The UK housing market is now home to a new first time buyer programme set in motion by the government. This new plan will sit alongside buying assistants like Help to Buy as a way to help those who need assistance in providing the needed amount for a down payment. The new plan assists those looking to buy for the first time through earning interest and collecting money which is helping them for the inevitable day when they have to produce the money for a down payment. With this new plan in place and many taking advantage of it, many are asking the same about those who are able to remortgage.

An abundance of competitive remortgage deals are still floating about. House owners are now staring at two sides of a fence. The first side is waiting until more clarity is known about when the possible increase in interest rates will take place. The second side offers the possibility of saving money each month on a reduced monthly mortgage payment and freeing up cash from home equity during the process. Many house owners have already decided to remortgage, but many are still playing it cool and waiting for a date.

The remortgage market has been on a roll since the summer months of 2015. Although a significant increase in activity took place and continues today, many are sitting idly by and playing a waiting game which could end up costing them a good deal in the end.

According to the LMS, only 50% of remortgagors had changed lenders before the end of their current deal. This is a 10% fall from the month prior in October of last year.

Attractive deals are still available, but will only be there until demand subsides slightly.