As the New Year gets underway, the UK housing market will soon reach full speed again. Many close to the market are anxious to see what will transpire as we draw closer to the selling season. Currently, one sector is leading the way with activity and approvals in regard to mortgage lending. That sector is the remortgage sector and it is on fire.

Data from the month of November has now been gathered and the results are eye opening. The month posted almost 46,000 remortgage approvals which is the highest number recorded since October of 2008, according to the Bank of England Money and Credit data. This is no small increase over the month of October which saw 43,500.

Data is now concrete on the activity of house owners looking to save hundreds and sometimes thousands of pounds per month off the cost of the monthly mortgage payment. The month of November is quite the confirmation that exceptional deals remain available from noted lenders.

Jeremy Duncombe, Director, Legal & General Mortgage Club, commented on the latest data to surface concerning remortgages, saying: “In the current climate of low interest rates, more and more consumers are prudently taking advantage of the good deals available in the market, saving themselves potentially thousands of pounds a year by remortgaging.”

Duncombe added: “As we welcome the start of the New Year, those borrowers on a Standard Variable Rate or coming to the end of their mortgage term who have not yet considered remortgaging should speak to an adviser. There is no telling when rates could rise, and it could even be this year. By contacting a broker, these individuals will put themselves in the best position to secure a good deal on a new mortgage and save themselves a significant sum of money, something that many will value particularly as we end the festive period.”