Many experts are predicting a major amount of activity within the next few months associated with remortgaging.  The reason is the outcome of the increase in base rate will finally be known soon, with the certain expectation that it will climb.  By how much, no one knows.  Those within the housing market are counting on it moving at least a quarter point to the north, and some are counting on it moving more than that.

Many house owners are still not aware of the benefits of a remortgage.  Valuable cash can be freed up to do things which have not even been considered.  Thoughts of taking a vacation or remodeling the house or maybe paying down student debt are not even on the official “want” list, but are definite possibilities with a remortgage.  Many banks are offering attractive packages right now and will until the time the base rate increases.  After that the market will determine how many attractive deals are still out there based on demand for those deals.

August proved to be an off month for remortgage activity, as a decrease both month on month and year on year was the outcome.

Paul Smee, director general of the CML, commented on the activity which took place within the month of August, saying: "The lending climate had a glass half full, glass half empty feel about it in August.

“On the one hand it saw a decline in all lending types month-on-month, which would suggest a levelling off of the market, and remortgaging remained flat. Yet, on the other hand, we saw the highest August house purchase lending levels since 2007, and the recent Bank of England Credit Conditions Survey expects an upward trend in remortgaging in the final months of the year.

"Overall, these figures give no support to any fears of a developing bubble in housing.

"This has been a year of major change, and the market has shown significant resilience and responsiveness to the changing environment, improving the availability of lending without compromising financial stability, as the Bank of England's assessment last week highlighted."