According to the data available on those that previously mortgaged or remortgaged, there is a very large group of homeowners that are due to have their current mortgage term end in October. Therefore, the expectation is for remortgage demand to be high not only in October, but likely throughout the rest of the year. The good news for homeowners is that remortgage products are highly attractive with low interest rates, long fixed terms with low rates, and creative products for those with the most complicated of remortgaging needs.

The housing market has in the months past shown resilience while experts warned of the doom and gloom to come due to Brexit. While the worst was expected, home buyers took advantage of the opportunities within the market and kept the housing market surprising those same experts. However, now with Brexit’s deadline of 31 October drawing nearer, the weariness of Brexit uncertainty is having impact.

The housing market could prove to have a disappointing year despite the resilience displayed in having to perform under the uncertainty cloud of Brexit. According to IHS Markit, the housing market could register the worst performance in seven years. Annual house prices have declined by 1.8% to 1.5% annually, but the last quarter recorded a slight increase of 0.4%. 

The mortgage lending market has become a fierce and competitive market. Lenders are fighting for the attention of borrowers as interest rates have remained low. Such a competitive market is great for customers. Mortgage deals are currently creative such as longer terms, some with 100% loan to value, and in some cases historically low for that lender. However, profits for lenders are declining and some are exiting the market.

Depending on how the housing market impacts your personal financial situation you might be concentrating on one part versus another. Is the market making you as a seller apprehensive about finding a buyer? Are you a homeowner seeking information on whether your property is gaining or losing value? Are you as a landlord keeping an eye on the market to determine the status of your investment? Or are you a hopeful home buyer looking to make the most of current factors that could make buying now a smart move?

More homeowners are choosing to release their built up equity into cash with a remortgage. By doing so, the homeowner has cash in hand for an expenditure, debt consolidation, or investment, including investing into an emergency fund. This ability to turn built up equity into cash could be a way for pensioners to better fund their retirement. No matter the reason for the release of cash from equity, the opportunity to do so with a historically low interest rate attached is very attractive.