Remortgage activity has been strong within the UK housing market for several months going back to early last year. Home owners have been taking advantage of low interest rates and benefitting from lower monthly mortgage payments as a result of lower rates. This trend is expected to continue through the end of this year and many close to the market are of the opinion there will actually be substantial increase in the number of those obtaining remortgage in Q4 this year.

Remortgage has been quite a powerful tool for many house owners over the last two years. With inflation affecting the cost of many every day household items, wage growth struggling, and the uncertainty of Brexit looming, remortgage has been a welcome tool for home owners to turn to. It has made it possible for home owners to save money and gain access to cash through a home equity release. This has made quite a few things possible. Paying off old debt, taking lengthy holidays, and starting home renovations are only a few of the possibilities which are happening through remortgage.

Many close to the housing market believe increase in activity will take place in the remaining months this year. In a recent poll by the Intermediary Mortgage Lenders Association, more than 25% of those surveyed feel strongly there will be heavy increase in the remortgage market in the coming months. Another 11% believe there will be an additional rate rise before the end of the year.

Competition among lenders remains keen and borrowers remain in a favourable position to benefit from remortgage, according to many housing specialists.