There is a strong expectation that remortgage demand is going to be strong in the weeks ahead. One reason is due to the Bank of England’s rate setters, the Monetary Policy Committee (MPC), lowering the standard base interest rate to the lowest ever in history at 0.1%. Therefore, homeowners could have the opportunity to secure a lower interest rate and save money. Another reason is to release built up equity into cash to create an emergency fund or to pay expenses during the coronavirus pandemic.

Despite there being lower interest rates to be found, there are fewer products to search through. Lenders may be offering lower rates, but they have pulled many of their remortgage and mortgage products from the market making choices fewer. They have also pulled the more accessible higher loan to value (LTV) products making it harder for many homeowners to connect to a remortgage opportunity.

For those with complicated remortgage needs or those eager to get a quick start on their remortgage process, the assistance of a remortgage broker could be helpful. Rather than working with one lender which would limit choices, a broker works with many remortgage lenders thus making the range of deals broader. The broker will also be familiar with which lenders are more willing to work with specific types of borrowers such as small business owners, new entrepreneurs, or a soon to be divorced couple. There are all sorts of borrower situations and remortgage brokers will likely know how to match up the right lender and deal for each borrower.

Another reason that brokers could be helpful is they often have exclusive deals from lenders. Because the broker will be working with many lenders on behalf of the homeowner, lenders will try to be competitive by offering deals not available to the general public.

There are many benefits and opportunities in remortgaging, and experts agree that the time to remortgage is sooner rather than later as the global economy deals with the coronavirus pandemic.