Lender competition coupled with a significant number of mortgage holders searching for a new deal are expected to boost the number of remortgage approvals later in the year 2019. Lenders are currently feeling the strain of a lack of activity within the housing market which is causing them to turn up the heat and offer more attractive deals. A majority of property owners are currently sitting on the fence in regard to buying and selling which has led to inactivity and a pause in the overall number of transactions.

Experts are predicting a likely increase in the number of remortgage transactions later this year. Data released just last week by UK Finance indicated remortgage activity was already beginning to rise, even though Brexit has yet to come to pass.

Figures from UK Finance show remortgage numbers have surged in February this year compared with the same month last year. This year, a total of 18,200 remortgaged in the month in search of extra funds. This is an increase of 10% compared with the same time last year.

The month of February this year also saw 18,360 remortgage without the need for extra funds. This is an increase of 7.8% compared with the same time last year.

Remortgage has reached a high level of popularity with mortgage holders. Many currently holding a two year mortgage will likely see their loan mature this year. A great number are expected to be in the market for a remortgage. Housing experts see the current level of lender competition to continue through that time.