It used to be that homeowners would choose to downsize their home during their later years. Now, fewer are choosing to downsize and are instead staying put and using their built up equity in their property to fund later year expenses. Research reports revealed that fewer people are downsized and instead intend to live in their home throughout their lives without ever moving home.

Homeowners are being encouraged to consider remortgaging. Many homeowners are about to have their mortgage deal end in the month of October. That is a month when experts know that a wide number of homeowners’ current mortgage deals will be ending. Lucky for those homeowners that they are going to have their current mortgage deal end at a time when remortgages are more attractive than they have been all year or in any years past. Yet, those October mortgage ending homeowners aren’t the only ones that can benefit.

Since the start of the economic crisis, the London housing market helped the overall average house price for the UK. There were opportunities present that made the capital attractive to home buyers and investors. However, that hasn’t been the case for over a year as the housing market in London has been slowing down month after month. July data revealed that house prices had fallen for the last 17 successive months.

The impact of the deadline of Brexit, 31 October, drawing nearer is becoming more obvious. Data is revealing that caution is growing despite the strong resilience shown by consumers. Even the hopeful home buyers that have shown strong resilience against the doom and gloom forecasts for the housing market have stayed focused and taken advantage of opportunities to climb onto the property ladder. Those opportunities are extended to homeowners and yet many are sitting idle and experts advise that they could miss out if they wait much longer to take action for a remortgage.

Perhaps there couldn’t be a better time for a homeowner to have their mortgage term coming to an end. Yes, even with Brexit looming in the horizon only weeks away with the deadline of 31 October homeowners are entering an opportunistic lending market. Remortgage lending is competitive, there is an ease in lending, lenders are offering creative products, interest rates from some lenders are at historic lows, and terms available are longer than seen in decades. Savings and benefits for years to come are to be discovered by the homeowner keen to take advantage.

The latest report from the Office of National Statistics (ONS) has been released. The data reveals that UK house prices increased in the year to July at a slower rate than any other time since September 2012. The growth amounted to 0.7%. It was noted that property sales were still very slow in London. Once helping the overall UK housing market data due to the robust sales in the capital, the chilling off of the market definitely impacts now in the opposite direction.