Remortgage and staying put will be what most homeowners will decide for the coming year.  With a sluggish if not frozen housing market many homeowners don’t want to consider a move to a new property whether that is an upgrade for a growing family or a downgrade for empty nesters.  Buyers are still very much absent from the market and without aggressive pricing homes are sitting on the market for longer than normal.  Once it comes time to upgrade or downgrade to the new property homeowners will find their choices are limited even though the supply of homes for sale are outnumbering buyers.

Remortgage offers are still very cheap by historic standards and while borrowing remains cheap some homeowners are choosing to stay put but to do so with changes.  Homeowners are using a remortgage to fund renovations and upgrades to their own properties.  This makes the home more useable for the family while also increasing the value for a future sell.  In the case of homeowners that want to downgrade they are using a remortgage to fund a division in the home which allows them a smaller property to live in and to use the other part of their home as a buy to let.  In many cases the buy to let can fund the remortgage cost as well as pad the retirement fund since rental fees are on the rise to new historic levels.

Homeowners often shopped around for a new property when they outgrew their home or their property outgrew them.  Now with the housing market in such bad shape it causes them to sit back and consider other opportunities.  In the coming year a remortgage will be considered for more than just a cheap remortgage interest rate but also for helping a homeowner adapt their current home to their lifestyle needs.