UK housing market figures from June indicate house owners have slowed a bit in regard to remortgage just ahead of the potential rate rise which could take place in the first days of August. Remortgages obtained during the month were down 7.3%, totaling 47,895. Typically, in the days preceding a possible rate hike, remortgages increase compared with decreasing in number. The past few months have been quite active for the remortgage sector which could be behind the lower amount of remortgage approvals completed in June.

Following the release of the data from the month of June, the Bank of England commented on the figures relative to normal figures during this time of year.

The Bank of England stated, “remortgaging approvals remain broadly in line with the average over 2018 so far.”

Housing specialists feel remortgage demand will remain high over the course of the next several months with many fundamentals in place which should foster strong demand.

Remortgage is now one of the most sought after mortgage lending tools for house owners looking for financial relief and a potential way to save money each month. Remortgage provides that path to savings through providing a home owner with a lower interest rate as well as potential access to valuable cash during the process.

House owners are still benefiting from the current climate of the remortgage sector. Lenders are aggressively pursuing borrower clients with exceptionally attractive deals. Many deals include low interest rates and little to no cost incentives on accompanying administrative fees.