According to the message sent to the public during the summer from the Bank of England, interest rates will likely change in the coming months. This will have an immediate impact on the interest rates affecting mortgage lending, if not before the actual base rate is changed. Many close to the UK housing market however are starting to see a potential delay in the plan to change the base rate and for good reasons. Inflation is still widely held in check, housing demand is still quite high, and incomes are not falling far behind in growth. Many house owners are opting to change anyway, and October is a large indicator of this.

During the month of October almost 80% of borrowers chose a new lender when seeking a remortgage deal, according to the LMS. This is a 10% increase from the month prior to October. Almost four in ten house owners were able to reduce their monthly mortgage payment amount through a lower fixed rate.

Also, almost 60% of remortgagors obtained a new deal to make home improvements.

Andy Knee, chief executive of LMS, commented on the latest set of data released, saying: "October witnessed record levels of remortgaging activity as customers respond to the availability of competitive mortgage deals currently on offer.

"The Bank of England is now likely to hold interest rates at bay until well into 2016, making it a fruitful season for remortgaging.”

Knee added: "On top of rock bottom rates, the wheels are in motion for continued momentum; UK housing stock values are increasing; and lenders are open for business."