Remortgage activity showed little sign of taking off at any time during the last twelve months.  This literally mirrored the rest of the housing activity during the year 2012.  The lack of easy remortgages were no help either.  Homeowners required at least 40% equity in their homes for any remortgage products to look appealing.  Overall, the BBA figures for remortgages were dismal for the entire year.  More than 20% fewer homeowners switched from their current lender during the year.

The British Banker’s Association David Dooks referred to the year 2012 as one in which many residents decided to hold on to whatever savings they had and focused on repaying debt. 

Dooks commented on housing activity during the year 2012 and the upcoming year, saying: "Credit availability increased and pricing reduced towards the year-end as banks developed product offerings using the Funding for Lending scheme, which is expected to bring further benefits to households and businesses in 2013."

Many economists believe this year could be a turnaround year for housing even though the last twelve months have demonstrated few hopeful moments for this to come to fruition.  Remortgage activity was low during the year 2012, so the chance of an increase in activity is quite high.

Knowledge of the advantages of a remortgage for homeowners is still relatively low.  There are numerous benefits which are unknown to the everyday person looking for a lower monthly mortgage payment.  Remortgages also offer flexibility which can make a true difference in the financial picture of many households.