Remortgage demand has grown in the buy to let sector of mortgage lending. The first quarter of the year saw 66% of buy to let mortgages for remortgages. Much of the reasoning is due to the current low interest rates being offered by lenders. Some lenders have record low rates still available despite the growth of the economy.

Lending is currently competitive as mortgage lending is still below the normal levels before the recession. Supply of properties both privately and for landlords is low. Mortgage demand therefore is low and lenders are pushed to do what they need to for attention from borrowers, which means cheap deals.

Outside of the buy to let market, remortgage demand has remained low. Most homeowners have likely become complacent in believing that interest rates on remortgages will remain low for a long period. Warnings of the Bank of England’s Monetary Policy Committee (MPC) possibly raising the standard base rate have silenced and that makes the need to rush to reset an interest rate slow. Yet, those that believe that could miss out.

The housing market is due to get a boost. That boost will increase mortgage lending and demand will have grown. Lenders will exit the competitive mode they now find themselves in and that will mean that cheap, low interest rates will disappear.

Landlords are geared to think in the terms of what lies ahead and how to succeed financially. Homeowners should do the same. Thinking long term and taking opportunities available when they present themselves, such as low interest rate offers, some of which are historically low, is good planning for the future.