Technology within the UK housing market is creating a new wave of how business is done, according to recent reports. This new technology includes processing many types of mortgage loans online. One type is certain to show great potential for increase and many lenders are welcoming the opportunity. The type of mortgage lending making its way to the fast track is remortgage.

Remortgage lending has been ablaze for several months now since the historic Brexit vote which took place in June of last year. Interest rates have been at extremely low levels and lenders are offering deals featuring these bottom of the barrel rates to save home owners hundreds and sometimes thousands of pounds off the cost of monthly mortgage payments.

Remortgage lending has followed the same protocol for other types of mortgage lending until recently. It is now possible through new technology to process these types of lending applications and complete it within just days, compared with weeks.

It is estimated that approximately two million more remortgages should take place this year. Home owners are paying an average of £3,500 above what they should be paying per year for the cost of their mortgage. Due to low interest rates, attractive lender options, and the latest technology, remortgages are expected to fly off the shelves this year.

As most home owners see switching deals as too much of a hassle, remortgage transactions are still below normal for what is possible. Now, with the process becoming constantly more streamlined, obtaining a remortgage can be seen as a simple, quick transaction.