Gross mortgage lending took another dive during the month of February, according to the most recent figures released by the Council of Mortgage Lenders. Lending fell off the pace set in the month of January by almost 10%. This is a similar figure to how much it fell off the pace during the same time last year as well. Remortgages are also struggling at this time, yet the expectation for the market is that most activity will start returning to normal as the general election has its time to come and go.

As activity within the UK housing market has started the year slowly, many close to the market see possibilities of a housing bubble developing if house prices do not cool down soon. Londoners especially are seeing increases take place in the prices of property. This is having more of an effect on those attempting to reach the first rung of the property ladder. The average price of a property within the city limits now sits at £500,000.

Outside of original loan lending, remortgages are still an undetected gem which should be discovered by more house owners. Many house owners believe the only way to see lower payments on a home mortgage is through lower interest rates. There is a way to pay lower payments without a lowering of the interest rate. It is through remortgage and many house owners are taking advantage of it.

A remortgage is simple to apply for and easy to obtain. Currently, many lenders are offering attractive deals which involve lower admin costs and offer a discount on the closing costs.