation as to its use.  From renovations on their property to an investment made in the buy to let market or a major purchase or debt payoff, a remortgage has such good interest rates that it is often a smart move to borrow from a homeowner’s equity than to borrow from a lender straight out.  Other remortgages have been sought to get off of a lender’s variable rate after a mortgage deal ended or to change up the kind of mortgage the homeowner had from say a tracker to a fixed rate loan.

Still there are those that were without the level of interest rate that is being offered from lenders currently and a lower interest rate is always a top reason to remortgage.  The drop in swap rates, the rates lenders charge one another for lending, has led to better offers in remortgage interest rates.  Also, as the demand eased from homeowners after warnings of a hike in the interest rate fell away a more competitive market in lending emerged.  No matter the reason for a remortgage, for homeowners shopping for one or considering one the cheap remortgage deals being offered are going to be well received.