According to Countrywide, the largest estate agent in the UK, the housing market is expected to see a lackluster amount of activity leading up to the general election. Not only are original mortgage loan applications expected to be affected, but applications for remortgages as well. The slow pace of the market to the election is being blamed on the possible outcome of the election relative to interest rates, wage growth, and potential solutions to the growing shortage of housing available across the UK.

Even though remortgage activity picked up during the month of January, it is expected to slow with the rest of the market in a lead up to the election. This type of mortgage product is still quite underused in the grand scheme of house ownership. Many house owners are still unaware of the benefits of a remortgage. Upon closer analysis, a remortgage can offer many financial rewards typical house owners are in the dark about.

The primary purpose of a remortgage is to lower a monthly mortgage payment through obtaining a mortgage product which has a lower interest rate attached to it. Not only can a remortgage make it possible to pay a lower monthly mortgage payment amount, but it can also free up great amounts of cash to be used for old debt or possibly home renovation.

Grenville Turner, Countrywide Chairman, commented on the UK housing market, saying: “The first six months saw the UK housing market grow strongly compared to 2013 but demand declined in the second half primarily at the top end of the London market.”

Turner added: “The slowdown in residential property market growth in the second half of the year, recent negative trends in mortgage approvals and potential uncertainty regarding the general election in May are likely to create some sluggishness in market trends over the first half of 2015.”