A surge in the amount of remortgage activity is currently taking place which can only be referred to as a boom, according to the most recent housing market data. House owners are running out to remortgage before the increase in base rate creates a climate of ever-increasing interest rates. The time is now to remortgage, before rates rise and appealing fixed deals are off the table.

Higher than average house prices, inexpensive mortgage lending, and a certain hike in interest rates has created the perfect storm for big numbers of remortgages. All across the UK, remortgages are being gobbled up by anyone with a house and interest in saving money off their monthly house payment.

Almost 70,000 mortgage loan applications were approved within the month of July. That is up from 67,000 in June and 65,000 during the month of May. 

Remortgages continue to be one of the best kept secrets in the housing market. Many house owners are taking advantage of all that it has to offer. For those who qualify, a remortgage is like getting a fresh start on repaying the debt on a house. House equity funds can be tapped into and used on a multitude of things. One of the biggest things which house owners use funds for is to renovate their current residence.

The second big use of funds is typically paying off old debt. It does not matter how old the debt is. Paying off old debt allows house owners to breathe again and know there is not an old debt hiding around the corner, ready to jump out.

Another use of equity funds is long overdue holidays. House owners are keen to hit the road when they discover there is a way to fund a holiday without touching traditional savings.