Recently released figures from the British Bankers Association are adding to the fire of optimism surrounding the UK housing market.  Mortgage approvals for the month of October increased by almost 1,500 to more than 33,000 month on month.  Gross mortgage lending also increased.  After a slowdown in the market during post summer months, the market seems poised to have a better than average winter 2012.  As the end of the year comes rushing towards us, competition for lending on high street continues to be hotter than ever.  For borrowers, this could mean a holiday mortgage deal worthy of the season. 

Howard Archer, Chief UK Economist at IHS Global commented on the market and added to the optimism within the lending community, saying: "The BBA data adds to other recent evidence that housing market activity is picking up modestly."

Archer continued, saying: “The renewed net repayment of unsecured consumer credit in October reinforces belief that consumer appetite for taking on new borrowing is still limited while there is also an ongoing strong desire of many consumers to reduce their debt.”

Many economists believe the success of first time buyers within the housing market is key to further recovery and sustainable growth.  The group still struggles to save enough to provide large enough deposits to take advantage of attractive mortgage deals.  At the other end of the spectrum are homeowners who do not have enough home equity to take advantage of many attractive remortgage deals which are still readily available.

Although many original home loan applications are being filed each month, remortgages still are not without many benefits to the everyday homeowner.