The Bank of England has given warning that there could be a major recession in the months to come. The word “unprecedented” has come up often in reports of how the economy could suffer under the stress of a global pandemic due to covid-19. For that reason, many are looking for ways to help save money and inflict less of an attack on their personal finances.

Homeowners could be looking to remortgaging for help.

The Monetary Policy Committee (MPC) weeks ago cut the standard base interest rate to the lowest level in the history of the Bank of England. The current rate of 0.1% is making borrowing cheaper. The possibility of finding a remortgage with a lower interest rate than what the homeowner was used to paying could offer a substantial savings. It might be thousands saved for some property owners.

Lenders have cut down on the number of remortgage products on the market, but recently there has been more of a relaxed environment and they are starting to put out higher loan to value (LTV) level remortgages that could allow more homeowners the opportunity to get a deal and save.

Not only could a homeowner save money by securing a lower interest rate, but they could put money into hand by turning their built up equity into cash. Equity cash release remortgages not only could give a homeowner much needed cash, but also a lower interest rate that would save them money for months and years to come.

Experts suggest that homeowners seek advice as to whether they would be a good candidate for turning equity into cash. In fact, any homeowner should take advantage of the free information that could assist them in making decisions pertaining to a remortgage.

Luckily, not only is there a lot of smart information to be found online, but when choosing to shop for a remortgage most of that can be done online as well. In a matter of minutes, a homeowner could have several quotes in hand to compare and narrow down the offers into the best remortgage for their needs.

Because the repayments a homeowner pays each month could easily be the largest payment in their budget, finding a way to cut that expense down and save money now could offer peace of mind against the unknown that our economy is facing in the future.