Many homeowners are taking advantage of the opportunity to remortgage and release cash from their built up equity. The money can then be used for anything the homeowner wishes. The expenditures of the money are as unique and varied as there are homeowners. Some will use the money to fund a dream summer holiday while others will invest back into the home to update and upgrade its value, such as building out a new kitchen, a new bathroom, or build an extension.

Some homeowners will pay down debt, according to some polls and reports, while others create an emergency fund along with another item like a new car or use the money to start a small business.

According to some reports, homeowners will use the equity cash release to help fund the deposit for their children to buy their first home.

Remortgaging has been and is expected to remain in strong demand. Though the Bank of England’s Monetary Policy Committee (MPC) chose to allow the standard base interest rate to remain steady during their latest meeting, experts suggest homeowners not wait too long to take action and remortgage.

Homeowners are encouraged to push aside any loyalty to their current lender and seek out the very best deal for their needs. It is also smart to not be narrowly focused upon remortgage deals and only look for the lowest interest rate. One slightly higher could have incentives and lower fees that would make it the overall best savings, even without the lowest interest rate.

Getting cash back from built up equity in a property is one advantage to a remortgage, but homeowners should not overlook the other benefits such as savings from a lower interest rate and the opportunity to get a fixed rate to secure peace of mind when rates start to rise in the months or years ahead.