Mortgage lending has slowed as the housing market is showing a cooling off. The housing market is slowing down according to experts due to the nearing of the Brexit deadline which is Halloween on 31 October. Not surprisingly, though mortgage lending has slowed there is a boost in remortgage lending. Homeowners are seeking remortgages, especially fixed rate remortgages, to save money.

According to the latest data from UK Finance, remortgaging grew in June by 8.3% compared to June 2018 with a volume of 16,880.

Remortgages were up in volume, but all other lending was down across all other types including buy to let lending and mortgages for first time buyers.

Fixed rate remortgages remain the top choice with homeowners and some lenders have brought longer term deals onto the market to further entice those that have not committed to a new deal to do so.

The current lending market can be very attractive for homeowners that are close to having their current mortgage deal end as well as those that have already had theirs end. The market is competitive and that means good deals are being offered. Experts suggest that homeowners could find substantial savings with a remortgage and shopping online could easily and quickly reveal what opportunities are available.

Those homeowners that have already had their current mortgage deal end and did not remortgage have been moved to their lender’s standard variable rate (SVR). Those are the homeowners that are especially encouraged to review opportunities from remortgage lenders as most SVRs are higher than what remortgage interest rates are from lenders. Therefore, savings are available and no one should want to pay more than they have to pay in their property loan.