Remortgage lending continues to be strong through the first quarter of the year. Gross mortgage lending fell slightly in the month of March compared to the month of February, but experts see the data as encouraging with an upswing for the quarter leading into warmer weather and the strong selling season which is expected to begin soon. For the first quarter, home purchase approvals fell slightly and totaled 100,559. This is a reduction of 14% compared to the same time last year when they totaled more than 116,000.

Overall during the first quarter, remortgage approvals increased 1% as other mortgage lending types decreased more than 5%, according to figures from UK Finance.

Richard Pike of Phoebus Software commented on the latest UK housing data, saying: “We are obviously nowhere near the dizzying heights of 2007/8, but in the grand scheme of things we are on a fairly even keel.  House purchase is the one element of the market that is proving difficult, but that is more likely down to supply than sentiment.”

Although many house owners remain on the fence in regard to remortgage, activity within the sector remains strong. The Bank of England has taken steps back in regard to the possibility of an interest rate hike next month, but that has not stopped many from taking advantage of its low interest benefits. Home owners are able to currently obtain a fixed rate low interest remortgage which provides protection against other interest rate hikes which may take place in the future.

The process to remortgage starts with an online application and is now streamlined providing a simple, stress-free experience for homeowners across the country.