While lending was seeing a boost in mortgage demand due to the 30 June deadline for the stamp duty holiday, remortgages were increasing in demand as well. Homeowners have been turning into home movers to search for their own pandemic lifestyle dwelling, but many have also decided to stay put. In doing so, they didn’t have to abandon their desire for a change in lifestyle, but instead funded improvements, upgrades, and changes with a cash back remortgage.

Remortgaging and turning built up equity into cash has become more popular since the pandemic started. For some, the desire to get cash back during their remortgage was to offer peace of mind during the pandemic by having cash on hand. Others used the cash to invest back into the property for upgrades, improvements, and changes to transform their current home into the new lifestyle home they desired.

The dream home of the pandemic evolved to become one with private spaces for working from home, a study area for children, a place to build a home fitness area, and a garden for spending time safely outdoors. Renters rushed to the housing market, but so did homeowners. The housing market has proven to be a surprise month after month as data revealed just how set people were to secure a place better fitting to any future complications, restrictions, or lockdowns from the pandemic.

Perhaps the pandemic also adjusted desires and the shopping for more space, outside areas, and a cottage type lifestyle was for some a result of living through the pandemic and it caused a shift of their lifestyle needs, wants, and goals. 

It also helped that interest rates dropped to historic lows as lenders became competitive to attract the attention of the rush of borrowers. Rates were too good to ignore and that helped draw borrowers to mortgage and remortgage considerations.

Remortgaging for homeowners was an opportunity to save. With low interest rates, many found borrowing cheaper during the pandemic and reports showed homeowners saved an average of £200 per month or more. 

A remortgage offered savings as well as security against rising rates for those that chose a fixed rate remortgage.

Those homeowners that have had their current mortgage deal end and have been moved to their lender’s standard variable rate (SVR) are encouraged to shop around for a remortgage. Experts have revealed that remortgages are offering much lower rates than most SVRs. Even those that have not had their current mortgage deal end should shop around. Low interest rates of today are likely to offer substantial savings over the interest rate level of mortgages secured two or more years ago.

A quick search online could offer up quotes and information on what remortgages are available. It’s quite easy to shop websites of lenders or even brokers to get quotes from many lenders at a time. The possibility of savings will help any homeowner to get motivated to secure a remortgage and save while interest rates are historically low.