Remortgage approvals are steam rolling ahead with little resistance in sight according to the latest housing data. Buy to let remortgage activity was quite elevated during the fourth quarter of last year, along with residential remortgage. Overall, remortgage activity has been quite high since the middle of last summer. This is likely due to the hint of a potential rate increase which ultimately took place in the first week of November, 2017. The standard base rate was hiked from 0.25% to its current level of 0.5%.

Remortgage popularity is now soaring and many house owners are finding attractive deals from lenders, both small and large. Interest rates are low and relatively speaking historically low compared with rates of the early years after the turn of the century. Those holding mortgage lending products have found savings of hundreds of pounds per month off the amount of the monthly mortgage payment. It is no longer a secret lending option which is never spoken about.

Remortgage activity is expected to see another surge weeks from now prior to the next rate hike, which many feel could happen in the early part of May. Hints of another rate increase have been dropped in recent weeks by the Bank of England.

The fourth quarter of last year was especially active in regard to remortgages. More than 50% of all activity in the buy to let sector were remortgage transactions. Buy to let remortgage totaled only 28% of lending following the economic crisis in 2009.

The prevailing reason for seeking a remortgage within buy to let during the fourth quarter of last year was a lower interest rate. This reason fueled 55% of all cases.