Recently released data regarding remortgage approvals within the month of May were slightly lower than many experts expected, but for good reason according to many close to the housing market. Approvals for the month of May fell off pace from the month of April by 2,200, totaling 46,700, according to figures from the Bank of England. The decline is not surprising to many who see this time as favourable due to low interest rates and a competitive lending community.

When the calendar flipped and July was ushered in, more than warmer weather and summer sunshine was ushered in, with it is the knowledge that the last half of 2019 has begun. The days are passing by and we are drawing nearer to the second Brexit deadline and the shadow of uncertainty that covered the UK economy in the beginning of the year. There are warnings of higher interest rates to come, and possibly a tightening of lending.

Demand for remortgaging has been strong in the past months. Homeowners are keen to take advantage of the opportunities available. Yet there are many that while wanting to remortgage are not capable of doing so. They can’t qualify and therefore they can’t secure a new deal.

Remortgages are in demand these days and it is no surprise. Homeowners have many opportunities to be found with a remortgage deal. Savings are usually the reason for a homeowner to go searching for a remortgage and with the current low interest rates there could be substantial savings to be found. Other interest in a remortgage could be for the ability to release equity into cash or to secure a fixed rate to protect against rising interest rates.

Brexit is of course still running the top of the majority of headlines in news reports. It is, as it should be, a concern of all and especially for consumers. Caution prevails in many areas of the different markets, yet one in particular has surprised a large number of experts. Home buyers seem to have lost patience and are throwing caution to the wind and focusing on their own futures and personal goals of climbing onto the property ladder.

Homeowners have been showing strong demand for remortgages. There are many reasons for the strong demand, including but not limited to the ability to save money and secure a fixed rate to give peace of mind against rising interest rates in the future. According to a recent report, of those that sought a remortgage in May, almost half of the deals were 5 year fixed rate remortgages at 44%, and two year fixed rate remortgages made up 39% of the remortgage products.