Recent financial data is pointing to successful days for gross mortgage lending and even better days for remortgage activity. Lending is now expected to fly to its highest level this year since the financial crisis. Primarily driven by the strength within the remortgage sector, mortgage lending overall is expected to excel, according to the Intermediary Mortgage Lenders Association. IMLA is predicting total mortgage lending to hit more than £260bn this year which is an increase of almost 6% in a year on year comparison.

As gross mortgage lending is expected to be quite strong, remortgage activity is estimated to be even stronger over the course of this year and into 2018. House equity for many house owners continues to increase as interest rates remain very low. This is enabling lenders to offer attractive deals featuring not only low interest rates, but also low closing and administration costs as well.

The IMLA is predicting remortgage activity to hit almost £100bn this year. Estimate for the sector to hit the same amount is expected for 2018.

Peter Williams of IMLA commented on the latest data, saying: “Different segments of the mortgage market had contrasting years in 2016.

"The remortgage market performed very well, with existing borrowers eager to take advantage of rising house prices and low rates by securing a new deal.

“However, with lenders increasingly encouraging product transfers, it will be interesting to see if the remortgage market maintains this momentum in the long-term.”

New deals are abundant with lenders offering low interest rates enabling house owners to save on the cost of the monthly mortgage payment.