Multiple factors are leading many to believe the mortgage market is now on a healthy path. Gross mortgage lending has seen a moderate decline, advances based on high loans versus income have increased, and a fall in the value of first time buyer loans are all playing a significant part in making it possible to label the current mortgage market as a favourable one. This relevant data is provided by the Bank of England and paints the picture of a market moving in the right direction.

Remortgages are still taking place at a healthy pace. Competition within the lending community is still strong and that is leading to many attractive deals available for the general public. House owners are able to make major positive strides in their financial situation simply by obtaining a remortgage. However, many house owners are still unaware of the advantages offered by a remortgage.

Proportionally, remortgages increased to almost 24% in the last quarter of 2014. In contrast, the lowest recorded point was reached in the third quarter of the same year, at 23%.

Adrian Gill, director of Your Move and Reeds Rains estate agents, commented on the current tone of the lending market, saying: "The lending landscape has been extensively re-shaped in the past year and fresh regulations and affordability checks have cultivated a much healthier mortgage market.

"Mortgage approvals may take longer to come to fruition but buyers are benefiting from a more thorough and considered borrowing process. In the longer term, providing customers with the most suitable mortgage product for their needs is of paramount importance."