Activity within the UK housing market remortgage sector remains robust as the day nears for a possible rise in rates, according to comments from the Bank of England. The month of May is approaching and with it the possible rise in the standard base rate. Lenders have already started raising rates on many popular mortgage lending packages which has led many home owners to step up and obtain a remortgage. Figures from the first two months of the year indicate many believe in the potential for a rate rise to take place.

House purchase figures have actually fallen off since the beginning of the year and have been replaced by a surge in the amount of remortgage activity. January posted the highest number of remortgage approvals in almost a decade and the next month followed with impressive demand as well. Experts remain vigilant with words of warning for anyone who has chosen not to remortgage at this point.

Many lenders are wading through an increase of remortgage applications and approvals are currently taking longer than normal. Those still on the fence regarding remortgage are being urged not to wait much longer as rates are already increasing with many types of lending institutions.

Remortgage is now viewed as a powerful tool for those home owners in search of a way to cut the cost of the monthly mortgage. Lenders are currently in a competitive situation and looking for new clients due to the potential for a rate hike occurring sooner compared with later. Time is running out on attractive deals, according to those close to the housing market.