According to a property sales industry survey, the last three months of the year could be less than ideal due to Brexit. The outlook is less optimistic than it was previously, and it is expected that Brexit will cause a decline in sales in the housing market. Such an outcome would have consequences on the economy, as well as homeowners.

Homeowners have been showing strong demand for remortgaging. At the end of a homeowner’s mortgage term there is a choice to remortgage and seek savings and other benefits, or do nothing and allow the lender to move the mortgage onto the lender’s standard variable rate (SVR). Current SVR interest rates could have some homeowners paying double or more the interest rate they are used to paying.

The housing market has continued to show resilience despite the warnings from experts of the doom and gloom due to impact it in the lead up to Brexit. The deadline, already postponed once, has left many experts awaiting the market to ice over. Instead, hopeful home buyers have been taking advantage of the unique opportunities of an uncertain situation. With low interest rates and lower asking prices from sellers, home buyers have not been able to resist.

When it comes to getting a remortgage, a homeowner can start with several options. One is they stick to their current lender. However experts suggest they push aside loyalty and seek the best remortgage for their needs. Another option is to seek out lenders, one by one, and shop for the best deal. There is also the option of starting with a remortgage broker, which could offer several opportunities right from the start.

As the final countdown to the Brexit deadline of 31 October draws near, lenders are becoming more competitive than they were previously, which was already quite beneficial to lenders. There had already been a push between lenders to grab the attention of borrowers, and now, not only are there fewer players in the lending market with some of them taking an exit from what was seen as a less than profitable business plan, such as Tesco Bank, but competition is heating up. As lenders seek to be the one that a homeowner chooses to fund their remortgage, opportunity is growing.

Once again the housing market has surprised. The final full month of summer revealed that the house prices have tipped upward in August. Despite the overbearing flood of reports of uncertainty of the upcoming deadline of Brexit on 31 October, hopeful home buyers took action and grabbed the opportunity present in today’s market.