What was once quite low on the list of valuable mortgage lending products, remortgage is making itself known as a more popular tool than ever before. According to the latest data from LMS, remortgage increased in demand last year and claimed a spot among the most valued methods to reducing outgoings. Remortgage activity increased year on year during the month of December 2017 and totaled 39,943. This is a surge of more than 40% from 28,400 in December 2016.

Remortgage activity surprising to many housing specialists maintained a feverish pace in December following the hike in interest rates during the first week of November last year. The standard base rate was hiked 0.25% to its current rate of 0.5%.

Remortgage has the ability to alter the financial path of many households. Many have found savings and freedom from stress by obtaining a remortgage. It is not only possible to lower an interest rate on a monthly mortgage repayment, but it is also possible to gain access to home equity which is sitting idle.

Having access to cash makes achieving financial goals more likely. Building on to a house or renovating a flat is symbolic of moving forward in life and growth. Access to cash through remortgage also makes it possible to pay off old debt, take a family holiday, or retire earlier than planned.

Housing market data from last year paints a picture of solid growth for the mortgage lending tool, remortgage. Many house owners have used this as a way to curb outgoings and housing specialists see this trend continuing through much of this year.