If January of this year proved anything within the UK housing market, it is house owners are still actively pursuing remortgage deals which suit their financial situation. Almost 30,000 remortgage deals were approved during the first month of the year. Year on year comparison to January of last year yielded a surprising result. More than 15% fewer deals were taken advantage during the month of January last year than this year.

Remortgage deals still abound. Lenders remain quite competitive and are offering deals suited to most situations families are facing. Whether that situation involves a history of late payments, or a struggle to maintain perfect credit, most lenders are creative and find a way to make a package work.

Now, more than ever lenders are making good use of historically low interest rates. There are more whispers than ever about a possible interest rate hike during the second quarter of the year. This could mean house owners are able to save thousands of pounds off the cost of their current monthly mortgage payment. That might not be true as early as a few weeks from now.

Eric Leenders, BBA Managing Director for Retail Banking, commented on the data which surfaced from remortgage during the month of January, saying: “The new year saw homeowners make the most of historically low interest rates by taking advantage of competitive remortgage offers. Nearly 29,000 of these deals were approved last month – 16% higher than January last year.”

The remortgage process has been streamlined and applying now is easy, completely online. Many applications have been approved in a matter of just a few days.