UK housing market figures from June indicate house owners have slowed a bit in regard to remortgage just ahead of the potential rate rise which could take place in the first days of August. Remortgages obtained during the month were down 7.3%, totaling 47,895. Typically, in the days preceding a possible rate hike, remortgages increase compared with decreasing in number. The past few months have been quite active for the remortgage sector which could be behind the lower amount of remortgage approvals completed in June.

Homeowners had been told in the first quarter of the year to be alert and remortgage to avoid paying more for their mortgage repayment than needed. In the event of an interest rate hike it could have meant thousands of pounds over the life of a mortgage and hundreds of pounds monthly lost for many homeowners. To escape paying more and not risking financial strain or a financial downfall, experts suggested that homeowners remortgage and grab a low interest rate to protect their household budget.

In the past few years, remortgage has staked its claim to a significant percentage of overall mortgage lending, and with good reason. Benefits for homeowners of this financial tool have stretched far and wide and made impacts on household budgets across the country. For many home owners in fact, remortgage has brought a completely new feeling to the shoulders of those who need it most. That feeling is lower stress and hope of a greater financial future.

Mortgage lending figures from the month of June showed little growth. House prices have increased only slightly in the last few months and that has had little effect on the amount of demand which is being exhibited for house sales and therefore mortgage lending. What continues to lead the drive in the mortgage lending sector is remortgage activity. Housing experts believe remortgage activity will remain strong through the remainder of the year.

The UK is in the midst of a heatwave that is expected to break records. Not only is this summer to be one of weather records, but experts are suggesting this will become the new norm. Our summers could begin to resemble those experienced in more tropical climates, and yet our homes may not be prepared to offer us the relief we need.

With the next Bank of England Monetary Policy Committee (MPC) meeting to occur only weeks away at the start of August, there is a lot of speculation as to whether or not there will be a majority vote of members to increase the standard base interest rate.