The remortgage sector of the UK housing market is on fire currently as June posted impressive figures. Not only did straight line remortgage fare particularly well in comparison to other types of mortgage lending, other types of remortgage showed up quite impressively as well. During the month of June, overall remortgage accounted for more than 32% of all mortgage lending, according to released data.

Straight remortgage represented 23% of overall lending, and another 10% came from buy to let remortgages. Low interest rates were once again the leading factor in more interest in remortgage, as lenders remain aggressive in pursuit of clients looking to potentially save money on the cost of the monthly mortgage payment.

The five year average for the month of June is seven points less than the growth which has been posted for remortgage during the month of June this year. Housing experts continue to urge those who are considering remortgage to do so before a move in interest rates becomes a serious possibility.

John Bagshaw, corporate services director of Connells Survey & Valuation, commented on the latest data and the current state of the market, saying: “Remortgaging is now taking a leading role in the mortgage market. Low interest rates on offer are attracting owner-occupiers and landlords eager to offset rising costs. This has led to remortgage activity more than doubling since 2009 as a percentage of the market, with a base rate close to zero for a decade.”

Bagshaw added: “While it now appears unlikely that the Bank of England will raise the base rate in August, the economy remains turbulent. Many owner-occupiers are finding they have less disposable income, so the ability to cut their monthly repayments is proving enticing.”