The possibility of a rate hike is real according to comments leading up to the month of February this year prompting many house owners who were on the fence to jump in head first and remortgage. Recently released UK housing market data demonstrated demand is not slowing down as the first quarter of the year 2018 comes to an end. February remortgage approvals are up from a year ago by 9% in terms of both value and volume. House owners are still finding deals from top lenders well matched to their financial situation.

According to the latest data from UK Finance, year on year comparison of February remortgage approvals indicates house owners are moving on the process of remortgage before rates increase. Remortgage numbers increased from December to January and that surge did not stop as we traveled into the month of February.

The standard base rate increasing in the month of May means tracker mortgages as well as standard variable rate mortgages will see an increase in the monthly mortgage payment amount. A fixed rate remortgage at this point is still possible and could reduce the monthly mortgage payment instead.

In addition to potentially saving money, access to valuable home equity is possible through remortgage. Lenders are involved in a game of extreme competition currently which is making it possible for everyday borrowers to capture an attractive deal.

Remortgage demand is expected to remain at an elevated level through this year. Housing experts are urging those who have not remortgaged at this point to seriously consider making such a move before it is too late.