Many homeowners are shopping for remortgages for savings prior to the Brexit deadline. They are also looking to escape the higher rates attached to many lender’s standard variable rates (SVR). According to experts, the interest rate level attached to some SVRs could be double or more the level homeowners would have been used to paying before their mortgage deal ended. Rather than pay more on a repayment than needed, a savings could be found with a remortgage and that is why the demand is high.

No one would ever believe that a negative interest rate mortgage could exist. If it did, what would that mean? Since interest is the way that lenders make money, then how could they possibly offer a negative interest rate on a mortgage? In the event there is a negative interest rate, then the lender would in effect be offering a deal in which the borrower at the end of the loan paid back less than what they borrowed.

Mortgage lending has slowed as the housing market is showing a cooling off. The housing market is slowing down according to experts due to the nearing of the Brexit deadline which is Halloween on 31 October. Not surprisingly, though mortgage lending has slowed there is a boost in remortgage lending. Homeowners are seeking remortgages, especially fixed rate remortgages, to save money.

The housing market may be feeling the weight of Brexit finally. There are signs in the recent collected data on the market that is revealing a slowdown. It may have been a one off, but it could be the start of a stalling that could last until after the beginning of next year according to some experts. Then again, the housing market could surprise once again and show resilience as it has in months past.

Experts are trying hard to get the word out to homeowners, yet their message could fall on deaf ears as it appears there are more homeowners than not that do not understand the benefits when they are told to remortgage. Many homeowners could believe that with a remortgage they could be putting more debt onto their loan or they could be taking on a source of stress that would be equal or worse to that of obtaining their mortgage. Few realize that there are opportunities to put cash into their hands, to save money, and to secure a low interest rate for years to come and the process to learn what benefits there are is easy.

Opportunity is revealing itself in the mortgage lending market as the days tick off the calendar to the Brexit deadline of 31 October. Lenders are still in a competitive mode and home buyers and homeowners are finding low interest deals that offer substantial savings. There are also long terms available with one lender entering the market with a 15 year fixed product.