During the recession the opportunity to buy property in London was too good to pass up. The demand helped keep the UK average house price at an acceptable level, or at least less fear invoking, than had London not been included in the average. As the economy grew and the recession became a part of the economic past, the housing market in the capital had grown by such leaps and bounds that the house prices were beyond the grasp of many.

Homeowners are being encouraged to not pass over the opportunity to remortgage. With the chance to find a low interest rate deal that could save money, and perhaps a fixed rate that would give peace of mind from future interest hikes, there is a lot of good wrapped up in seeking a remortgage. Yet, many are allowing their current mortgage deal to end and their lender to move them to their standard variable rate (SVR) which could be taking money out of the homeowner’s hands.

Homeowners showed less enthusiasm for remortgaging in April according to the latest figures from UK Finance. In comparison with April 2018, there was a decline of 6.2% in the volume to 9,140. The value of the remortgages declined as well by 8.1% to £3.3 billion. However, homeowners were remortgaging to borrow more compared to the same time period last year.

Homeowners are showing up in the remortgage lending market and finding great deals. At least that is the case if they are indeed choosing to remortgage. Yet, there are thousands that are likely not taking action. That is confusing to the experts that day in and day out try to advise homeowners to not overlook the opportunity to remortgage that is there. After all, why would anyone want to pay more money on their mortgage if they don’t have to do it? Isn’t it like just throwing money away? Who would choose that over saving money?

Many homeowners are taking advantage of the opportunity to remortgage and release cash from their built up equity. The money can then be used for anything the homeowner wishes. The expenditures of the money are as unique and varied as there are homeowners. Some will use the money to fund a dream summer holiday while others will invest back into the home to update and upgrade its value, such as building out a new kitchen, a new bathroom, or build an extension.

The Bank of England’s Monetary Policy Committee (MPC) has voted to keep the standard base interest rate steady at 0.75%. This had been the expected outcome of the meeting by experts. There is still uncertainty ahead in the year with the Brexit delay. However, there is the need as for the MPC to keep inflation in control and close to the target of 2.0%. Keeping it close to target will sustain growth and employment.