More homeowners are choosing to release their built up equity into cash with a remortgage. By doing so, the homeowner has cash in hand for an expenditure, debt consolidation, or investment, including investing into an emergency fund. This ability to turn built up equity into cash could be a way for pensioners to better fund their retirement. No matter the reason for the release of cash from equity, the opportunity to do so with a historically low interest rate attached is very attractive.

For the first time, the average interest rate for new deals has fallen below the threshold of 5% according to the Equity Release Council.

Because of the current low interest rates offered with remortgages, the uncertainty of Brexit, and other factors, more people are choosing to turn their equity into cash. There has been a 6% increase in the number of these types of deals when comparing the first half of 2018 to the same time period of 2019.

Many homeowners take the opportunity to upgrade their home and do needed home improvements. For instance, with winter on the way, the cash from the equity release deal could fund a new heating system or upgrade, and fund better winter proofing. Such a decision to improve the home could add value back into the home depending on what upgrades or improvements are done and offer savings with heating and cooling costs overall.

Currently remortgages of any kind, whether turning equity into cash or not, are offering savings to many homeowners and in some cases, very substantial savings. Interest rates are low, fixed rate remortgages are being offered in longer terms than in years past, and there are creative deals to be found even for those with unique remortgage needs.

Seeking out a remortgage online could offer an easy way to shop around and discover what savings and opportunities are available. Experts suggest shopping around online is a good first step to a remortgage.

In the midst of Brexit stress, finding security in savings and perhaps a fixed rate deal could offer peace of mind for years to come.