Money is on practically everyone’s mind. The domestic and global economies are uneasy, the UK is heading into yet another week of lockdown, jobs are ending and others are in question, and no one knows when the coronavirus pandemic will be gone from our daily lives. Homeowners seeking some peace of mind against financial stress might want to consider a remortgage. 

The Bank of England’s Monetary Policy Committee (MPC) met only weeks ago and chose to cut the standard base interest rate to an all-time historic low rate of 0.1%. This is the lowest rate ever in over 300 years. This has created exceptional opportunities for homeowners to seek out a lower interest rate than the one they currently have attached to their mortgage. 

Whether a mortgage term is close to ending or has already ended and the homeowner is on their lender’s risky standard variable rate (SVR), a remortgage could be a smart more. The ability to not only gain savings through a lower interest rate, but also if secured as a fixed-rate remortgage, the savings could continue for years to come.

Those with built up equity could with a remortgage turn that equity into cash. Equity cash release remortgages put money into the homeowner’s hands to use as they need. It could be used for expenditures, to build up an emergency fund, or to pay down debt. Not only could the cash be helpful, but with a low interest rate there are savings possible after the cash is in hand.

Even those homeowners not close to having their mortgage term end could consider a remortgage opportunity. Fees for ending a mortgage deal early might be worth it if the benefits of a remortgage could be helpful.

For those homeowners seeking a way to put money into their family budget, a remortgage just might be the solution to the financial hardship questions happening now and those that will come in the weeks ahead.