Recently, a Bank of England survey outlined the direction of economic growth during the short term and into the long term. The results indicate a strong increase in the amount of lending intended for mortgages compared to the amount of lending planned for commercial use. Home mortgage lending is expected to rise as commercial lending will increase only slightly.

Commercial lending is expected to rise only marginally over the course of the next quarter. However, lending for home mortgages along with other consumer driven purchases is expected to potentially rise faster than it has during the next 18 months.

The majority of Britain’s economic growth during the past three years has come directly from consumers. This is troubling to many policymakers who believe business growth combined with exports will create a more sustainable recovery.

One sector within the UK housing market which continues to fuel increases in mortgage lending is the remortgage sector. Although activity was at a higher level at the entrance of the New Year, thousands of house owners each month remain open to the idea of remortgaging their current lending arrangement and have found many benefits to a remortgage.

A remortgage not only makes it possible for house owners to obtain a lower interest rate, it also enables a house owner to access valuable funds found in home equity. These funds can be used for a home renovation, paying off old debt, or a much-needed holiday. The entire remortgage process has been streamlined and can be completed online. Lenders remain in heavy competition and are offering attractive deals for every financial situation.