As first time buyers are facing more extreme challenges within the UK housing market, house owners looking to remortgage are facing near perfect conditions, according to many experts. The housing market has gone through a whirlwind period of uncertainty, but now fundamentals are starting to come back around to normalcy, and that includes the remortgage sector.

House prices for first timers are increasing. That does not bode well for any young person looking to gain access to the first rung of the property ladder. The group faces many layers of roadblocks leading to the purchase of a first property in normal times. Now, house prices for first timers are increasing, and that means higher deposits are required for those properties.

Miles Shipside of Rightmove commented on the latest data, saying: "The rising tide of prices is marooning more and more first-time buyers, out-stripping their ability to meet stricter lending criteria and afford the required deposits and monthly repayments.”

Shipside added: "Increasing numbers are being cut off from home-ownership altogether and while schemes are in place to help, the additional demand they create is not matched by available and affordable supply."

As the uphill climb for house hunters increases in degree of difficulty, house owners looking to save money on the cost of the monthly mortgage cost are now able to exhale and see relief. Interest rates have been cut and deals are now on the table making it possible for house owners to save potentially hundreds, even thousands, off the cost of their current mortgage deal.