The UK housing market has leaned towards borrowers for more than a year now with expectations from some housing authorities that this trend will more than likely continue through the end of this year. Lenders are deeply entrenched in competition and property owners are benefitting by obtaining low interest rates and other cost saving features on remortgages and original loans. Remortgage is especially popular currently as Brexit concludes and mass uncertainty comes to a close.

Now could be a fine time to look into remortgage. There are rumours floating within the housing market in regard to the possibility of fresh new, stricter standards applied to lenders of all types of mortgage lending.

During the past two years, lender competition has reached new levels. These heightened new levels of competition created a climate which forced lenders to take on more risk. This involved offering loans to more applicants who were not the perfect clients, but often even higher risk.

This practice has led to a possibility of new lender criteria passed down from the Bank of England. The arm of the Central Bank known as the Prudential Regulation Authority, responsible for financial sector stability, is keeping a close watch on lender competition as we enter the busy selling season of the housing market.

Those owning property could find this as the most advantageous time to consider remortgage. Moving home is often possible only by obtaining more lending than what is required to remortgage. Lender competition remains high and those seeking remortgage are finding deals which make it possible to save money and relieve financial stress providing a more secure future for most household budgets.