UK housing market is seeing high levels of activity within the remortgage sector. After a slow start to the year, remortgages have bounced back in a major way as house owners are taking advantage of the benefits of a lower mortgage lending rate and therefore much lower payments each month. The benefit of lower monthly payments remains a secret to many as housing decisions are major and typically involve high amounts of stress. Remortgages have the ability to remove stress and create a more successful financial future.

Remortgage transactions increased in value by 34% in the year to October, according to the Council of Mortgage Lenders. Remortgages also increased 6% by volume compared with the month of September.

Jeremy Duncombe, director, Legal & General Mortgage Club, commented on the factors currently affecting remortgage activity, saying: "Strong UK economic conditions, driven by low rates, low inflation and rising wages, spurred mortgage lending in October.

"It is encouraging to see that remortgaging activity has continued to increase after a slow start to the year, as more people have sought to take advantage of the low rates available.”

Duncombe added: "With that said, however, fixed rates have edged up over the past few weeks as lenders start to price-in a future rise in the bank rate. It is therefore paramount that borrowers seek advice to secure a low rate today or risk missing out on a substantial cost saving."

He continued: "We expect this area of the market to become more active in the next few months, ahead of the new Stamp Duty rate which is due to be introduced in March 2016.

"Prospective landlords may rush to the market ahead of this change to avoid the additional cost, which will drive up mortgage lending in Q1 2016. The resulting increase in demand, combined with the current lack of available properties, is likely to push up house prices at the beginning of the year."