October Sees Remortgage Hit Level not Seen in a Decade
All UK housing market data leading into the month of October painted a picture of heavy reliance on remortgage. House owners are still in fact finding attractive deals from a variety of lenders and discovering there are numerous opportunities to save money through remortgage. Recent data has once again proven the market overall is still being propped up by remortgage. Housing experts are forecasting remortgage will remain a strong aspect of the market for months to come.
Remortgage activity was especially strong in the month of October and hit the highest level not seen in a decade. There were 50,500 completed in the month which is 23.2% higher than the same month a year earlier.
Many house owners are still not committing to the idea of remortgage amid the continuing uncertainty created by Brexit. Although optimism is not sitting at a strong point currently, there are a number of opportunities to be found from the community of lenders who are vying for clients prior to the end of the year.
Not only was residential remortgage activity strong in the month of October, buy to let also made a strong showing. Buy to let remortgage completions for the month increased more than 5% and hit a total of £2.5bn.
Housing specialists see more remortgage in the months prior to the actual Brexit date of March 29 as lenders continue to offer low interest rates and special incentives. House owners are in a fine position of finding a deal suitable for their financial needs and a way to potentially save money going into the year 2019 and beyond.