Recently released data regarding the current climate of the UK housing market did not surprise many economists. Factors affecting consumer confidence changed little month on month during the month of May. Transactions and approvals remained consistent as we enter the busy selling season within the housing market. Summer is quickly approaching which could affect first time buyer interest as well as those who have been on the fence about moving home or staying put.

Remortgage market activity during the first quarter of the year sped up as it reached the month of March and is still rolling. Many property owners are anticipating a rise in interest rates which has led to many obtaining new mortgage deals. The final days of Brexit are also nearing which has led property owners to lenders in search of a way to cut the cost of their monthly outgoings. There is also much to discover with lenders lately as they are offering many deals which feature longer terms.

Remortgages are becoming more popular with homeowners as they look to escape paying more than necessary. Saving money is usually the number one reason for homeowners to remortgage, yet there are other reasons. One of those reasons is to release equity into cash. The cash can then be used for any reason dictated by the homeowner. They can put the cash away into an emergency fund, reinvest into the property, pay off debt, fund a dream summer holiday, or fill another need or dream.

Homeowners are keen to remortgage these days more than in years past. At the end of a homeowner’s mortgage deal without a remortgage the loan is put onto the lender’s standard variable rate (SVR) and not so very long ago, a SVR was not so bad. It is usually considered risky to go on a SVR as it can fluctuate, and when rates are rising it could put a homeowner in a financial hardship to suddenly be facing higher repayments.

The housing market continues to surprise those that expected the delay of Brexit to take a toll on its growth. According to a recent report from UK Finance, the number of mortgage approvals grew by 5.4% over last year. This shows a healthy interest from hopeful home buyers in the market.

After some months of sitting back and relaxing, the mortgage lending tool known as remortgage is once again a very hot item. Many house owners had taken a hiatus from making a decision going forward about remortgage and many other housing related choices. The uncertainty of Brexit has led many to play a wait and see game to understand more about what could be in store for the housing market in general. As of right now, remortgage activity is quite strong and is not looking back.