The UK and the entire globe are dealing with an historic pandemic from a coronavirus. Priorities have changed and the whole world has slowed down to make our own corner of the world a safer place by social distancing. While the priority is to stay healthy and protect your loved ones, most likely next on your priority list is to find some financial stability. For homeowners, help could come from a remortgage as it could offer relief to a household budget.

The Bank of England’s Monetary Policy Committee (MPC) only weeks ago made history by cutting the standard base interest rate to the lowest level ever in over 300 years. The new rate of 0.1% will make borrowing cheap and cheaper borrowing costs translates to savings. 

For homeowners close to having their mortgage deal end, they will likely find lower interest rates in remortgaging compared to the rate they are currently paying. A fixed rate deal would secure that low interest rate for years ahead. Savings for some could result in thousands being put back into the family budget.

Those homeowners that have already had their mortgage deal end and have been moved to their lender’s standard variable rate (SVR) could also find substantial savings with a remortgage.

Not only could homeowners save money by securing a lower interest rate, but for those that have built up equity there is another opportunity to find relief for their budget. With an equity cash release remortgage, the homeowner can turn the built up equity into cash that they can use for any purpose they want or need. The cash could offer a financial security net by being used to pay down debt, to build an emergency fund, or other needs.

Lenders are offering attractive remortgage deals currently and for homeowners looking to find some financial relief, remortgaging could make all the difference.