Conditions within the last few months have been prime for UK house owners to seek remortgages and lenders are seeing the impact. The third quarter of last year was especially active for those seeking a new mortgage lending product to replace their original one. Eight in ten applicants within the third quarter of last year was for a remortgage. Comparing this number to the quarter previous shows 3% fewer house owners were in search of a remortgage, according to data from the Intermediary Mortgage Lenders Association.

A remortgage remains quite a wise choice for any house owner looking to possibly save significant amounts of money each month off the cost of the monthly mortgage cost. Lenders continue to offer deals which are favourable with low interest rates and matching low administrative costs.

Peter Williams, executive director of IMLA, commented on the latest data from the remortgage sector, saying: “IMLA’s latest tracker shows that conditions in the mortgage market were particularly good for remortgagors in Q3, with noticeable increases in the number of applications resulting in offers and subsequent completions.”

Williams added: “The low interest rates available to borrowers almost certainly contributed to this increase, with borrowers able to switch on to very attractive deals.

“Rates are unlikely to fall much further, given that they are priced against swap rates, but the sustained 0.25% base rate means they are also unlikely to rise – which should encourage further remortgage activity.”

Attractive remortgage deals are available now, but many close to the UK housing market are not able to predict how long they will last.