While things might be moving back toward normal, or at least moving to as normal as possible in a global pandemic, searching for a safety net for one’s financial health is likely a priority. Homeowners have an opportunity to possibly lessen the largest expense in their monthly household budget by finding a way to save money on their mortgage repayments. A remortgage, according to experts, could save many homeowners a substantial amount of money each month. 

Thousands could be saved over the course of the term of a remortgage for those that discover a lower interest rate than the one they were previously paying from the mortgage deal they made either two, five, or more years ago. 

Even those that have had their mortgage deal end and rather than remortgage chose to let their mortgage become attached to their lender’s standard variable rate (SVR) should consider remortgaging. Despite the likely low interest rate they are paying now, a SVR is a risky interest rate to be attached to while a fixed rate could offer stability with an interest rate that is set and unchanging despite the needs or whims of the lender to change their rate.

Currently there are low interest rate remortgages being offered by lenders. Just a few weeks ago there were fewer remortgage products than what are available now. With more remortgages available, loosening on lending, and greater savings to be found there is no time like the present to take advantage of the opportunities a remortgage could bring, including peace of mind.

However, the clock is ticking for homeowners. The lending environment is evolving quickly in response to the pandemic and other global economic concerns. With that viewpoint, add in that there is a large demand from homeowners for remortgages. Taking one’s time could put a homeowner into a stress with the rush to remortgage growing.

Shopping online, gathering quick quotes, and reviewing possible deals from many lenders versus just the current lender will offer a homeowner important information that will allow them to narrow down the choices and secure the financial safety net that will make the current economic woes less impactful.