UK households in search of cutting monthly outgoings and securing a position in case of an interest rate hike in the future found solace in remortgage during the month of July. During the month of July, remortgage accounted for more than £7.2bn in mortgage lending, up from £6.6bn during the month of June. Overall home mortgage lending totaled £12.6bn, down from £13.7bn during the month of June.

Although house prices are projected to grow 2% during the course of this year, prices fell during the month of May. Prices declined 0.1% bringing the average UK house price down to £210,495. Fast forward to August as house price growth slowed down again from 2.9% to 2.1% month on month. This raises the obvious question, what direction are house prices headed in the next few months? Housing experts see potential growth, although pressure to afford daily living expenses is remaining constant.

The summer selling season is quickly coming to an end. Autumn is just around the corner and right after that comes New Year’s Day. Many families are working on completing their financial goals for the year which includes cutting down on the monthly outgoings. One quite large monthly outgoing is the monthly mortgage payment which comes abruptly and boldly and sometimes leaves us scratching our heads as to how it will get paid. There is possibly a tool which could help cut down on the monthly mortgage cost – remortgage.

Everyone loves a warm blanket placed around them on a cold winter night. Nothing feels more secure and promising than the heat resonating from the blanket making us feel assured from every angle. That same feeling can be obtained from a remortgage deal which protects and secures a payment amount for the length of the stated term. It is as if a blanket were placed around the payment amount, tethering it to its current spot, unable to move. Lenders of all types can provide this feeling and are doing it right now.

Final data has been analysed for the housing market in the month of July. All figures indicate the market experienced very little change month on month. Valuations and transactions remained consistent, according to the Mortgage Advice Bureau. It appears the market paused for a moment in time during the month and was not impacted with outside factors. Remortgage remained at a high level of activity and house owners continued to find attractive deals from major lenders.

Activity within the remortgage sector has been percolating now for several months consecutively. Interest rates fell last year creating quite a favourable situation for homeowners looking for the benefits of a remortgage on their property. After several months of happy homeowners and others moving home, the possibility of the massive benefits of a remortgage could be ending, according to some within the housing market. They are urging property owners to remortgage whilst they still can.