Recent data released by the Council of Mortgage Lenders indicated July took a slight dip in regard to mortgage lending compared with the previous month. The number of approved loans fell from almost 65,000 to just short of 61,000. This marginal loss in activity speaks to the entire UK housing market. Experts see little in the way of being able to predict what will happen through the end of the year, but see remortgage as a potential saving financial tool which props up the entire market.

Many home owners started the year quite keen on the idea of a remortgage. Demand remained at a significant level through the month prior to the historic Brexit vote which took place in June. At the time, the country’s base rate rested at the historic low rate of 0.5% with only a small chance of it being cut.

Now, since the cut of the base rate to 0.25% home owners are once again marching in droves to the local lending office to apply for a remortgage. This activity has increased during both months since the vote. Home owners are seeing their monthly mortgage cost falling sometimes by more than £1,000.

Lenders remain in a competitive spirit and are offering many deals with extremely low interest rates attached. Not only are they dropping interest rates following the drop of the base rate, they are offering deals with low to free costs for administration.

House owners are trading in their current variable rate products for a fixed rate product which offers them protection from future increases in the base rate. Experts see this trend continuing possibly through next year.