Despite a widely reported trend towards moving to gain more space, the majority (82%) of homeowners are not considering upsizing once the UK lockdown is fully lifted, according to research by online mortgage broker Trussle.
However, the research found that 68% would like to remortgage with the purposes of making improvements to their current home.
One in four homeworkers said they now prefer their local area since working from home.
Those living in London and those among the 18 to 34 age group were most likely to want to upgrade their home, with 37% and 29% respectively interested in remortgaging their home for improvement purposes.
The top six home improvements were: kitchen refits (26%), bathroom refits (23%), garden landscaping (22%), extensions (16%), having a large garden (9%), and creating a home office (8%).
Three in 10 (30%) of parents said they may use the money saved through remortgage to employ a tutor for their children while schools remain closed.
Trussle has created a remortgage calculator that equates possible mortgage savings to things like tutoring, zipcar hours and saving towards UK-based holidays.
Miles Robinson, head of mortgages at Trussle, said: “As the UK begins to emerge from the coronavirus lockdown into a new normality, the mortgage market is reopening.
“Meanwhile, our research shows that a number of homeowners are reconsidering what they think is important in a home and considering how they can improve their current living situation to suit their needs.
“In response to the clear shift in homeowners’ priorities, Trussle saw a 110% leap in enquiries for remortgages from April 2019 to April 2020 as homeowners look to save more money during these uncertain times.
“Our newly launched remortgage calculator will tell you, quickly and easily, how much you could save.
“And it doesn’t stop there: the calculator will also show you how the money you save could impact the quality of your current home life by calculating the products and services you could purchase if you remortgaged.”