The remortgage lending market is expected to be strong throughout the rest of the year, but perhaps more so in October. Homeowners due to have their current mortgage deal end in October amounts to a very high number. Lenders, therefore, are seeking to attract that large wave of borrowers coming onto the market. This competitive lending market is good for all homeowners, those that will soon have their current mortgage deal end, those that had their deals end and were moved to their lender’s standard variable rate (SVR), and even those that are a bit off of their mortgage term ending.

The upcoming Brexit deadline of 31 October is said to be putting off home buyers. Rather than jumping onto the property ladder at such an uncertain time, many are thought to be taking on a more cautious mindset and are waiting it out. Sitting on the fence could also be a strategy to wait for lower asking prices as the demand from buyers declines. Lower interest rates could also be the goal of the waiting game of hopeful homebuyers.

Homeowners that are ready to shop for a remortgage are likely to face numerous choices. Lenders are currently very competitive for the attention of borrowers and therefore are putting out many remortgage products. The variety is not just from among many lenders. Variety also exists from the types of products being offered from low interest fixed rates to equity cash release deals.

The Brexit deadline is drawing closer and as decisions are being made by government there is another important situation developing. Remortgage lending is becoming more competitive by the day. Lenders are expecting a large number of homeowners to be shopping for a remortgage. To gain the attention of those homeowners, lenders are putting out better and more creative remortgage products.

Homeowners are being encouraged to shop around for remortgages. There could be substantial savings opportunities available, but without taking action to discover what savings are possible, the best deals could be missed. Currently there are very low interest rates attached to remortgages and many with long term deals. Remortgage lenders are being creative with their offers and even those homeowners with unique and complicated needs should take the time to shop for savings.

The Summer of 2019 was the summer of first time home buyers. The housing market was boosted out of the Brexit doldrums by the demand from first time buyers eager to take advantage of low interest rates, lower asking costs, and mortgage products offering lower deposits. The ability to get on the property ladder was easier this summer for many hopefuls that were able to become homeowners.