As the entirety of Brexit comes to a conclusion, there are many sectors of the UK economy which are on standby, especially the housing market. Many across the country are playing a game of wait and see to make major decisions regarding the sale or purchase of property. Days following Brexit are still quite uncertain, according to those close to the market. For those in search of a way to potentially save money and positively affect the bottom line of a household budget, remortgage could still be a true winner in the eyes of housing specialists.

As many property owners seek ways in which to lower their monthly outgoings, remortgage terms are becoming more and more favourable. Fixed rate loans have been around forever, but now longer fixed rate packages are all the rage. Many lenders offering fixed rate packages are now creating even more advantageous conditions for borrowers and they are taking notice.

Recently released data regarding the current climate of the UK housing market did not surprise many economists. Factors affecting consumer confidence changed little month on month during the month of May. Transactions and approvals remained consistent as we enter the busy selling season within the housing market. Summer is quickly approaching which could affect first time buyer interest as well as those who have been on the fence about moving home or staying put.

Remortgage market activity during the first quarter of the year sped up as it reached the month of March and is still rolling. Many property owners are anticipating a rise in interest rates which has led to many obtaining new mortgage deals. The final days of Brexit are also nearing which has led property owners to lenders in search of a way to cut the cost of their monthly outgoings. There is also much to discover with lenders lately as they are offering many deals which feature longer terms.

Remortgages are becoming more popular with homeowners as they look to escape paying more than necessary. Saving money is usually the number one reason for homeowners to remortgage, yet there are other reasons. One of those reasons is to release equity into cash. The cash can then be used for any reason dictated by the homeowner. They can put the cash away into an emergency fund, reinvest into the property, pay off debt, fund a dream summer holiday, or fill another need or dream.

Homeowners are keen to remortgage these days more than in years past. At the end of a homeowner’s mortgage deal without a remortgage the loan is put onto the lender’s standard variable rate (SVR) and not so very long ago, a SVR was not so bad. It is usually considered risky to go on a SVR as it can fluctuate, and when rates are rising it could put a homeowner in a financial hardship to suddenly be facing higher repayments.