In August this year, the Bank of England Monetary Policy Committee voted to increase the standard base rate from 0.5% to 0.75%. This increase of 0.25% was the second increase in the base rate in twelve months. It pushed many house owners to act and remortgage. It also pushed many thinking of moving home to do so as well. These actions took place despite Brexit uncertainty and other factors. Now, this increase in the base rate is being referenced once again as the SVR for many lenders has reached its highest level in nine years.

As the year comes to a close and the winter weather sets in, many households prepare for next year and all that comes with it. Wrapping up projects, celebrating the holiday season, and preparing new goals for 2019 are only some of the things many families are currently involved with. Financial goals play a part during the month of December for many families across the country and one of those goals could be saving money. There is a financial decision which takes a back seat and is often not considered – remortgage.

It is well known by many who have obtained home mortgage deals what happens as that initial deal matures. After the initial loan matures, the house owner owns a deal which reverts to the lender standard variable rate loan, or SVR. That mortgage typically includes a much higher interest rate. This higher interest rate naturally impacts the monthly mortgage payment and put the house owner immediately under a potentially massive amount of stress.

UK housing market house price growth October figure sent a clear message through the entire market. The month posted the lowest percentage of house price growth in five years according to Nationwide. The 1.6% growth for the month has now experienced increase in the month of November. The month saw house price growth rebound to 1.9% for the year as the winter weather poured in and the year came 30 days closer to 2019.

Data from the UK housing market recently has revealed in numbers what has been taking place since the beginning of the year. The market has hinted at slower times and the figures are now confirmation of that. Consumer lending has now slowed to a rate not seen in three years. This is alarming due to the proximity to a holiday season. Whilst most people are reaching for funds to pay for presents and such, lending last month in atypical fashion fell. However, as consumer lending lacked strength, the housing market showed resilience. According to the Bank of England, mortgage approvals increased during the month.

UK house owners focusing on a possible remortgage during the cold winter months could be waiting for just the right time, according to the latest research. Demand across the board within the housing market is falling and has been falling for months. Transactions are down, house price growth is down, and demand has followed suit as the worst weather of the year is looking in our direction. Overall, this could be the best time of this year to consider a remortgage and potentially start saving money on the cost of the monthly mortgage payment.