Housing market figures from Q1 of this year indicate remortgage and first time buyer lending is quite strong relative to other sectors of the lending market. Strong activity from home owners deciding to stay put and remortgage instead of moving home is painting a clear picture. Owners sought out fixed rate lending in the first quarter as a means of protection from rate rises in the future. First time buyers also increased activity as house prices have been falling over the last few months.

Remortgage demand has strengthened and it is not a surprise. Homeowners are choosing to stay put in their properties and take advantage of the current low interest rates. Perhaps even those considering a move in the next few years are securing a safety net against rising interest rates rather than pay more than needed with their repayments.

Remortgage lending started the year in quite a robust manner and saw little slow down during the second month of the year, according to published data. The month of January posted a total number of remortgage approvals of 50,000, which is a high for the last eight years. The month of February saw a slight slowdown and posted 35,000 remortgage deals completed. The trend of slowdown has now continued into the month of March in which 32,400 remortgage transactions were completed. This is a year on year drop of 12% for the same month in 2017.

Remortgage has proven over the past several years it is a mortgage lending tool to put into motion and be taken advantage of. However, many house owners are waiting too long to apply for a new deal. This is resulting in savings being left out on the table and not realised. According to the latest research, procrastination is costing the everyday homeowner several hundred pounds per year.

Remortgage borrowing in the UK has increased incrementally over the past decade. What once was a little known method to remain in the current house and obtain a new mortgage loan, is now well known among the millions of the home owners across the country. However, recent research is proving even though the remortgage has become more popular, many are still not taking advantage of its range of benefits.

After years of home owners taking the initiative to remortgage, many are now waiting patiently and assessing the possibilities of what is available in the market, according to recent data. Many are deciding to stay put and not move home, but rather take on a low interest fixed rate remortgage which will take them into the future. Figures indicate demand for remortgage through an intermediary has increased in the last five years from 37% of their total lending to 41%. This increase is likely due to low rates and an increase in lender competition.