A high profile lender has recently announced figures of the last few summer months and they indicate a strong effort to remortgage by many UK households. In fact, it experienced a 60% increase in remortgage applications ahead of the biggest time of mortgage maturation in five years. Homeowners are finding remortgage to be quite beneficial not just as a way to potentially lower overall outgoings, but to also access valuable cash to be used in other parts of their lives.

This fall marks a significant period for mortgage lending maturation. Terms are ending for a vast number of homeowners who have been committed to three to five year deals. More than £30bn worth of mortgage lending is set to mature in the months of September and October.

These mortgage holders could find attractive deals in the form of a fixed rate remortgage, according to many housing experts. These deals are still able to be found, but who knows for how long. There are some predicting a possible increase in interest rates in the months ahead, even potentially at the beginning of 2018. An increase of only 0.25% on top of current rates could increase a monthly mortgage payment hundreds of pounds.

The current trend of mortgage lenders is lowering interest rates to entice borrowers. This has been effective as the competition for new clients is fierce. Borrowers have been the winners as of late, but the question still remains, how long will this last?

Many housing experts are urging those who have not yet remortgaged to think about it soon. With each passing month they predict the likelihood grows even stronger for an increase to be introduced.