The icy temperatures of the winter are being shaken off in exchange for robust activity within the remortgage sector, according to the latest data regarding the UK housing market. Home owners came out in droves during the month of February and increased approvals year on year by more than 11% for the month. Approvals totaled £6bn for the second month of the year and set a mark for February not seen in years. Not only have house owners been racing to lender offices in search of remortgage deals ahead of a possible interest rate hike next month, first time buyers and buy to let landlords are also stampeding to remortgage.

Last month saw an exceptional number turn out to remortgage. The surge was well ahead of a potential interest rate hike which many are forecasting to take place during the first days of next month. Talks of a potential rate hike is causing many lenders to raise rates now. As this is happening, many house owners are still on the fence regarding remortgage.

It has become much more widely known within the community as a strong method to lowering the cost of the monthly mortgage payment. Through spending a short amount of time applying for a remortgage, house owners are opening the door to potentially not just saving money each month on the mortgage payment, but also gaining access to valuable home equity which is sitting idle. These funds are making home renovations and holidays possible.

Jackie Bennett, director of mortgages at UK Finance, commented on the latest housing data to emerge, saying: “Remortgages are up year-on-year, as homeowners look to fix costs amid anticipation of further interest rate rises.”