The UK mortgage lending market has had a boost in the middle of summer. Not just the usual summer boost, but one unexpected, especially in the lead up to Brexit. Not only is the boost surprising, but it is substantial at a time when experts would have been validated had the market been cooled off or chilled due to the factors at play with uncertainty in the future economy. UK Finance’s report, the Household Finance Update, revealed that mortgage approvals in July were 16.4% higher than the same month last year. Remortgage lending saw an even higher increase at 19.4%.

Gross lending for the month of July was at £26.1 billion and was 2.9% higher than July 2018. It was also the highest increase since March 2016.

Factors at play to push up lending are of course the release of even more attractive mortgage and remortgage deals recently. There are numerous buyers expected to come to the housing market as asking prices lower and sellers become more aggressive in selling their property. The low interest rates available are also a motivation. Lenders know there are borrowers coming to the table and they have become more competitive. That is good for home buyers and makes the decision to take action even smarter when there are impressive mortgage deals offered.

Homeowners, as well, are expected to seek out remortgages and the competitive environment offers them great deals to choose from at a time when substantial savings are important given the uncertainty in the months ahead with Brexit at play.

There might be another boost to the lending market discovered as the data is gathered for August. If so, once again experts have dismissed borrowers taking advantage of very unique opportunities available.