Mortgage UK: Borrowers could save more than £4,000 – could you make savings? | Personal Finance | Finance

Remortgaging, however, is likely to involve careful consideration and thought before it is actioned.

This is because, for many, a mortgage is the most significant financial commitment they will enter into, and so striking a good deal is key. 

Mr Hegarty added: “There are lots of options for remortgaging out there – whether you’ve been furloughed, have experienced a reduction in income or you’ve taken a mortgage payment holiday, your lender should be open to you doing a product transfer with them.

“To get a whole-of-market view of your options, speak to a free mortgage broker who can advise you on the best course of action, including sorting a product transfer for you.