The UK mortgage lending market has had a boost in the middle of summer. Not just the usual summer boost, but one unexpected, especially in the lead up to Brexit. Not only is the boost surprising, but it is substantial at a time when experts would have been validated had the market been cooled off or chilled due to the factors at play with uncertainty in the future economy. UK Finance’s report, the Household Finance Update, revealed that mortgage approvals in July were 16.4% higher than the same month last year. Remortgage lending saw an even higher increase at 19.4%.

The current housing market coupled with the low fixed interest rates at long terms being offered by lenders is turning out to be too good a situation for hopeful home buyers to ignore. Add in lower asking prices and aggressive sellers wanting to make a deal and it makes the current market for buyers exceptionally nice. It could get even nicer should the stamp duty get overhauled as expected at the start of October.

First time buyers are still finding it difficult to get on the property ladder. They may be taking advantage of the lower asking prices in the housing market and the low interest rate mortgages offered by lenders, but there are many that are still waiting, saving, and trying to find an opportunity. It is no surprise that first time buyers are much older than those that bought their first home decades ago due to the difficulty. It is also no surprise that one of the well-known lenders that assist first time buyers with their goal is the Bank of Mum and Dad.

The housing market usually benefits from a boost brought on by the summer season. People are more optimistic as the weather turns sunny and warm. They have more daylight hours to shop around and discover properties. It is a time to make changes and look forward into the future and that means taking the jump onto the property ladder. In the lead up to Brexit, it appears that the housing market still benefitted from a summer boost.

Remortgage lenders are expecting a massive number of homeowners to seek deals in the coming weeks. That has impacted the lending market and pushed a more competitive environment as lenders seek the attention of borrowers. Opportunities abound therefore for those that seek to avoid being moved to their lender’s standard variable rate (SVR) and face the uncertainty of higher interest rates. With the chance to secure a low interest fixed rate remortgage for a long term, why would a homeowner want to pay more than necessary and skip out on remortgaging?

Attention homeowners, you could save a substantial amount of money with a remortgage. That message has been pushed out for months and it is surprising how many people are not taking it to heart. No one wants to pay more than they have to pay on their home mortgage repayments, and they might not have to if they shop around for a remortgage deal.