Almost one in 10 (8%) homeowners say they remortgaged to relieve the financial anxieties caused by COVID-19, while a further 8% were in need of a higher monthly income as a direct result of the pandemic.
Overall, 43% of homeowners said remortgaging had a positive impact on their mental health, whilst 23% said it significantly improved their mental health, according to research commissioned by NatWest.
Almost one in 10 (8%) homeowners say they remortgaged to relieve the financial anxieties caused by COVID-19, while a further 8% were in need of a higher monthly income as a direct result of the pandemic.
The research found that 40% of homeowners were planning to sell their home before the pandemic; 38% of these prospective sellers are no longer considering doing so.
Almost half (47%) of homeowners have postponed the sale of their property until they can make a clear financial decision.
Three in five (62%) homeowners would consider remortgaging a second time to fund home improvements.
Reasons for deciding to remortgage ranged from reducing monthly payments (43%) to fund home improvements (19%).
Some homeowners factored COVID-19 into their decisions more than others, with 31% of those aged between 18 and 30 saying they are more likely to move house as a result of the pandemic.
In comparison, just 18% of those aged 31 to 45, and 16% of 46 to 60-year-old homeowners thought the same.
For seeking mortgage advice, banks and lenders were the top choice (28%), followed by online search (25%).
Just 16% seek advice from family members, while 14% go to friends for help.
Just under three quarters (74%) found that remortgaging had a positive impact on their lives.
Among 18 to 30-year-olds, 77% listed mental health as the primary or secondary reason for their decision to remortgage, with just 23% saying the decision was purely financial.
