Brexit is of course still running the top of the majority of headlines in news reports. It is, as it should be, a concern of all and especially for consumers. Caution prevails in many areas of the different markets, yet one in particular has surprised a large number of experts. Home buyers seem to have lost patience and are throwing caution to the wind and focusing on their own futures and personal goals of climbing onto the property ladder.

Homeowners have been showing strong demand for remortgages. There are many reasons for the strong demand, including but not limited to the ability to save money and secure a fixed rate to give peace of mind against rising interest rates in the future. According to a recent report, of those that sought a remortgage in May, almost half of the deals were 5 year fixed rate remortgages at 44%, and two year fixed rate remortgages made up 39% of the remortgage products.

There is still much to be attracted to in the remortgage lending market. Homeowners could find low interest rates, there are fixed rates for longer terms carrying low rates, there is an easing in the qualifications for borrowers on the way to help mortgage prisoners escape, and many are watching their equity build as the housing market remains resilient in the shadow of Brexit. Saving money, gaining peace of mind against rising interest rates, and the ability to release equity into cash are all good reasons to seek a remortgage.

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.