Remortgage activity within the UK housing market this summer was ablaze and new figures released recently confirm this. Home owners got out and turned around their financial future in big ways this summer, especially within the month of July. The latest data from UK Finance indicates a strong month of remortgage took place prior to the latest increase in the standard base rate which took place in August of this year. In fact, the month of July saw more home owner remortgage activity take place than any other month in the last decade.

Almost 47,000 remortgages were approved during the month of July which is a 23.1% yearly increase in the number of remortgages. Home owners obtained deals featuring low fixed rates along with other attractive attributes. Low valuation fees, as well as low legal fees were also featured with many lending packages.

The rise in the number of remortgages is attributed to the great amount of information which became public regarding a rise in interest rates. This knowledge was put to use by home owners looking to save money on their monthly mortgage repayment cost as well as locking in an interest rate which would protect them in the future from additional rate hikes.

Jackie Bennett, director of mortgages at UK Finance commented on the latest data to surface on remortgage activity, saying: “The residential remortgaging market saw its strongest July in over a decade… there was also considerable growth in remortgaging in the buy-to-let sector, showing that while recent tax and regulatory changes are impacting on new purchases, many existing landlords remain in the market.”