The summer of 2018 within the UK housing market will go down as one which saw major activity from several sectors. After the standard base rate increase in the month of November 2017, heavy speculation quickly surfaced that there would be another rate hike in the month of May this year. It was not voted into reality and another rate rise did not occur until August of this summer. All the talk of rate hikes sent house owners scrambling to the nearest lender to remortgage. July became the most remortgage active month in a decade.

Because of all the remortgage activity, many house owners are now saving money on the cost of the monthly repayment amount. They are also enjoying a lump of cash from the process of remortgage as well. It is possible to turn some home equity into cash during the process and use the case for home renovations, taking care of old debt, and maybe take an extended holiday.

Since the rate hike in the month of August, lenders have not moved their mortgage rates very much at all. In fact, many lenders are offering extremely attractive deals on lengthy fixed term deals. They are also offering incentives to make everything more attractive. These incentives include low cost legal fees, low cost valuations, and even cash back in some instances.

As summer warmth comes to a close and the selling season slows, home owners still have an opportunity to potentially save a great deal by transitioning from a variable rate mortgage to a fixed rate remortgage. Housing specialists are urging any home owner to consider it now. The future is quite uncertain with Brexit, possible new tax laws, and wage growth. Now could be the perfect time to remortgage.