Homeowners are being encouraged to shop around for remortgages. There could be substantial savings opportunities available, but without taking action to discover what savings are possible, the best deals could be missed. Currently there are very low interest rates attached to remortgages and many with long term deals. Remortgage lenders are being creative with their offers and even those homeowners with unique and complicated needs should take the time to shop for savings.

The Summer of 2019 was the summer of first time home buyers. The housing market was boosted out of the Brexit doldrums by the demand from first time buyers eager to take advantage of low interest rates, lower asking costs, and mortgage products offering lower deposits. The ability to get on the property ladder was easier this summer for many hopefuls that were able to become homeowners.

Homeowners may have a wide variety of low interest rate remortgages to choose from currently, but they don’t expect that trend to last. According to the data from the LMS survey, nearly two thirds of borrowers expect interest rates to rise within the next year. This opinion prevails despite reports that economic conditions could cause interest rates to be cut. Over half, 59%, expect interest rates to rise within the next 12 months. This expectation is why so many homeowners are seeking fixed rate remortgages.

According to the data available on those that previously mortgaged or remortgaged, there is a very large group of homeowners that are due to have their current mortgage term end in October. Therefore, the expectation is for remortgage demand to be high not only in October, but likely throughout the rest of the year. The good news for homeowners is that remortgage products are highly attractive with low interest rates, long fixed terms with low rates, and creative products for those with the most complicated of remortgaging needs.

The housing market has in the months past shown resilience while experts warned of the doom and gloom to come due to Brexit. While the worst was expected, home buyers took advantage of the opportunities within the market and kept the housing market surprising those same experts. However, now with Brexit’s deadline of 31 October drawing nearer, the weariness of Brexit uncertainty is having impact.

The housing market could prove to have a disappointing year despite the resilience displayed in having to perform under the uncertainty cloud of Brexit. According to IHS Markit, the housing market could register the worst performance in seven years. Annual house prices have declined by 1.8% to 1.5% annually, but the last quarter recorded a slight increase of 0.4%.