Although the number of mortgage products available for borrowers has increased in the last several months, recent data indicates the number of approvals during the first quarter of the New Year fell. Data from UK Finance shows bank approvals for original mortgage loans as well as remortgages decreased from January this year through February. Those close to the UK housing market feel many put their plans on hold due to the uncertainty of Brexit combined with overall sentiment about the market.

Borrowers now have a greater range of choices regarding mortgage lending products. The number of products according to Moneyfacts.co.uk increased during the period of January to February this year.

Two year fixed mortgage lending products increased from 1512 to 1578. Increased competition among lenders is being blamed for some of the decline in the number of bank approvals, whilst others believe it is the overall tone of the market due to Brexit concerns.

Although the amount of uncertainty is running at a higher level due to Brexit, housing experts cannot stop urging those who are looking to move home or remortgage to consider taking action now compared with later. Strong points for borrowers currently are extremely low interest rates, heavy competition among lenders, and a pause in the activity of those in search for property.

It is undoubtedly a borrower market at the present time. Those in search of an original mortgage loan or remortgaging can find attractive deals which could be quite favourable compared to the days following Brexit. Housing specialists believe the time could be now to consider a fixed rate remortgage and improve the outlook for a household budget.