Third Quarter Residential Mortgage Lending Outside England Strong

Residential mortgage lending outside England was steady during the third quarter of the year, according to the latest data from UK Finance. Remortgage activity was especially strong in Scotland in the third quarter. Year on year, remortgage increased in Scotland by 18%. Not only did overall mortgage lending maintain momentum in the quarter, but remortgage demonstrated a strength which surprised some economists.
Many mortgage deals hit maturity on their introductory period and that led to increase in the number of house owners seeking deals to replace them. Lenders are highlighting deals which feature low interest rates, incentives, and a partnership to help house owners improve their financial future.
As the year comes to a close, many house owners are still in a position to choose to remortgage or wait until 2019. The current climate within the UK housing market remains one of uncertainty.
Brexit nears which is causing unpredictable months ahead within the market. This is creating some anxious moments for those with major decisions ahead. Those who had decided to buy or sell are now in limbo, waiting to see the initial impact and which way the market leans.
Remortgage activity is expected to remain strong for the coming months according to those close to the housing market. House owners can expect to find low interest rates and incentives on mortgage deals which could lead to immediate savings on the monthly mortgage payment.
For those undecided, housing specialists recommend doing some research and checking on the possibility of remortgage as the New Year will turn in just weeks.