With the summer selling season a mere speck in the rear view mirror, mortgage lending typically slows to a slower speed. So far, lending has maintained a rigorous pace as the end of the year quickly approaches. Recent figures indicate lending is strong along all fronts, especially remortgage. Even though a hike in interest rates is fresh in the minds of borrowers the group remains bold in their actions to acquire property.

UK Finances data shows a quarter on quarter increase of 10% in regard to overall mortgage lending. Quarter 3 mortgage lending totaled almost £6.75bn. This includes the approval of almost 20,000 mortgages which is a 6% increase over the same quarter of last year.

First time buyers showed up during the third quarter and totaled £3.31bn. This is an increase of 7% over the second quarter. Although home buying for first timers remains a challenge compared with any other group, the fact remains, first timers are applying for loans every day and reaching the first rung of the property ladder.

Remortgage activity demand is strong even with the recent hike in interest rates. Thousands of homeowners moved on the opportunity to obtain a fixed rate product before interest rates increased and demand has continued.

Remortgage totaled £4.5bn in the third quarter which is an increase of 15% compared with the previous quarter and almost 5% compared with the same quarter of last year.

Remortgage has proven itself as a strong lending product and many homeowners have confirmed that fact over the past few years. It is a fast and proven method to reduce a mortgage payment and give fast access to home equity. It can also be completed entirely online.