Remortgage reached extreme heights in the month of August as home owners grabbed low interest rates prior to the collective increase in rates by lenders following the increase in the first week of the month. This wave of home owners obtaining remortgage set a new high for the last nine months. The total number of remortgages which were approved in August was almost 31,000. During the month of November last year more than 33,000 remortgages were approved, according to figures from UK Finance.

Home owners moved quickly in a time which was defined by increased interest rates and uncertainty. This climate continues today and many housing experts are urging home owners to consider a fixed remortgage if they have not done so. A fixed rate remortgage locks in the interest rate for protection against future hikes in rates.

Housing market experts are quite concerned about a possible future with the uncertainty surrounding Brexit. Some believe house prices will climb and others believe quite the opposite. Some believe interest rates could increase with Brexit and others believe differently. Unfortunately, no one knows and no one will know until negotiations conclude and Brexit is fully engaged. Until then, home owners are urged to control their own destiny to the greatest extent possible.

Mark Harris, head of mortgage broker SPF Private Clients, commented on what is recommended for house owners at the current time, saying: “With many would-be buyers holding off making a decision until Brexit is resolved one way or another, lenders are battling for a relatively small pool of borrowers.”

Lenders are in a highly competitive mode with many house owners beyond needing remortgage after already taking advantage of its advantages. Borrowers are in a fine position to secure attractive deals with many benefits.