First time home buyers should start planning now for a remortgage. It may seem like a poor use of time and taking on more stress to start shopping for a remortgage just as one completes their process for buying their first property, but it is completely the opposite. Home buyers should start shopping around and gathering information on remortgages as soon as possible. By doing so it helps the homeowner prepare for the process, discover which lenders would best suit their needs, and what deals are out there.

Homeowners might want to take notice and start taking into consideration a remortgage as there are perhaps more reasons than not to get a deal sooner rather than later. The reason homeowners usually seek out a remortgage is to save money. No one wants to pay out more money than necessary and if a homeowner allows their mortgage deal to end without a remortgage they may find themselves paying out way more than necessary.

The growth in house prices surprised again in May. Halifax reported a 5.2% growth with the average house price now at £237,837. The house price growth was the largest annual increase since the first month of 2017. In April, there had been a 5% increase that came unexpectedly. The fact that May also showed that level of growth might very well back the assumption that hopeful home buyers are taking care of their own goals to climb the property ladder rather than heeding the forecasts of an uncertain economy with the extension of Brexit.

According to the Financial Conduct Authority (FCA) there are approximately 150,000 homeowners that are up to date on their repayments, but due to strict affordability checks cannot remortgage. Without a remortgage, when their mortgage deal ends they are moved to their lender’s standard variable rate (SVR). For those that mortgaged two or more years ago a SVR could be two times the rate level they are used to paying or even more.

Every young person dreams of one day moving out on their own and owning a house. Some ultimately end up renting at least, but most prefer the stability and control which come with ownership. The goal of owning has become tougher to achieve in the last few decades with lending criteria changes and high prices. These challenges have slowed the number of first time buyers and made ownership more of a delay than a choice after reaching our twentys. Mortgage affordability is now a hot term describing the ability young people have to buy or not to buy. Here are some tips on how to increase the likelihood of ownership from housing specialists.

Brexit will soon come to a close and with it much speculation about what will happen within the UK housing market. There have been many opinions about what property prices and demand will do after the historical day comes to pass. Some believe interest rates will also come into play and could see an increase. Whatever happens, it still could be quite a favourable time to consider a fixed rate remortgage.