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.

Homeowners have had an attractive array of remortgage products to choose from lately. Even those with very unique remortgaging needs are likely to be pleasantly surprised by the opportunities in the lending market. There are low interest rates to be found, and some are historically low for that particular lender. In particular, a popular remortgage product, the equity cash release deal, has been offered below 5% for the first time.

Buying a home is a dream of most people. Climbing onto the property ladder is a goal and while it is certainly not an easy task with the need to save a hefty deposit, for most it is the ultimate and most expensive investment they will ever make in their lifetime. As far as the investment viewpoint of buying into a property that will hopefully increase in value and could one day be sold for a hefty profit, a recent report reveals that simply owning instead of buying could leave a homeowner with a savings of £133,700 in the course of 30 years.

The remortgage lending market is expected to be strong throughout the rest of the year, but perhaps more so in October. Homeowners due to have their current mortgage deal end in October amounts to a very high number. Lenders, therefore, are seeking to attract that large wave of borrowers coming onto the market. This competitive lending market is good for all homeowners, those that will soon have their current mortgage deal end, those that had their deals end and were moved to their lender’s standard variable rate (SVR), and even those that are a bit off of their mortgage term ending.