UK housing market house prices have been increasing at a stellar pace over the past decade, even longer. House prices across the country have been on a trajectory not seen in many years over that time. Prices easily outpaced the growth of household incomes, although wages did increase over the period. The capital city of London experienced a massive amount of house price growth during the last ten years making house affordability a challenge for many thinking of moving there. Now, the city is seeing decline in house price growth not experienced since the economic crisis.

Mortgage lending within the UK housing market has changed in the last few years to reflect the changing population based on age. According to the latest research by the Intermediary Mortgage Lenders Association, home owners beyond the age of 65 have increased more than 50% during the last two decades. Conversely, the age of the population of those over the age of 65 in general has increased only 28%. Growth within this area is expected to increase at an accelerated rate in the coming years.

Home owners are still in a favourable position to find an attractive remortgage option. Since the increase in the standard base rate, as well as before the meeting earlier this month announcing the increase, lenders began raising rates on mortgage loan deals. Now, many home owners are scrambling to find a deal suitable to their needs. Some lenders are making that task easier for them. Some are even offering remortgage deals with cash back connected to the deals which is making it quite a special time to obtain a remortgage.

The opportunity for home owners to find an attractive remortgage deal is still quite present according to many close to the housing market. Many lenders increased rates slightly just prior to the standard base rate going through the process of being hiked to the current level of 0.75%. This is a level not seen since the financial crisis in 2009. However, many experts consider interest rates which are being offered by lenders as quite competitive and offer home owners the opportunity to save money on the cost of the monthly mortgage payment.

Not only has the Bank of England’s standard interest rate changed from the Summer of 2017, but house prices are looking different as well. The Bank’s Monetary Policy Committee (MPC) increased the rate twice since last summer. Since March 2009 the rate had stayed steady at 0.25%. In November of last year, and recently at the start of August, the MPC increased the rate at 0.25% during each meeting putting the rate at its currently level of 0.75%.

Homeowners are expected to show strong demand for remortgage deals over the next few months due to the recent interest rate hike by the Bank of England’s Monetary Policy Committee (MPC). Rather than paying more than they have to, homeowners are likely to look for a lower rate. However, while shopping around for a remortgage the homeowners could look over the best remortgage deal and miss an opportunity.