The year 2019 is in full swing and those house owners who have made resolutions should in particular have one item on that list. If a two year deal was in fact obtained in January of 2017, a new deal in the form of a remortgage should be on the to do list in order to side step paying the increased cost from lender SVR. Two year deals will automatically be transitioned to the lender SVR as those deals mature during the month of January. Housing experts are urging those house owners who have not remortgaged to a fixed rate deal to do so before their monthly mortgage costs increase.

When someone wants to buy a home they have to get a mortgage. With the mortgage they purchase their home and in most cases they begin paying back the highest debt they will ever take on willingly. The homeowner goes on to pay that debt month to month and some of them will find times paying more difficult than others as the interest rate changes. Even those with fixed rate deals will eventually have their term end and they will be moved to their lender’s standard variable rate (SVR). The keyword there is variable.

Almost two weeks into the New Year feels a bit odd for many, but it is simply a reminder for how fast time can pass as we all get busy into the routine of 2019. As we finish putting away all the decorations from the bustling Christmas season, one thing quickly comes into focus – finances. All house owners are now getting a glimpse of how much they truly spent during the last two months of 2018 and for some it is eye-popping. Regardless of how much was spent or not spent during November and December, there is still a way to potentially save money going forward in the year 2019 for many house owners. That way to savings lies in a fixed rate remortgage.

The demand for remortgaging has declined according to various reports. There are still low interest rates to be found, though not as low as years past due to hikes from the Bank of England’s Monetary Policy Committee (MPC). Still, lenders do have deals and those deals could be beneficial to homeowners sitting in the shadows waiting to see which way the wind blows as Brexit draws nearer.

After a sluggish year for house price growth within the UK housing market, December proved once again how resilient this market was to turbulent waters and uncertainty surrounding Brexit. The last month of the year posted house price growth of 2.2% over that of November. This is the highest level of house price growth seen in almost two years, according to Halifax. A possible new optimism grew from this data, although many are seeing these figures as simply a slight rebound from the shortage of properties on sale within the market.   

House owners on the fence regarding remortgage still have much more to gain than lose, according to many close to the housing market. Rates remain at historic lows and lenders are still in a highly competitive mood. Although Brexit is racing towards us, there remains a favourable state within the housing sector for those in search of a more suitable mortgage lending deal. That deal is being found by many house owners who were also on the fence, but have now decided to give remortgage a chance.