Homeowners are shopping for remortgages according to experts. No wonder due to the many benefits a remortgage could offer a household while the economy is dealing with an ongoing global pandemic, a war in Ukraine, inflation at levels not seen in four decades, and rising interest rates. According to the LMS Monthly Remortgage Snapshot remortgages increased in February by 51%,

The high demand for remortgages is expected to remain in the coming months as experts see little relief from the factors causing homeowners to seek out new deals. To save money and ease the burden on household budgets, a homeowner could shop for a lower interest rate and secure a fixed rate remortgage to lock in the interest rate for the term of the deal. This could offer a safety net against rising rates most certainly to come with inflation at more than three times the target level set by the Bank of England.

Even without the ability to lock in a lower rate, some homeowners are likely to accept a similar rate to the one they were paying previously to hurry and secure a deal before another rate hike by the Bank’s Monetary Policy Committee (MPC) which would mean the low interest rates available currently would disappear and no longer be an option.

Experts encourage all homeowners to shop for a remortgage. By shopping online, quotes could be obtained to compare and discover what opportunities for savings could be had and due to the substantial savings some could find it could be motivation to take action and remortgage sooner rather than later.

Outside of a called emergency meeting, the next scheduled meeting of the MPC will be 5 May. This gives homeowners a few weeks to shop before the next possible interest rate hike. 

Of course, even without a MPC meeting, lenders could pull their best deal from the markets. Some have already begun to remove their lowest deals due to the uncertainty in the economy.

 Yet, there are still many attractive remortgage offers available. Again, by shopping online going from website to website of lenders, a homeowner could gather many quotes in which to narrow down the best remortgage deal. Shopping with a remortgage broker will offer a variety of quotes from numerous lenders as brokers deal with many lenders. Also, they often have exclusive deals not offered directly from the lender. 

Remortgaging is a possible solution to the problems impacting household budgets, and by simply shopping online a homeowner could determine what opportunities are available to not only save now, but perhaps in the months and years ahead.