Recently released data regarding remortgage approvals has once again confirmed the mortgage lending tool is strong and is able to provide immediate impact to a family budget. The data from November illustrates this point extremely well as approvals for remortgage hit a plateau which has not been achieved since the year 2008. Overall, remortgage led all other mortgage loan types by percentage many of the months of 2017. This year is expected to possibly be just as strong.

Remortgage has emerged as the premier type of mortgage lending tool for making an immediate to a household bottom line. It is possible to cut massive amounts of monthly mortgage payment outgoings through a fixed low interest remortgage. Figures from the month of November confirm households across the country are able to find excellent options to their current mortgage deal.

The month saw almost 54,000 remortgage approvals come through which is a nine year high. This demand of remortgage took place in the same month in which the base interest rate was hiked. The base interest rate was increased from 0.25% to 0.5%. This increase was the first increase in more than a decade and took place in order to control the rate of inflation which had hit 3% during the month of October. The goal rate of inflation by the Bank of England is 2.0%.

Former residential chairman of Royal Institution of Chartered Surveyors (RICS) Jeremy Leaf commented on the coming year, stating: "Looking forward, we anticipate a fairly steady market in early 2018 and no great changes one way or another, with realistic vendors much more likely to do deals rather than those who are still holding out for unrealistic prices."