Demand for remortgage from home owners during the first part of this year has been quite strong. In January, an eight year high was posted for remortgage demand and February was not far behind that. The first month of the year saw almost 50,000 remortgage transactions take place and the second month posted more than 35,000. Figures such as these are not entirely new to the market as they have been growing for about 18 months. Home owners are taking advantage of a mortgage lending tool full of benefits. Many housing experts expect this trend to continue through much of this year.

For now, the interest rate hike has been placed on hold. A meeting of the Monetary Policy Committee on Thursday of last week confirmed what many thought to be true about the state of the UK economy. At this point in time, it is not ready for another interest rate hike like the one which took place in the month of November last year. At that time, the base interest rate was taken from 0.25% and increased to 0.5%. This prompted many house owners to act in the weeks leading up to the increase and remortgage. So far this year, the same mindset appears to be in play.

Remortgage remains a little bit of a secret to many. It is a lending tool which has been around for years but still does not sit in the front of the minds of property owners for a possible form of relief from high mortgage payments each month.

The Bank of England has stated there will likely be an increase in rates by the end of the year. This may be true. It lays out a pathway for many who have not remortgaged so far to consider it which would be wise in the opinion of many close to the housing market.