House owners are now being urged to make a remortgage application a priority due to the interest rates increasing possibly in the next few months. Since remortgagors had such a successful Q3 having their applications approved, many industry experts are urging those who have not applied to do so. Uncertainty within the UK housing market has now taken a back seat for the remortgage sector, and house owners can truly make positive steps forward by applying for a remortgage sooner rather than later.

Approvals were delivered far more often than rejections during Q3 for those seeking a remortgage. As uncertainty dominated most headlines immediately following Brexit, those seeking a remortgage fell off in number. Q3 shows us house owners are now ready to proceed with their applications and they did so in droves.

More than 80% of those applying for a remortgage were sent on to approval. Quarter on quarter comparison indicates this figure is higher than Q2 which posted only 75% approval rates, according to the Intermediary Mortgage Lenders Association.

Lenders remain aggressive about gaining new clients and are therefore offering deals with low interest rates attached.

Peter Williams of the IMLA commented on the latest remortgage data, saying: "Conditions in the mortgage market were particularly good for remortgagors in Q3, with noticeable increases in the number of applications resulting in offers and subsequent completions.”

"The low interest rates available to borrowers almost certainly contributed to this increase, with borrowers able to switch on to very attractive deals."

Williams added: "Rates are unlikely to fall much further, given that they are priced against swap rates, but the sustained 0.25% base rate means they are also unlikely to rise – which should encourage further remortgage activity."