The opportunity to remortgage is perhaps the best it has been in many decades. Factors have come together to make the current lending market too attractive to overlook. Lenders have been competitive, but the level has risen and many have just recently launched below 1% fixed two year deals. The possibility of paying less than 1% for two years is an unheard of situation. Not even during the financial crisis were interest rates so low.

Not only are interest rates low, but due to rising house prices homeowners have seen surges in their property values. Higher property values means lower loan to value (LTV) levels for some. This puts homeowners in reach of the better remortgage deals.

It is usual for the higher the value of the property in relation to the loan amount, the better the interest rate and fees. The better deals are possible, greater savings, and more options.

However, even those that are out of reach of the lowest interest rates could find the next best ones are still fabulous deals. In comparison to the deals on the lending market that were offered back when a homeowner would have mortgaged or remortgaged two or more years ago, it is a far divide. The cost of borrowing is now historically low and cheap. Not only is there a possibility of substantial savings, but with an equity cash release it could put funds into hand.

With a cash back remortgage, the homeowner can use the money for any need they desire. It could be used to settle debts, or build an emergency fund. Many homeowners have used the cash to invest back into the property with upgrades and improvements. It is a homeowner’s opportunity to create the dream home for their pandemic lifestyle that home buyers are seeking.

It should be noted that the competitive environment of lenders could change quickly. Lenders could pull their best deals and those homeowners that waited to take action could miss out. 

Shopping online is fast and easy with remortgage lenders and remortgage brokers. In minutes, a homeowner could have quotes in hand with possible deals. Those that have had their mortgage deal end and have been moved to their lenders standard variable rate (SVR) could find the greatest savings. However, any homeowner is likely to benefit from the low interest rate deals currently offered.