The current lending market and housing market have combined to make perhaps one of the most attractive environments for home buyers in decades. Pushed into the current state by many factors, including the upcoming Brexit deadline of 31 October, lenders are competitive, home sellers are aggressive to sell and lowering asking prices, and the mortgage products on the market have low interest rates and longer terms than seen in decades. Hopeful home buyers are going to have a hard time passing over the opportunities that currently exist and are therefore expected to remain focused on the housing market.

Homeowners have been busy seeking remortgaging opportunities to save money. For many of them, a remortgage could offer a substantial savings, especially when compared to the interest rate some would have to pay if they didn’t remortgage and were moved to their lender’s standard variable rate (SVR) when their current deal ended. Experts have reported that some homeowners that mortgaged or remortgaged two or more years ago would face an interest rate double or more with a SVR.

There have been less than optimistic forecasts on whether the housing market will be able to hold on to the resilience it has demonstrated since the Brexit vote. Many doubt that as the Brexit deadline of 31 October draws near and afterwards that borrowers will be as motivated to climb the property ladder with uncertainty surrounding the economy. However, those that are naysayers may not be considering the opportunities that are turning out to be too good to ignore for those considering becoming homeowners.

According to a property sales industry survey, the last three months of the year could be less than ideal due to Brexit. The outlook is less optimistic than it was previously, and it is expected that Brexit will cause a decline in sales in the housing market. Such an outcome would have consequences on the economy, as well as homeowners.

Homeowners have been showing strong demand for remortgaging. At the end of a homeowner’s mortgage term there is a choice to remortgage and seek savings and other benefits, or do nothing and allow the lender to move the mortgage onto the lender’s standard variable rate (SVR). Current SVR interest rates could have some homeowners paying double or more the interest rate they are used to paying.

The housing market has continued to show resilience despite the warnings from experts of the doom and gloom due to impact it in the lead up to Brexit. The deadline, already postponed once, has left many experts awaiting the market to ice over. Instead, hopeful home buyers have been taking advantage of the unique opportunities of an uncertain situation. With low interest rates and lower asking prices from sellers, home buyers have not been able to resist.