With uncertainty dominating the headlines due to Brexit negotiations and the inability to forecast much moving forward, many borrowers are sitting idle until the New Year. Although this has placed hesitation on the plates of many close to making a decision whether to buy, move, or otherwise, there could be an area which offers financial optimism for households looking for savings. That area could be remortgage.

House prices are only one area of the UK housing market which has been referred to as unpredictable and unforecastable since the Brexit vote took place and the UK decided to leave the EU. Other areas have also been difficult for housing experts to foresee what will happen next, especially within the city limits of London. Property in the capital city has seen meteoric growth in value over the past two decades. Property prices have tripled in the span of twenty years. Recent data indicates the supersonic rise in prices could be coming down to earth.

Saving money is a goal of most home owners the majority of the time they are living in their current residence. A few pounds here and a few pounds there mean a lot, and they always add up to something bigger than expected. That is always the focus during the holiday season as well. This season is no different and the shopping deals online and in stores have once again reached another level. During this period of saving money on Holiday gifts there is another area where money could be saved as well – remortgage.

As house owners entered the month of August this year, most of them had already remortgaged, obtained a lower fixed rate and started saving money on the cost of their monthly mortgage payment. The Bank of England Monetary Policy committee met early in the month and raised the standard base rate from 0.5% to 0.75%. This increase was expected during the latter part of 2018 since the forecasted increase in May did not happen.

The UK housing market within the city borders of London has been in turbulent waters over the past few months through Brexit negotiation and the possibility of what comes next. This has caused a number of decision makers to place their choices on hold and put many things in a pause position. Although many segments of the demographic of buyers and sellers have been affected through this time, one group has experienced challenges like few others – first time buyers.

Residential mortgage lending outside England was steady during the third quarter of the year, according to the latest data from UK Finance. Remortgage activity was especially strong in Scotland in the third quarter. Year on year, remortgage increased in Scotland by 18%. Not only did overall mortgage lending maintain momentum in the quarter, but remortgage demonstrated a strength which surprised some economists.