Homeowners are being encouraged to shop for a remortgage and the sooner the better. Those that have had their mortgage deal end, those that are close to having their mortgage end, and those close but not yet ready to remortgage are all encouraged to take advantage of the opportunity to shop and see what savings could be had. In fact, for any homeowner that has mortgaged in the last ten years it could prove to offer a substantial savings.

Homeowners continue to monitor their equity growth as the housing market keeps giving them reasons to be optimistic. That is especially good news for those homeowners that are considering the opportunity to remortgage with equity cash release. There had been dire forecasts for the housing market once the Brexit postponement announced, but home buyers are proving that they are more resilient and confident in pursuing their goals than experts thought.

First time home buyers should start planning now for a remortgage. It may seem like a poor use of time and taking on more stress to start shopping for a remortgage just as one completes their process for buying their first property, but it is completely the opposite. Home buyers should start shopping around and gathering information on remortgages as soon as possible. By doing so it helps the homeowner prepare for the process, discover which lenders would best suit their needs, and what deals are out there.

Homeowners might want to take notice and start taking into consideration a remortgage as there are perhaps more reasons than not to get a deal sooner rather than later. The reason homeowners usually seek out a remortgage is to save money. No one wants to pay out more money than necessary and if a homeowner allows their mortgage deal to end without a remortgage they may find themselves paying out way more than necessary.

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.