The London housing market has seen its share of skyrocketing property values, shortage of available flats for purchase, and unreachable prices for first time buyers during the last decade. Now, the market in the capital city has cooled off. First time buyers are looking at other locations for their first residence. Investment in property has slowed down. Sellers are even taking much less than asking price for property which had been in high demand just a few years ago. One thing which remains strong within the city market is remortgage.

According to data from UK Finance, remortgages in the city of London during Q4 of last year totaled 14,500. This is an increase of almost 10% over the number of remortgages posted for Q3. It is also a year on year increase of 16.4%. Many households within the city realised the vast number of benefits remortgage can provide and took full advantage of it. Many were able to see savings each month in the hundreds of pounds off the cost of the monthly mortgage payment.

Remortgage has remained a quiet, little known lending product until the last few years. Many households see great opportunity to improve the bottom line of the house finances through remortgage. Not only is it possible to transition to a lower fixed rate, but also gain access to valuable home equity which can be used for paying off old debt, starting a home renovation, or simply improving existing conditions within a home.

Remortgage is hot all over the country and experts see this trend continuing for possibly several months this year. It is a process which can be completed entirely online and offers a relatively short approval turnaround time.