Those watching the mortgage lending market and the housing market are well aware that there is a long way to go toward recovery but any positive growth is welcomed with opened arms no matter the growth level.  In July there was a slight kick to the level of mortgage and remortgage approvals.  The increases were however below the average for the previous six months and therefore opinions are guarded as to what to expect of the future and if demand from borrowers will remain.

Mortgage approvals rose from 44,124 in June to 47,312 for July according to the data from the Bank of England.  Remortgaging increased by 1.1% in a comparison for the levels between June and July and that was the biggest jump since January.

To reveal how far the mortgage lending market and housing market is off the mark of “healthy and recovered” consider that in July 2007 there were 120,000 housing transactions and in July 2012 there were less than 50,000.

Currently, mortgage and remortgage lenders are competing for borrowers.  This has put very good deals on the market with low interest rates.  Just a few weeks ago the best deals with long term fixed rates were accompanied by high fees.  However, to sweeten the deals lenders are now lowering their fees or making their deals fee free.

Homeowners considering a remortgage should take the opportunity to shop around and see what is available.  Hopeful property buyers will find that loan to value levels are more realistic and lenders are easing up on the lending criteria when compared to months ago.  It is definitely a time to shop around while lenders are looking to make deals and trying to do business with borrowers rather than holding onto funds tight fisted.