Homeowners are face to face with an opportunity to save money and help build peace of mind for their financial health during the global covid-19 pandemic. Cutting the expense of perhaps the most expensive line item in their household budget, their monthly mortgage payments, homeowners could save thousands. The ability to save a substantial amount of money has driven up demand for remortgages.

The Bank of England’s Monetary Policy Committee (MPC) to support the UK economy cut the standard base interest rate to an all-time low. The current rate of 0.1% is the lowest rate in over three centuries. With borrowing now cheaper, it makes sense to seek out the ability to pay less on one’s monthly mortgage repayments. 

Since no one should seek to pay more than necessary, and with the variety of low interest rate remortgages available on the market, shopping around for a remortgage should be a priority for any homeowner, according to experts.

With the ability to shop for a remortgage online, the task is quick and easy. However, homeowners should be aware that brokers and lenders are facing a higher demand at a time when working as usual is not possible. Offices could be altered in how they are able to complete processes due to the pandemic and the need to keep workers safe while conducting business. Such restrictions could hinder the speed in which remortgages can be obtained. 

Therefore, it could be beneficial for homeowners to take action sooner rather than later if they are seeking to save money with a remortgage. Getting a low interest rate remortgage could involve some patience as lenders and brokers take care of the increased demand. With the possibility to save so much, and secure the savings for years ahead with a fixed rate remortgage, patience will likely be well worth the wait.