Mortgage lending continues to roll in high numbers as those with maturing mortgages and house movers are taking advantage of low interest rates before a possible hike, according to the latest mortgage lending figures. Figures from the month of August indicate house mortgage lending was stronger compared with the month prior and the same month last year. The future depends on young buyers entering the market and the month of August proved the future is strong, even in the midst of housing market uncertainty.

First time buyers made their presence known during the month of August as they were approved for a total of £5.7bn in mortgage lending. This is more than a 15% increase on the previous month and a 12% increase compared with the same month last year.

Remortgage has maintained its high level of activity as August proved to be another month in which valuable deals were available from high profile lenders. Those seeking remortgage paused for a few months earlier this year, but are now taking action. They are likely heeding the warnings of many close to the housing market in regard to a possible hike in interest rates which some say may happen before the end of November.

A remortgage has become a major device to help lower the cost of the monthly mortgage. For homeowners, the remortgage is proving to be the product to turn to in order to make an immediate impact on the family budget. Applying for a remortgage is now streamlined and takes little time to complete. The entire process is able to be done online.