House prices have shown resilience since the Brexit saga began. Many expected it to plummet and for home buyers to put their dreams of owning their own property on the shelf, but that didn’t happen. Hopeful home buyers remained focused on their own needs and pushed any warnings or doom and gloom forecasts to the side. There were opportunities in both lending and the housing market and few could resist taking advantage.

The mortgage lending market may be experiencing a slow down due to caution setting in with home buyers as the Brexit deadline nears. Home buyers have been staying focused on the opportunity to get onto the property ladder, and that has had the housing market performing better than expected by many experts. Yet, caution could have started setting in and future mortgage demand data could reveal that home buyers are stepping back from purchasing as the Brexit deadline nears.

It is no surprise that homeowners are showing up in large numbers to take advantage of remortgage offers. With remortgage deals attached to low interest rates at levels that are historically low for some lenders, long terms with attractive low interest rates, and equity cash release deals putting cash into hands of homeowners, it is no wonder there is strong demand. Remortgaging could put a substantial amount of savings back into a homeowner’s budget.

Homeowners are expected to boost the lending market in October as they seek out a remortgage to save money. A large number of homeowners are due to have their mortgage term end this month. Due to the many opportunities in the remortgage lending market, few are expected to do nothing and allow their mortgage to move to the lenders’ standard variable rate (SVR). The high remortgage demand is likely to remain strong throughout the rest of the year.

Though the calendar is much closer to the set Brexit deadline of 31 October, the shadow of uncertainty has not lifted. Homeowners are expected to stay focused on the ability to remortgage to a low interest rate for savings and hopeful home buyers willing to push caution to the side are likely to discover very attractive mortgage lending opportunities.

The end of the summer season revealed that mortgage lending was in demand from home buyers taking advantage of the opportunities in borrowing. Gross mortgage lending for all sectors of the residential market for September revealed a 3.7% increase over September 2018. The value of gross mortgage lending amounted to £22.3 billion according to data released by UK Finance.