Remortgaging is gaining attention from homeowners. The reasons are varied, but for most it is the opportunity to secure a low interest rate and save money. The Bank of England’s Monetary Policy Committee (MPC) cut the standard base interest rate to a historical low level of 0.1%. In over 300 years there has never been a lower rate that what it is now.

Lenders are expected to slowly offer the cut rate with their own deals. It might not show up on the market all at once, but there are expectations for the most attractive deals offered in years.

However, homeowners need to be aware that lenders have been pulling their most accessible and lowest rates from the market. There will be newly constructed products offered that are attached to low interest rates, but perhaps also lower loan to value deals. It could soon be harder for homeowners to secure the very best remortgages.

It is going to be a delicate line to walk for homeowners as they choose whether to wait it out or to secure a remortgage with a low interest rate and perhaps save thousands.

Experts encourage homeowners to be proactive and shop online for remortgage deals. There they will find the possible deals and information that they can review to determine which opportunity is best for them. Most remortgage brokers and lenders offer quick quotes on their websites that will result in not only what is available on the market, but the best possible deals available for that specific homeowner.

With the global pandemic pushing uncertainty to the front of the line in everyone’s mind, perhaps seeking some peace from the economic fear might be found in a remortgage. Securing a low interest rate to save money and give one’s household budget a safety net for the months and years ahead might be a smart choice.