In the days following the Brexit vote, mortgage rates have taken a drastic turn South. Rates have been in freefall with no end in sight. Actually, before the vote even took place rates were falling each month. Those in search of a house were delighted to see pounds being shaved off the amount of their mortgage payment before they signed on the dotted line. Even though lenders might tighten lending criteria, those in search of a mortgage or remortgage are in quite a favourable position.

Swap rates have fallen hard and fast since the Brexit vote. This is the cost of lending which takes place between banks. As swap rates continue to slide south, banks will be empowered to offer more competitive deals to those looking to borrow. It clearly is a fine time for those looking to move home, purchase a house for the first time, or remortgage.

Demand for houses is in fact down at the moment. Since the historic vote took place on the 23^rd of June, uncertainty has prevailed within the UK housing market. Many are waiting to potentially see what will take place in the coming weeks to months. The city of London has seen the most dramatic change in demand for housing.

Lending for those looking for a remortgage in particular is especially advantageous. Interest rates are currently quite low and administrative costs are equally low.

Even though a remortgage is typically able to considerably cut the monthly mortgage cost, many house owners use the financial tool to access home equity. These funds are readily used for home renovations, paying off old debt, and extensive holidays.