The year is quickly coming to a close and with it, possibly, the opportunity to lower the monthly mortgage payment amount and capitalise on historically low interest rates. Housing experts are now speaking out on a very public level and advising house owners to consider looking to remortgage. What once was seen as a potential method to unlocking valuable cash sitting idle as home equity, the remortgage now sits tall as the leader in mortgage lending by percentage.

The remortgage sector is blistering hot, but it may not last much longer. According to recent research by LMS, house owners are remortgaging at a startling rate. From July to August alone, approvals surged more than 10%, increasing from 36,800 in July to 41,500 in August.

Data suggests homeowners are looking at a remortgage in a long term sense as opposed to just increasing their loan amount and accessing a large amount of cash. Low interest rates make borrowing less of an expense when rates are low, but homeowners are looking to secure a more concrete future. That future with a fixed rate remortgage can provide protection against interest rate hikes down the road which could increase the monthly mortgage by hundreds of pounds per month.

It is possible that in the very near future interest rates will rise with an increase in the Bank of England’s base rate. Lenders are already moving rates up in some instances which is expected to continue as the weeks pass. Homeowners who have not moved on the application process to remortgage are currently being urged to by housing specialists across the country.