Remortgage market activity during the first quarter of the year sped up as it reached the month of March and is still rolling. Many property owners are anticipating a rise in interest rates which has led to many obtaining new mortgage deals. The final days of Brexit are also nearing which has led property owners to lenders in search of a way to cut the cost of their monthly outgoings. There is also much to discover with lenders lately as they are offering many deals which feature longer terms.

April demand for remortgage was a continuation of the strong demand seen during the month of March. Fixed rate remortgage deals were popular as many property owners took advantage of low interest rates and heavy lender competition.

According to the latest data from the mortgage sector, many property owners chose to remortgage with fixed rate deals in five year terms, instead of two year terms.

Almost half (48%) of those obtaining remortgage opted for a five year fixed, with two year fixed deals lagging far behind (34%).

As Brexit negotiations draw to a close, more of the population is leaning towards the belief that an interest rate increase will not be long behind. This has pushed many to take steps to ensure their financial fate in any way possible. One of those ways is locking in a low interest rate remortgage and fixing their monthly mortgage payment amount for the coming years.

Economists are not surprised at the latest set of data coming from the remortgage market. A proactive step to more financial control and limiting stress for the future is locking in the amount of the biggest financial outgoing which takes place each and every month.