The latest figures from the Bank of England indicate mortgage lending remained consistent month on month in September and were unchanged. The annual growth rate for gross mortgage lending remained at 3.2%. House purchase approvals came in at 65,000 which was also unchanged from the month prior. Remortgage however, continues to be on a hot streak and demonstrated robust activity. House owners obtained remortgages during the month and totaled 49,000. Remortgages totaled 53,125 in the month of August.

Remortgage activity remained strong during the month of September as house owners continued to find attractive deals and packages to fit their financial needs. Lenders are still competing heavily for new clients and it shows, according to those close to the housing market.

Lenders are offering packages which feature low interest rates, low cost on administration fees, low valuation fees, and low legal fees. Some lenders are still offering deals which feature cashback options. These types of packages are not standard to the sector and are making it possible for house owners to have quite a positive experience as they navigate the process of remortgage.

Housing experts forecast this trend of ultra-attractive remortgage packages could last for the short term, but should be taken advantage of as early as possible. They will not be around forever, especially with the possibility of what might happen in the first few months of 2019.

Ross Boyd, founder of Dashly, commented on the latest figures from the Bank of England, saying: “While they dipped slightly in September, remortgages have been the defining trend of 2018 to date. Faced with stubbornly high inflation, interest rate uncertainty and the sheer unknown that is Brexit, many households have taken pre-emptive action."