Low interest rates combined with lender competition is adding up to a remortgage climate which could be too good to pass on, according to many close to the UK housing market. Experts across the country see this time as possibly the finest time in years to consider a remortgage. More than £16bn in mortgage lending is set to mature in the month of September, and £18bn more is set to mature in the month of October. This is considered an optimum time to consider a remortgage and potentially see immediate results in the household bottom line.

Many experts see this as a possible perfect storm within the housing market. Lenders are seeking additional clients during this time of the year. The summer selling season is coming to an end. Interest rates are at an all-time low which gives lenders the power to offer attractive deals. And, there is an uncertainty hanging over the housing market due to Brexit results.

Many house owners who have not remortgaged are being urged to consider a remortgage now versus later. The market could change in an instant, especially with the inherent volatility which comes with interest rate movement.

Rachel Springall with Moneyfacts commented on the current conditions which are prevalent within the housing market, saying:  “Borrowers who come off an average SVR of 4.60% today and switch to the average five-year fixed rate of 2.80% would save £146.48 a month on their repayments, which is £8,788.80 over a five-year period – cash that could be put to better use considering the rising cost of living.”