The month of December saw strong numbers posted for the number of mortgage approvals. More than 124,000 were processed during the final month of the year, according to the Bank of England. This is a substantial increase month on month compared with November which saw just fewer than 122,000 mortgages approved. The big push in approvals came from an unlikely area for this time of the year – remortgages.

Remortgages are front and center currently and have just posted the strongest number since the beginning of the financial crisis. Experts within the housing market are blaming the strong showing in remortgages on the number of financial products still available, as well as the historically low interest rates attached to them.

This high level of activity is expected to continue. Since last summer with talk of an increase in interest rates, many house owners have taken advantage of the mass of benefits which can be realised with a remortgage.

Obtaining a lower interest rate on an existing mortgage is just the beginning. Saving money each month is only one of the benefits. House owners are alleviating much of the stress from living in a residence which is a challenge to afford. After taking on a mortgage loan with a lower interest rate, the idea of freeing up cash stored in home equity can be acted upon.

It is possible to free up cash out of home equity and improve the bottom line of any household. House owners are making the move to improve not only the short term financial outlook, but the long term as well.