Homeowners are being encouraged to consider a remortgage if they are close to having their current deal end. Without a remortgage, lenders will move a homeowner’s loan to their standard variable rate (SVR). According to reports, particularly one released by Moneyfacts.co.uk, it is reported that borrowers that mortgaged two or more years ago could face a SVR that is double or more the interest rate that the homeowner was used to paying.

Home sellers, home buyers, and homeowners could have a lot to be grateful for this summer as many reports are revealing an expected boost to the housing market. The summer season is usually a time in which home buyers show up to the market in higher numbers than previous months. People have more daylight hours, they are out and about more, they have more time and energy to consider changes and goals in their lives and it seems that finally making the change to become a homeowner is popular. It is also a popular time for home movers.

According to a new report from Which?, the housing market is being jostled about by Brexit. With the new announcement of the next UK Prime Minister only days away, many are talking about the impact of Brexit as the date draws closer for it. What is discussed in the new report is what one can expect in the housing market. Such information is important to home sellers, home buyers, and homeowners, as well.

House prices in the UK, according to the latest report from Halifax, showed an increase of 2.4% over the latest quarter to June, but there was a decrease of 0.3% from May to June. The average UK house price is now at £237,110. The housing market continues to show resilience in the months leading up to the second attempt at Brexit, and homeowners are taking advantage of the opportunity to convert their built up equity into cash.

Homeowners that have their current mortgage deal end without remortgaging are moved to their lender’s standard variable rate (SVR). For some, they could be facing an interest rate on a SVR that is double or more what they were used to paying. Afterwards, when a remortgage is desired, some homeowners will go to remortgage and find out they do not qualify. They are then considered to be prisoners to their mortgage with no option to take on a remortgage and gain the benefits of possible savings or a fixed rate for peace of mind against rising rates.

Homeowners are finding that remortgaging can offer peace of mind against the uncertainty of Brexit. Should interest rates be hiked by the Bank of England’s Monetary Policy Committee (MPC), homeowners with a remortgage could escape having to pay more on their repayments. The good news is that lenders, though perhaps less competitive than a few months ago, are still trying to get the attention of borrowers and are offering attractive deals.