The housing market has brought surprises to even the most optimistic forecasters that felt the pandemic would definitely crush the expectations and actions of home buyers and home movers. Instead, the market was robust in terms of operating within a pandemic. Not only were buyers motivated by low interest rate mortgages, but also the stamp duty holiday in place to the end of March 2021. Home movers are thought to be motivated by the same, but also in seeking out a better home property to suit their pandemic lifestyle.

Homeowners have had many options put in front of them and those options could bring benefits that might make the future months and years better. The pandemic has many people out of work or has caused hardships to their businesses. Many have had to adjust to working at home and children have had to learn to study at home. Socializing is non-existent and life has changed drastically all while worrying about our own health and that of our loved ones and friends. Entertainment venues and museums are empty. Weddings and celebrations have been reduced to only a few or totally postponed, but there has been a way to adjust and find some relief and for homeowners it has been remortgaging that offers the opportunity.

Homeowners, when hit with the pandemic and lockdowns, didn’t waste time in making their dwellings more adaptive to their new lifestyle. Remortgages became an important tool in saving money due to the low interest rates available, but also for many homeowners a source of money as they turned their built up equity into cash. Improvements and upgrades were funded to make homes a better place for working from home, learning and studying from home, and for seeking entertainment and new cooking hobbies.

Remortgaging is usually the best choice for homeowners that have their mortgage term end. They can obtain a deal that will secure their financial health for another term. Depending on the homeowner, they might choose a fixed rate or an adjustable rate. Homeowners that do not remortgage are moved by the lender to the lender’s standard variable rate (SVR). This can be risky for some borrowers, and currently is not the best choice if saving money is an objective, since most SVRs are attached to higher interest rates than remortgage deals.

The UK housing market has proved to be resilient once more in the face of uncertainty. As it did in the beginning moments of Brexit, the market proved to still be an attractive draw and remained fluid during a global pandemic. While house prices have surprised experts and have unexpectedly shown strong growth in some areas, there are valid reasons why home buyers are showing up.

The new year is only days away and while the calendar date will be new, some things will remain the same. The pandemic will still be with us, and the housing market is expected to stay pretty much as it is through early spring. Lending might tighten somewhat, but opportunities are still to be available in mortgages and remortgages. Low interest rates, competitive lenders offering attractive deals, and a variety of products from which to choose will keep demand strong from home buyers and homeowners.