The end of the year is as good a time as any to give your household budget a gift. At least that is how some homeowners are viewing the opportunities present in the remortgage lending market. Currently homeowners can shop and find that some lenders have available remortgage deals that are connected to low interest rates that are at historical levels for that lender.

According to the Council of Mortgage Lenders (CML), lending increased in the year due to interest rate cuts and remortgaging is a strong portion of the total mortgaging activity in September. This trend is expected to continue throughout the year.

The Bank of England cut the standard base interest rate to 0.25% which has amounted to even lower deals offered by lenders. For those homeowners seeking to find the best possible deal, turning to remortgage brokers has been an option as they have access to deals not offered to consumers directly.

CML's senior economist, Mohammad Jamei, remarked, “Remortgage activity looks set to grow, helped by attractively priced mortgage deals encouraging borrowers to refinance. Prospects for house purchase activity continue to look slightly subdued, when compared to the same period a year ago.

“Despite this, housing market sentiment continued to improve in September, after recovering in August. As a result, we expect a modest rise in approvals, though at levels lower than seen earlier this year, as the lack of properties on the market for sale and affordability constraints continues to bear down on borrowers.”