The countdown to Brexit has begun and while all markets are showing an impact of the anticipation of a deal or no-deal Brexit, perhaps the lending market is the most obvious. Lenders are becoming more competitive in the lead up to the deadline. The reason is because borrowers are expected to turn out in strong numbers to take advantage of opportunities to secure a low interest rate remortgage or mortgage.

For homeowners, remortgages are very attractive. Not only are there low interest rates but long term deals to take advantage of as some lenders are offering terms longer than seen in over a decade.

There is the need for some homeowners to avoid being moved to the lender’s standard variable rate (SVR) if they do not remortgage. According to some reports for those that mortgaged or remortgaged two or more years ago, an SVR could be double or more the interest rate they were used to paying. Rather than pay more than needed on repayments, a homeowner is encouraged to shop around and discover if a remortgage could save them money and if so, to take action sooner rather than later.

For hopeful home buyers, the lending market is competitive and there are mortgage deals with long terms and low interest rates that could be a smart move for their financial future as they climb onto the property ladder or move home. Many homeowners are also investing in a second home. For some it is a future downsizing opportunity while providing income through renting. Some second homes are purely for holiday and some are investment opportunities.

Home buyers are also finding lower asking prices, new properties coming onto the market, and more aggressive sellers looking to make a sale.

The lending market is ready to help homeowners and home buyers, and the products offered in remortgages and mortgages might be the best seen this year so far. It could also be the best to take advantage of before the Brexit deadline.