Low interest rates continue to catch the eyes of many house owners, as remortgage valuations race on. The latest data from Connells Survey & Valuation has revealed strong demand for remortgage during the month of August. So much demand is now in play that demand has hit a new high. Home purchasing has migrated in the other direction and is now in heavy decline.

At the same time last year, 34% of the market was made up remortgage lending. The same month this year paints a different picture as 37% of the market is made up of remortgage.

Financial figures illustrate an air of concern as many consumers are taking advantage of attractive remortgage deals before the time comes to an end. Whispers of a possible increase in interest rates have now turned into real talk and many house owners are moving to find a better deal before rates move upward.

John Bagshaw, corporate services director of Connells Survey & Valuation commented on the current mortgage lending environment, saying: “Having benefited from a decade of low interest rates, consumers are sensing the risk that this era is nearing an end. Many older mortgage deals are expiring this autumn which will mean moving on to more expensive standard variable rates. As a result, home owners on these deals are opting to refinance, taking advantage of the intense competition in the mortgage market right now.”

Remortgage is now seen as a major mortgage lending tool with significant ability to improve the balance sheet of most homeowners. The process can now be completed entirely online.