In the days following the Referendum, experts forecasted who would benefit the most from the Brexit vote regardless of the outcome. So far, due to continued historically low interest rates, consumers are reaping the rewards, especially those engaging in the housing market. According to data from the Mortgage Advice Bureau, mortgage products increased in number for the eighteenth straight month to July. This is the highest number of financial products available since 2008.

As the number of houses bought and sold is now quite buoyant, the same is not true for the remortgage sector. Home owners are taking advantage of remortgages and actually increased in number during the month of July compared with June. Activity surged more than 4% month on month suggesting a more confident market than in other mortgage lending sectors.

Fixed rate products are still popular, but decreased slightly in the number purchased month on month, dipping almost 2%.

Brian Murphy of Mortgage Advice Bureau commented on the recent data concerning the month of July, saying: “Although many had expected activity in the market to pause or drop significantly in July due to the referendum result in June, overall the data would suggest that, whilst there has been a slight cooling in purchase activity, it’s been ‘business as usual’, with an increase in demand for remortgages.

“The last time there were over 20,000 mortgage products was March 2008, which was pre-financial crisis, when 23,802 products were available.”

Murphy added: “The wealth of product availability, coupled with rock bottom rates has led to the overwhelming majority of people fixing their mortgage; those remortgaging and fixing dropped slightly in July to 88.4%, down from 90.7% in June, with 93.2% of purchase applicants opting for a fixed deal.”