Homeowners are being encouraged to seek out information about possible remortgaging opportunities. The Bank of England’s Monetary Policy Committee (MPC) last month cut the standard base interest rate to the lowest historical level ever. In over 300 years, the interest rate has never reached the low 0.1% level it is at now. That means borrowing is cheaper than it was last year, and it is even cheaper than it was in the midst of the economic crisis.

The opportunity to secure a low interest rate and save money could help support a family budget throughout the coronavirus pandemic. The economy will take time to recover once things start to get back to normal and having a financial safety net in place could be helpful. 

A remortgage might offer substantial savings immediately. It could, with a fixed rate deal, offer savings for months or years ahead. In addition, those with built up equity could turn that equity into cash. A equity cash release remortgage would put money into a homeowner’s hands for building an emergency fund, paying down debt, or whatever need or wish the homeowner wants to put the money toward.

Because a remortgage could be so beneficial, experts are encouraging homeowners to seek out what opportunities could be available. To do that one simply needs to go online and shop around with remortgage brokers or lenders. Many have quick quotes available on their websites. After a few questions are answered, the homeowners can have possible quotes in hand in which to consider if a remortgage would be right for their needs.