UK Housing Market Rich with Opportunities for Those Seeking Remortgage
As remortgage activity remains at a better than average pace, other sectors of the UK housing market are showing serious signs of slowing down, according to many market experts. Mortgage approvals dropped during the month of August and house price growth is starting to slow. Remortgages however are flying off the shelves of many well-known lenders as home owners continue to benefit from recent market changes.
The past weeks have seen a number of changes take place within the UK housing market. First of all, the Bank of England lowered the nation’s base interest rate from 0.5% to 0.25%. Additionally, consumer confidence has started to return to a market which was in limbo and uncertain in regard to short term as well as long term forecasts. Lastly, mortgage lending has started to cool off with the end of the hot summer selling season.
These factors are fundamental to the success of the housing market and so far have only been favourable to the remortgage sector. Home owners are currently facing a market which has much to offer.
Lenders are in heavy competition to grab more remortgage clients and are offering low interest rate deals combined with little to no administrative fees. Due to the summer slowdown, this time of the year is critical for lenders as they naturally see a reduction in mortgage lending activity.
Many experts claim this is a perfect time to obtain a remortgage. Interest rates are extremely low and lender competition for new clients is at a feverish pace.