Remortgage activity across the country has been at a level not seen in some time, but for the city of London, it has broken new ground as well. As many property owners took advantage of low interest rates and incentives offered by lenders of all types, the capital city was also taking in the advantages of remortgage. The latest data from UK Finance indicates London has seen a level of remortgage activity not this high in ten years.

Recently released data from UK Finance is proof remortgage is a favourable lending tool which should be considered by all who are in the market. Housing experts believe this could be the best time to think about remortgage and for many reasons.

The number of remortgages approved in the year 2018 surged to more than 60,000. This is a year on year increase of 6.2%. It is also the highest level of remortgage in the capital city since the year 2008. Many house owners watched as their original mortgage loan matured. Instead of allowing their loan to transition to the lender SVR and risk a massive increase, they chose to take advantage of remortgage and see potential lower monthly mortgage payments.

London has not been the only area of the country to see the potential of remortgage and act on it. Housing specialists are not holding back in suggesting how strong remortgage can be in making a positive financial impact. Households making the decision to remortgage are seeing lower monthly mortgage payments, cash back unlocked from home equity, and finding less stress in the future due to a fixed interest rate.