The mortgage lending market has become a fierce and competitive market. Lenders are fighting for the attention of borrowers as interest rates have remained low. Such a competitive market is great for customers. Mortgage deals are currently creative such as longer terms, some with 100% loan to value, and in some cases historically low for that lender. However, profits for lenders are declining and some are exiting the market.

Depending on how the housing market impacts your personal financial situation you might be concentrating on one part versus another. Is the market making you as a seller apprehensive about finding a buyer? Are you a homeowner seeking information on whether your property is gaining or losing value? Are you as a landlord keeping an eye on the market to determine the status of your investment? Or are you a hopeful home buyer looking to make the most of current factors that could make buying now a smart move?

More homeowners are choosing to release their built up equity into cash with a remortgage. By doing so, the homeowner has cash in hand for an expenditure, debt consolidation, or investment, including investing into an emergency fund. This ability to turn built up equity into cash could be a way for pensioners to better fund their retirement. No matter the reason for the release of cash from equity, the opportunity to do so with a historically low interest rate attached is very attractive.

Homeowners are said to be staying put rather than moving home. The housing market is not seeing the normal of decades past where first time homeowners sold their starter home to other first time buyers as they upgraded. Thus putting the housing market into a constant move upward with buyers with growing families and then down again as they became empty nesters. Instead of moving, homeowners are staying where they are and some are choosing to upgrade the home they are in by turning their built up equity into cash through remortgaging.

The most recent data report from Halifax has been released and has shown that UK house price growth is at the slowest rate in six years. Due to Brexit uncertainty the housing market isn’t expected to show much change in the months ahead. Even with the market being favorable to first time buyers, experts believe caution has taken hold and until the 31 October Brexit deadline has come and gone uncertainty will be powering the actions of buyers.

Interest rates could be cut again according to some experts. The current Bank of England rate of 0.75% has remained since August last year when there was a 0.25% interest rate increase. In 2018, the Bank of England’s Monetary Policy Committee (MPC) voted twice to increase the standard base interest rate which grew in increments of 0.25% from the historic low of 0.25% to 0.75%. So far this year, the MPC has held the rate steady, but that could be about to change all due to Brexit.