Certain times call for particular financial moves. Perhaps now more than ever, the smart move is securing a remortgage if you are a homeowner. The UK economy and the global economy are under attack just as humans are from the coronavirus pandemic. Things are likely to get worse before they get better say the experts. It is time to consider how to stabilize one’s family budget and look for savings to make a difference.

Homeowners have the opportunity to remortgage. Those close to having their current mortgage deal end, those that have already had their term end and have been moved to their lender’s standard variable rate (SVR), and even those smack in the middle of their term are encouraged to shop around online and discover if a remortgage could benefit them. Even with a fee involved for ending a mortgage term early, with interest rates so low it might be worth it to make a switch to a new deal.

Only a few weeks ago, the Bank of England cut the standard base rate to an all-time low of 0.1%. In over 300 years the rate has never reached such a low level. There will be savings pushed to remortgage products, but there are likely to be fewer products to choose from and lending is expected to tighten up. These factors are why experts are encouraging homeowners to seek out what remortgages are being offered now and if a savings is possible.

There are many benefits to be found with remortgaging, such as a lower interest rate which would save money, or a fixed rate which would secure a low interest rate for the term of the deal, or the ability to turn built up equity into cash with an equity cash release deal. One or all of these could be helpful for a homeowner dealing with the uncertainty brought about by the covid19 global pandemic.

In uncertain times, it requires one to seek out opportunity to give one financial relief or a safety net. A remortgage could do both for many homeowners, and perhaps that is why remortgaging makes sense now more than ever.