Remortgage within the UK housing market has had an impressive year. Beginning last year after the first of two increases in the standard base rate prompted house owners to search for a better interest rate. Lenders showed up and provided fixed, low interest rate deals. Not long after the calendar turned 2018, lenders introduced not only deals featuring low interest rates and a way out of transitioning to the standard variable rate loan, but more. Lenders brought free services to the table and it has been a borrower market ever since.

The remortgage sector has been pulling mortgage lending along and is set to do the same next year, according to those close to the UK housing market. Remortgage began its surge last year and has not let up since. Many property owners had their initial deal mature creating decision time for them to stay with their current lender and switch to their SVR or remortgage. Many chose to go with a long term fixed rate deal. The number of long term deals obtained is now creating a slight change which is coming to the market. Much of the lending forecasted for the year 2020 includes a dip in remortgage.

At the center of the UK housing market is the capital city of London and a place where property values have been on a robust trajectory for the last decade. Recent figures have now surfaced which reflect a cooling period and turbulent waters for the last two years. Now, Brexit uncertainty and stamp duty laws have taken their toll on the prices which have been headed north for as long as we remember. House prices fell in October which brought down the national average of property value to the lowest point in five years.

The number of approved mortgages in the UK housing market for the month of November looked similar to the month prior as the figure was flat month on month. There were 67,109 mortgages approved in November compared with 67,011 in the month of October, according to data from chartered surveyors. First time buyer impact on the number of approved mortgages increased, but the group of borrowers who continued to be quite strong was that of remortgagors.

Another year is almost in the books and one thing house owners can leave this year knowing is that a suitable remortgage is still possible. Although there have been two standard base rate increases in the last twelve months, the market is leaning straight towards borrowers as the year comes to a close. It is a week from Christmas and lenders are making it more than possible for house owners to find a deal which could possibly lead to massive savings for the year 2019. It only takes a small difference in the interest rate to make a major difference in the amount of a monthly mortgage payment amount.

The winter weather months are a normal slowing down season for the housing market. As people are focused on the holidays and preparing for fewer days outside, hopeful home buyers are distracted. With the uncertainty connected to Brexit, perhaps some are choosing to allow a new year to come and bring more confidence before buying. There could be many factors at play causing a more than usual impact in the market.