There are now more than 5,000 mortgage deals available from lenders competing for original mortgage loans to home owners looking to remortgage. This is the highest number of mortgage deals on the table and waiting to be obtained since the year 2008, according to data from Moneyfacts. Lenders are offering fixed rate deals in high numbers as well. A decade ago, more than 50% of the deals available were fixed rate deals. Now, more than 80% of mortgage loan packages are fixed rate.

Those in the market for a fixed rate mortgage lending deal are currently being offered a bevy of products to choose from. According to housing specialists, lenders are being especially generous in the area of incentives. Many are offering discounts on closing fees and other costs associated with the lending process. Some are even offering cash back or providing closing administration services for free. This time is could certainly be considered a borrower’s market.

Remortgage-ready home owners should especially stand up and notice what is potentially available to them. Housing experts are currently urging any home owner in the market for a remortgage to take advantage of the low interest rates which are available. Combined with discounted services, this could be the perfect time to remortgage.

An interest rate hike by the end of the year is still possible. The Bank of England has not ruled anything out so far. There are many fixed rate products available for would-be borrowers to take advantage of. It is not surprising in the opinion of many close to the housing market why so many borrowers are flocking to a lender nearby.