There are many homeowners that have been held prisoner by their current mortgage. Without the ability to remortgage, they have their loan moved to their lenders’ standard variable rate (SVR). Because the interest rate connected to SVRs are higher than mortgage offerings in years past, homeowners are forced to pay more than they would have to if they could remortgage. Yet, there could be relief soon and savings would be available.

Homeowners are expected to seek out a remortgage throughout the rest of the year. The boost will rise to its strongest level around October according to the data released by Moneyfacts. In looking at the number of homeowners that started their two year mortgage in 2017 and the interest rates they secured at that time, a remortgage could help them save money. Without a remortgage they will be converted to their lenders’ standard variable rate (SVR) which could be a considerable increase.

The UK housing market is holding its own against the gloom and doom forecasters that expected Brexit’s deadline to bring a chill to the market. However, before consumers knew that Brexit would be delayed until autumn, hopeful home buyers chose to take advantage of low interest rates and aggressive home sellers looking to part with their property. This has led many experts to be shocked as to the data revealing the optimism shown by mortgage borrowers.

Lender competition coupled with a significant number of mortgage holders searching for a new deal are expected to boost the number of remortgage approvals later in the year 2019. Lenders are currently feeling the strain of a lack of activity within the housing market which is causing them to turn up the heat and offer more attractive deals. A majority of property owners are currently sitting on the fence in regard to buying and selling which has led to inactivity and a pause in the overall number of transactions.

A recent report from Moneyfacts reveals that more homeowners are expected to remortgage in the coming months. Rather than paying more than they have to, the homeowners will shop for a remortgage that offers a lower interest rate, a fixed rate to protect them from rising rates, and for the ability to offer peace of mind in the days leading to Brexit.

Another report on house prices in the UK revealed growth. The growth could be a surprise to those expecting the delay in Brexit to cause house buyers to stay away, yet it appears that consumers are keen to get on with their lives and that includes achieving the dream of being a home owner. The Office for National Statistics (ONS) reported that the average house prices grew by 0.6% in the year to February.