A large number of homeowners are due to have their mortgage deal come to an end in October. Those homeowners at the end of their deal will without a remortgage be moved to their lender’s standard variable rate (SVR). According to experts that move could come as a big surprise to their household budget. Many SVRs could be double or more the level of the interest rate the homeowners are used to paying, so a remortgage could offer a substantial savings for many.

The housing market has shown that it is not to be taken lightly and can, when needed, show strong resilience in the face of uncertainty. The doom and gloom for the housing market that was forecasted when Brexit was announced never materialized. Instead, not only did some area housing markets remain steady, many saw full out growth.

Experts in the housing market believe that the warnings of Brexit are taking hold with home buyers as the deadline nears. According to the Royal Institution of Chartered Surveyors (RICS), the expectation of the performance of UK house prices fell by more than what was expected during the month of July. The RICS measurement takes into consideration the expectation of estate agents and property surveyors and the number dropped to -9% in July from -1% recorded in June.

House prices rose by a modest amount in the last twelve months according to Nationwide. The subdued market is likely due to the uncertainty of Brexit. However, the economic environment has been attractive to first time buyers as they are capable of securing low interest rate mortgages, lower deposits, lower house prices, and assertive home sellers.

It is a little over two months until the Brexit deadline of 31 October sends markets into a spin. Deal or no deal there will be an impact according to experts, and currently the expectation is no deal. Experts are telling those that will need to remortgage during that time period to start thinking now about what action they will take. There are a high number of homeowners due to come off their current mortgage deal in October, so many are now in a hard situation as to whether to remortgage quickly or wait.

The housing market is expected to remain strong throughout the summer, but things could change up as autumn arrives. With Brexit set for a deadline of October 31, experts believe the housing market could hit a slump. To evade that situation, there are those that see a solution by an overhaul of the stamp duty. By raising the level it could entice buyers to the market, especially first time buyers.