Remortgage has proven itself over the past few years as a primary option to turn to as home owners search for cost savings. Interest rates have remained quite low and lender competition has been at extremely high levels. This has not only created what is now considered a market leaning favourably towards borrowers, but it has also made it possible for home renovations to take place across the country. Recent data released also suggests an interesting fact regarding remortgage. Many parents are using it as a tool to gift money to their children.

Brexit and the uncertainty it has caused within the UK housing market has been an issue with many property owners and non-property owners for most of the last two years. Many house owners feel a non-decision is much more effective at the current time than a bad one. As costs continue to rise naturally on everyday items like petrol, clothing, and food, we are still always in search of a way to help cut cost and live without heaps of stress. A remortgage could be the answer to both dilemmas.

House owners facing the maturity date of their initial mortgage loan package are in a favourable position currently according to many close to the housing market. There is a better than average possibility they could save big money each month by remortgaging. In fact, some estimates of how much savings are possible for property owners reside around the £300 per month mark. The market is currently sitting in a sweet spot for many to consider remortgage according to some housing specialists.

There are many homeowners that have been held prisoner by their current mortgage. Without the ability to remortgage, they have their loan moved to their lenders’ standard variable rate (SVR). Because the interest rate connected to SVRs are higher than mortgage offerings in years past, homeowners are forced to pay more than they would have to if they could remortgage. Yet, there could be relief soon and savings would be available.

Homeowners are expected to seek out a remortgage throughout the rest of the year. The boost will rise to its strongest level around October according to the data released by Moneyfacts. In looking at the number of homeowners that started their two year mortgage in 2017 and the interest rates they secured at that time, a remortgage could help them save money. Without a remortgage they will be converted to their lenders’ standard variable rate (SVR) which could be a considerable increase.

The UK housing market is holding its own against the gloom and doom forecasters that expected Brexit’s deadline to bring a chill to the market. However, before consumers knew that Brexit would be delayed until autumn, hopeful home buyers chose to take advantage of low interest rates and aggressive home sellers looking to part with their property. This has led many experts to be shocked as to the data revealing the optimism shown by mortgage borrowers.