The end of the calendar year is fast approaching, and with it a season of heightened remortgage lending. Lenders are still offering attractive fixed deals for all UK house owners who are currently in a SVR mortgage lending product. The latest released figures indicate remortgaging has become so popular that these levels of activity have not been this high since the year 2009. House owners are reaching out to lenders more now than in the past six years.

There has been an increase in remortgage activity of almost 50% year on year. October itself saw a 20% increase compared with September. One year ago within the month of October £4.1bn of remortgage applications were approved. This year during the same time, more than £6bn in remortgages were approved.

House owners are making the move to a fixed rate remortgage due to the impending base rate hike which many expect at the first of the year. The Central Bank almost promised a hike by the end of year during the summer which has yet to materialise. Inflation is still under control and the demand for housing is still quite strong.

Andy Knee of LMS believes remortgaging has yet to hit its stride entirely, and there is much more capacity for growth to reach pre-recession levels.

Knee added: "We have all the right conditions in place for a remortgage resurgence, [with] the general increase in all segments of the lending market further underpinned by a general sense of economic prosperity, [and we now] await the release of the Autumn Statement to gauge whether there will be a change in housing policies which could impact activity in the New Year."