The lending environment is highly competitive and that means more savings possibilities for home buyers, home movers, and homeowners. Lenders and brokers are offering very attractive products and many are connected to historically low interest rates. That means borrowing is cheap, and cheaper than ever before as some offers have interest rates under 1%. In comparison to rates offered two years ago or more, which were considered very low and abnormal, the difference is large in terms of offering substantial savings.

Homeowners have many opportunities in remortgage lending. Lower interest rates offer savings over the rate they were used to paying with recent reports of monthly savings of over £400. Choosing a fixed rate deal locks in that savings for months or years to come and protects against rising rates. There is also the possibility to get money in hand with an equity cash release remortgage. 

The cash can be used to consolidate debt, build a pandemic emergency fund, or other expense. However, a large number of homeowners choosing to get a cash back remortgage are doing so to invest back into the home with improvements and upgrades. 

Home buyers and home movers are discovering low interest rate mortgages. Those with larger deposits will find they are in reach of the better deals. However, even those that don’t qualify for the best and lowest rates could find the deals available offer big savings in comparison to the offers pre-pandemic. Again, choosing a fixed rate deal will lock in the savings for the term of the deal against rising interest rates.

Whether shopping for a remortgage or a mortgage, experts encourage borrowers to shop online. Lenders will offer their individual deals, while brokers will offer deals from many lenders all at once, and an easy comparison could be found with brokers. They often have exclusive deals from lenders that are not offered to the general public so it could indeed be helpful to shop with a mortgage or remortgage broker. 

Online shopping for deals is quick and easy and helps the borrower get perspective on what deals are available and currently those deals are perhaps the best they have ever been.