The growth in house prices surprised again in May. Halifax reported a 5.2% growth with the average house price now at £237,837. The house price growth was the largest annual increase since the first month of 2017. In April, there had been a 5% increase that came unexpectedly. The fact that May also showed that level of growth might very well back the assumption that hopeful home buyers are taking care of their own goals to climb the property ladder rather than heeding the forecasts of an uncertain economy with the extension of Brexit.

According to the Financial Conduct Authority (FCA) there are approximately 150,000 homeowners that are up to date on their repayments, but due to strict affordability checks cannot remortgage. Without a remortgage, when their mortgage deal ends they are moved to their lender’s standard variable rate (SVR). For those that mortgaged two or more years ago a SVR could be two times the rate level they are used to paying or even more.

Every young person dreams of one day moving out on their own and owning a house. Some ultimately end up renting at least, but most prefer the stability and control which come with ownership. The goal of owning has become tougher to achieve in the last few decades with lending criteria changes and high prices. These challenges have slowed the number of first time buyers and made ownership more of a delay than a choice after reaching our twentys. Mortgage affordability is now a hot term describing the ability young people have to buy or not to buy. Here are some tips on how to increase the likelihood of ownership from housing specialists.

Brexit will soon come to a close and with it much speculation about what will happen within the UK housing market. There have been many opinions about what property prices and demand will do after the historical day comes to pass. Some believe interest rates will also come into play and could see an increase. Whatever happens, it still could be quite a favourable time to consider a fixed rate remortgage.

As the entirety of Brexit comes to a conclusion, there are many sectors of the UK economy which are on standby, especially the housing market. Many across the country are playing a game of wait and see to make major decisions regarding the sale or purchase of property. Days following Brexit are still quite uncertain, according to those close to the market. For those in search of a way to potentially save money and positively affect the bottom line of a household budget, remortgage could still be a true winner in the eyes of housing specialists.

As many property owners seek ways in which to lower their monthly outgoings, remortgage terms are becoming more and more favourable. Fixed rate loans have been around forever, but now longer fixed rate packages are all the rage. Many lenders offering fixed rate packages are now creating even more advantageous conditions for borrowers and they are taking notice.