Remortgage had a strong start to the year 2017 due to low interest rates, lender competition, and uncertainty created by the unexpected outcome of the Brexit vote. Home owners were looking for stability through a fixed rate remortgage which was readily available. Remortgage then surged again prior to the November increase to the standard base rate which saw the governing interest rate pushed up from 0.25% to 0.5%. Following that first week in November, remortgage stalled a bit. Now, according to housing experts, remortgage is back and is primed to grow.

Low interest rates still dominate the mortgage lending landscape. Combine low rates with high demand for security in the future with a fixed rate, and remortgage is set to have a strong year. Lenders continue to make extra efforts to keep pace with the amount of remortgage applications being submitted.

The European Mortgage Federation commented on the latest news regarding the current housing market climate, saying: “Remortgaging, an area of strength beginning 2017, fell away in terms of both home-owners and buy-to-let over the last quarter in 2017.”

The EMF continued: “It is expected that there may be an upswing in the near future whilst interest rates are still low and borrowers find it attractive to lock into more fixed-rate deals.”

Housing experts are remaining vigilant about consulting and suggesting home owners consider a remortgage. Not only can remortgage assist in lowering interest rate levels, but also give access to valuable cash through the process. A loan of several hundred and even thousands of pounds more than the value of the current mortgage loan can turn a financial life around. Many home owners use the extra money to pay off old debt, and many are actually finding ways in which to invest the extra pounds in search of high return on investment.