Remortgage within the UK housing market has had an impressive year. Beginning last year after the first of two increases in the standard base rate prompted house owners to search for a better interest rate. Lenders showed up and provided fixed, low interest rate deals. Not long after the calendar turned 2018, lenders introduced not only deals featuring low interest rates and a way out of transitioning to the standard variable rate loan, but more. Lenders brought free services to the table and it has been a borrower market ever since.

November posted remortgage figures which had not seen that level in a decade. But, the story of how remortgage became the go-to lending product started months prior, according to housing specialists. Remortgage activity has been above average for months and is expected to follow that trend until at least the end of next year, according to those close to the market.

A recent report however indicates the number of house owners taking advantage of lower interest house payments is still below what is truly possible.

House owners are doing this for what is believed to be one of three reasons.

First, house owners have a lack of knowledge of mortgage lending terminology and process. Second, house owners have a lack of awareness of how and why to avoid their lender standard variable rate or SVR. Third, house owners are unaware of the importance of critical information about their current mortgage.

In the opinion of housing experts, house owners are holding the power of potential lower payments in their hands. A small amount of research can lead to a completely different financial future through remortgage.