Homeowners that are considering a remortgage are being warned to throw their loyalty to their current lender aside. Rather than be loyal and take the easy route to a remortgage with the present lender, it could be more beneficial to shop around for a remortgage. The best deals are likely being offered to new customers to entice them while current customers are missing out on substantial savings.

According to the latest data information on the housing market from Halifax, the average house price is now at £232,249. October, therefore, had a price growth of 0.9% compared to the 1.1% growth in September. Property inflation is reported to be at its lowest level in six years. The decline is being blamed on the uncertainty surrounding Brexit. As the deadline that had been set for 31 October drew near, hopeful home buyers are thought to become more cautious and to wait out what was to come rather than take the step onto the property ladder.

There are only a few weeks left to the year and that means that winter is on the way. Right before the year ends winter will be officially here and that could mean a further cooling off of the housing market. The usual action of home buyers is to give a slight boost to the market right before the holidays set in, but afterward the market settles into calm with less activity until spring.

In yet another sign of the housing market slowing, it was revealed in the October data from Zoopla that it takes longer to sell a home. The average length of time it takes to sell a home is at a three year high and has increased by almost a month in length since 2016. Data from Nationwide revealed that the current average house price was at £215,368 for October. This is a 0.2% increase over the previous month of September and a 0.4% increase over October 2018.

Often the process of a remortgage is simple. Your current mortgage deal ends and your lender alerts you as to the change of your interest rate should you choose a remortgage with them. You can seek a remortgage, and if not, be moved to the lender’s standard variable rate (SVR). Being moved to the SVR wouldn’t have been so bad a few years ago, and for some lenders it could have been acceptable only months ago, but that isn’t the case anymore.

Homeowners are looking for remortgages. There were a large number of homeowners expected to have their mortgage term end in October and November. Because of the expected number of potential borrowers interested in the remortgage lending market, lenders have been competitive and trying to outdo each other by offering better deals to gain the attention of homeowners. It is working because demand has been strong with many savings opportunities available.