Perhaps the remortgage lending market has truly gotten so good that it simply cannot be ignored. Not only are there low interest rates to be found that could lead to substantial savings, but the market has gotten more competitive, putting lenders in the position to be creative to gain the attention of borrowers. That creativity could be in the form of unusual offers such as higher loan to value levels (LTV) with longer terms that what would not have been found prior to the pandemic.

At the start of the pandemic lockdown, remortgaging was emerging as a means for homeowners to save money and gain relief for their household budgets. However, the lending market had become narrow. Lenders were unsure of how to navigate the low rates, business lockdowns, and how to protect their staff and customers while doing business from Covid-19 exposure. Many remortgage lenders tightened lending qualifications and some backed away from new offers.

The process of getting a remortgage might have been on the priority lists for homeowners, but it wasn’t a simple task.

Things are evolving to a new normal for now. Lenders and brokers are reopening and adjusting to the need to do business differently in the midst of the pandemic. They are ready to make deals, but they need customers to make up for lost time and build their business when the interest rates are not very profitable for them.

All the factors come together to put an advantageous opportunity available to homeowners. Low interest rate remortgages, fixed rates with longer terms offered, attractive equity cash release offers, LTVs increased over what was available only weeks ago, and of course savings to be discovered that could be helpful and offer peace of mind during a stress filled global pandemic.

Experts encourage all homeowners to shop around for remortgage offers. Doing so online is quick and easy. Property owners can then gather the information and determine if and how much savings could be theirs. Of course, since processes are still slower with businesses operating under pandemic safety guidelines, it is considered smart to take action sooner rather than later if the homeowner finds the perfect remortgage for their needs.