The housing market had been watched carefully before the financial crisis, during the recession, after the recession ended, and while under the shadow of Brexit. It matters what the housing market does or doesn’t do. The UK economy is dependent on a steady market and a strong one is even better. Now the watch is on how the housing market will close out this year and what that means for home buyers and homeowners.

Homeowners are being encouraged by experts to seek out a remortgage and avoid paying more than needed on their home loan. They are especially trying to get the attention of new homeowners that are close to having their two or five year fixed rate mortgage deal end. In years past some homeowners may have pushed aside the need to remortgage and been perfectly comfortable on their lender’s standard variable rate (SVR), but currently that could be a costly mistake.

Homeowners are being encouraged to consider the benefits of a remortgage. Those that are expected to have their mortgage term end this year will not be facing as friendly standard variable rates (SVRs) as those facing the same in years past. Not too long ago, it was not so bad of thing to just sit on one’s lender’s SVR after a mortgage deal ended rather than remortgage. However, interest rates have risen and now a SVR can be worrisome to a homeowner.

Homeowners are taking advantage of cheap borrowing and are not only securing fixed low interest rates to protect them from rising interest rates, but they are turning their equity into cash. Homeowners with built up equity in their home are using equity into cash remortgage deals to help them meet goals, pay off debt, and in some cases reinvest into the value of their property. With low interest rates attached to remortgage deals, it could make sense to use remortgage for cash as well as take advantage of the other benefits available.

Home owners are encouraged to take notice of their current mortgage status and their interest rate. Some may have allowed their mortgage deal to end and are unaware that they have been moved to their lender’s standard variable rate (SVR). If so, they could be paying much more than they need to on their repayments.

The housing market has continued to surprise experts. Rather than succumbing to the gloom and doom forecast of many experts due to Brexit and then its delay, the housing market has remained resilient. That resiliency could have a lot to do with the continued low interest rates connected to mortgages, lower housing prices, and more assertive home sellers ready to make a deal. First time buyers have in fact been returning to the housing market at levels unexpected.