The rebound of house prices is helping to boost property values.  The growing equity in homeowner’s properties is expected to support a strong demand in remortgages.  The possibility of securing a low interest rate while they remain so attractive is another factor in the growing demand from homeowners for a remortgage deal.

Paul Smith, chief executive of estate agency haart, stated that remortgage lending will be strong in the months ahead.  He said, “Home owners across the UK, who have on average accumulated equity of over £14,000 in their property over the past year, are expected to take advantage of their growing assets by remortgaging or downsizing this spring.

“The downsizers will ease the current shortage of supply which will help to quell rising house prices.  The increase in equity is now more than £90,000 annually in London.”

With equity building for homeowners the possibility of being qualified for lower interest remortgages grows.  There is also the option of getting more cash with a remortgage that could offer the ability to consolidate debt or make home improvements.

Since remortgages are going to be a priority for many homeowners, experts are warning homeowners to consider the entire cost of a remortgage deal.  Homeowners should take into consideration all expenses and fees involved with a remortgage and not focus purely on the offered interest rate savings for the term of the deal.

They are also encouraging patience for homeowners looking to remortgage as the process could prove a bit longer than years past with verification requirements and more paperwork involved.  To help along those with complicated remortgages or those hoping to streamline the process, a remortgage broker is suggested.