Homeowners are expected to stay put rather than move home over at least the next few months, and possibly the trend could continue throughout the year. Much of the reasoning is that there are a lot of benefits in doing so. For instance, there are very attractive remortgages available with some attached to historically low interest rates from lenders.

In addition to low interest rate remortgages, homeowners are taking advantage of cash release options to consolidate debt, to pay off high interest rate loans, to do refurbishing projects to the home, to pay for a new car or even a dream vacation. Since the homeowners have the ability to use the money when and as they wish, the variety of purposes for the cash release is large.

Since a majority of the homeowners are seeking fixed terms with their remortgages, they have security for a number of years against rising interest rates. Therefore staying put makes since. They are safe from higher interest rates and can stay in their home watching their equity level grow further.

House prices are expected to stay on a trend of growth due to high demand in the housing market throughout the next few years, even with the uncertainness of the exit from the EU and a possibility of landlords selling off their portfolio to avoid higher tax rates being put into place.

Homeowners that have had their current mortgage term end and have been moved over to their lender’s standard variable rate (SVR) are encouraged to take advantage of the remortgages now available. Despite the low interest rate connected with many SVRs, lenders could change their rates quickly with little notice and that could be a financial hardship for homeowners on a tight budget. It would likely be a better option to be secure in a new deal with a fixed rate over the coming years. Getting a low rate remortgage is likened to a safety net holding the homeowner above the unexpected in the years ahead.