The holiday season has arrived and the UK housing market mortgage lending level of activity continues to push upwards. Mortgage approvals continue to hit higher numbers as the year comes to a close. November posted another big month for mortgage approvals, as 44,960 applications were approved. This is a 20% increase year on year, according to the British Bankers’ Association.

November also saw quite a strong month for gross mortgage lending. The month saw £12.8bn of lending which is just short of the £12.9bn level of the month prior. Gross mortgage lending is up almost 30% since the beginning of the year.

All areas of the UK housing market remain in high gear just months before the apparent rise in the interest rates which will affect anyone looking to buy or sell or remortgage a property of any kind.

Mark Harris, chief executive of mortgage broker SPF Private Clients, commented on the current state of the mortgage market, saying: "The mortgage market shows no sign of slowing down. It's been a busy year for many brokers as borrowers take advantage of exceptionally low mortgage rates."

The combination of low interest rates and the threat of increased interest rates in the coming months have especially impacted those looking to secure a fixed rate mortgage to save money each month. A lower monthly mortgage payment is just the beginning for those who act wisely and apply for a remortgage. Approval means also making use of cash which is locked up as home equity and then freed through a remortgage. This cash is being used as financing to pay off old debt, taking long awaited holidays, and increasing the value of a property through quality renovations.