In the midst of the coronavirus pandemic most people have had financial questions on their minds. For homeowners, there has likely been a lot of time spent on wondering if a remortgage might be a good decision as the economy faces yet another unknown impact on the heels of years dealing with Brexit. For many it could not only offer savings, but peace of mind in the midst of stress from the external pressures currently being put on the family budget.

For those homeowners that had their current mortgage deal end and have been moved to their lender’s standard variable rate (SVR), a remortgage could offer stability from the risk of having a fluctuating interest rate. Knowing what one’s repayment will be month to month without worry of an unexpected hike in payments could be helpful. Those homeowners that rely on a budget that isn’t very flexible could find a fixed rate remortgage gives the opportunity to better plan and meet financial responsibilities.

Another advantage of a remortgage would be the ability to turn built up equity into cash. The cash could then offer relief from pressures of mounting expenses, the ability to consolidate debt, or the funds could be put aside into an emergency fund. The way the cash is spent or saved is up to the homeowner and during quarantining and job insecurity it might be helpful.

A remortgage could be the opportunity to find a financial security net right when needed, and there are attractive low interest rates available. Yet, it might be harder to remortgage in the weeks ahead. Lenders are tightening up on lending and many have already pulled their best and most accessible products from the market.

Homeowners that are considering a remortgage might do well to shop around online to discover what deals are available sooner rather than later.