For all UK house owners trapped in negative equity up to now, there is a path to financial rescue and a process to secure a lower mortgage payment. That process is through a remortgage and rates are still extremely low from high profile lenders. The data of those obtaining a remortgage now compared with last year are quite telling. From August to September, the remortgage market experienced a 12% increase. Remortgages were also up almost 5% this year compared with the same month as last year.

There is still speculation concerning the month in which the Bank of England will choose to raise the base rate. Some close to the housing market are saying the increase could be delayed most of next year. This is possible due to the high demand which still exists for housing, coupled with the level of personal income which continues to grow, even if at a slow pace.

The constant increase in the value of UK house prices is only benefitting those who are sitting on the fence of thinking to remortgage or not. House prices increasing just gives owners more flexibility and aids those thinking they are locked into a mortgage lending product they see as handcuffing in nature.

The process to obtain a remortgage has vaulted forward and is now easier than ever. Remortgages are now able to be compared within special sites and the application process can even be done online. For those house owners thinking about the prospect of a remortgage, now is the time to officially begin. Lenders still have attractive fixed rate products available.