Homeowners who took out a mortgage at the most recent market low may now be looking to remortgage to avoid seeing their monthly repayments spike, according to Moneyfacts.
It was an encouraging month for the mortgage and property markets, with house prices growing slightly, an increase in mortgage lending and greater product choice for homeowners.
Falling swap rates caused mortgage rates to drop substantially during August, with many homeowners capitalising by taking out longer-term fixed rate deals.
Competition in the mortgage market remains strong, with mortgage rates falling since the turn of the year.
The Bank of Mum and Dad is becoming ever more important, with an increasing number of buyers turning to their parents to help them onto the housing ladder.
Prices creep slowly upwards on an annual basis. Transactions in May 2019 up 7% on previous month. Nottingham takes top spot in Conurbation annual house price growth league.
The number of first-time buyers taking out mortgages fell for the first time since September 2018 but the remortgage market has remained buoyant.
Five regions now have falling prices on an annual basis. Transactions in April 2019 up 4% on April 2018. For second month running Merseyside tops Conurbation league in annual house price growth.
Homeowners looked to remortgage to a cheaper interest rate, while activity in the property market was once again sluggish.