Homeowners have an opportunity to possibly save money with a remortgage. For some, that savings, could be substantial. Low interest rates attached to remortgage deals have been offered for months now. In March, the Bank of England’s Monetary Policy Committee (MPC) lowered the interest rate in response to the global pandemic not once, but twice. The new standard base interest rate of the Bank sat at a new historic new of 0.1%. Savings being found was a great possibility for most homeowners.

The likelihood of saving money for homeowners during a time when there was financial instability for most was great. The demand grew. While there was still a lower demand than expected by experts, many homeowners obtained a remortgage in the search for peace of mind for their household budget. 

While there was not an overwhelming rush for remortgaging, there was enough of a demand to make lenders question the level at which they could lend but not over lend.

That is why that now, if homeowners have been keeping an eye on the changes in the remortgage lending market, many of the lowest rate remortgage deals, and the more accessible LTV deals are being replaced or disappearing all together.

The good news is that while this shift is happening in the market, there are many great deals and competitive lenders still looking to get the attention of borrowers with their offers. 

Remortgage brokers might be a good start for those shopping around and in a hurry to take advantage of the current deals. A broker works with many lenders and will know of which ones that might best suit the homeowner’s criteria for the best remortgage for them. They also will at times have access to exclusive brokerage deals not offered by the lender to the general public. All of this combines to make shopping with a remortgage broker a great place to start searching for remortgage deals.

Shopping remortgage lenders and remortgage brokers online is an easy and quick start to discovering savings. This could be important in the fast changing remortgage lending market of which experts encourage homeowners to shop for their remortgage deal savings sooner rather than later to get the best and greatest savings available now.