Homeowners are proving experts right with their growing demand for remortgages. According to reports the simple search online for the word remortgage grew by almost 60% in March compared to usual monthly searches. The online searches are likely due to homeowners taking advantage of the ease in shopping the web for a remortgage as well as their spending more time at home with social distancing. Remortgage brokers and lenders are reporting that they are fielding more inquires as well from homeowners seeking information.

The demand is expected to be strong now due to the Bank of England’s Monetary Policy Committee (MPC) cutting the standard base interest rate to the lowest historic level ever. The demand is also expected to be strong for months ahead as homeowners seek to recover from the difficult financial times caused by the coronavirus pandemic. Debt consolidation is likely to be a reason for homeowners seeking equity cash release remortgages to help them escape the expenses to credit cards during the pandemic.

The good news is that with the low rates and long terms being offered by lenders and brokers it would be attractive even if UK homeowners weren’t facing difficult financial times. The opportunity to save money with a lower interest rate and secure a fixed rate deal for years ahead could offer homeowners peace of mind.

While remortgaging might not have been the most immediate priority for homeowners, the demand is growing as expected. Homeowners are encouraged to shop around for the best opportunities and take into consideration the available savings of a remortgage as a whole versus looking for the lowest interest rate. Reviewing the remortgage as a whole including any fees or costs along with lower interest rate savings will reveal the true savings of a deal and narrow in on the right deal for the homeowner’s needs.