It used to be that homeowners would choose to downsize their home during their later years. Now, fewer are choosing to downsize and are instead staying put and using their built up equity in their property to fund later year expenses. Research reports revealed that fewer people are downsized and instead intend to live in their home throughout their lives without ever moving home.

Remortgaging to release equity into cash could be a good choice for many homeowners. Not only could the cash be used to help take care of any expense they desire whether it is to reinvest in the care of their home, to upgrade a kitchen or bathrooms, or to fund a dream holiday abroad, it could also be used to consolidate debt.

With the continued competitive environment in lending, the remortgaging options are very good for borrowers. Historically low interest rates are being offered by some lenders, and the terms for fixed rate deals are at levels of 10 and even 30 years.

Consideration of whether to release equity into cash or not should be taken seriously. Not all of the equity need be released, and not everyone will want to take that action. Speaking with experts and going over one’s financial needs and goals are important to do before making a decision.

For those looking to save money with a lower interest rate, shopping for a remortgage could offer information that would be helpful in trying to decide what savings are available, what repayments would be with a remortgage, and what level of cash would be accessible through a remortgage. Choosing a fixed rate could also offer peace of mind in the shadow of uncertainty from Brexit.