There is still much to be attracted to in the remortgage lending market. Homeowners could find low interest rates, there are fixed rates for longer terms carrying low rates, there is an easing in the qualifications for borrowers on the way to help mortgage prisoners escape, and many are watching their equity build as the housing market remains resilient in the shadow of Brexit. Saving money, gaining peace of mind against rising interest rates, and the ability to release equity into cash are all good reasons to seek a remortgage.

There is of course the rush to remortgage by those that have failed to remortgage after their current mortgage deal ended. Without a remortgage, lenders move them to their standard variable rate (SVR) and homeowners that secured a mortgage two or more years ago are finding SVRs to be double or more the level of interest rate they are used to paying.

According to a recent report by LMS, monthly remortgaging showed that homeowners are still very interested in finding a deal. There were 53,624 remortgages in May which was an increase over the 52,745 in April. The value of the average remortgage was at £172,000 which also is an increase over the previous month of April which had an average value of £171,622.

The average savings for homeowners amounted to £195.09 per month with almost one out every two borrowers securing a five year fixed rate remortgage. Of those remortgaging, 45% increased their total loan size with a remortgage, 31% held steady on their loan borrowings, and 24% reduced their total debts. Of those that increased their loan debt level, the average increase amounted to £20,000.

Homeowners are expected to continue to seek out the benefits of remortgaging throughout the year due to the current opportunities available, including saving money off their monthly repayments.