The remortgage sector has been pulling mortgage lending along and is set to do the same next year, according to those close to the UK housing market. Remortgage began its surge last year and has not let up since. Many property owners had their initial deal mature creating decision time for them to stay with their current lender and switch to their SVR or remortgage. Many chose to go with a long term fixed rate deal. The number of long term deals obtained is now creating a slight change which is coming to the market. Much of the lending forecasted for the year 2020 includes a dip in remortgage.

New data is now forecasted for the lending year 2020 and it includes a reduction in the amount of remortgage lending for house owners as well as the buy to let market.

According to housing data from UK Finance which recently surfaced, remortgage lending during the year 2019 is expected to hit £95bn. This year will see remortgage total £86bn. Following a strong year in 2019, the remortgage sector is expected to see the total fall to £73bn. This slump is expected due to the amount of long term fixed deals which are currently being obtained now and into next year.

Buy to let remortgages are expected to follow the same trend over the next two years. This year buy to let remortgages will total £27bn then increase next year to £30bn. Then, buy to let will slip during the year 2020 and total only £23bn.

Housing experts see this time as a borrower market and for those who are considering remortgage now to not waste any more time. It could lead to immediate savings on the cost of the monthly mortgage payment.