The month of October proved to be one of exceeding activity within the UK housing market with remortgage leading the way. Approvals reached a nine year high and boosted overall mortgage lending to quite a successful level, especially when comparing it to last month. House purchase approvals totaled 64,575 in the month of October which is a drop from the month prior which totaled 66,111.

Remortgage has posted strong figures during the last six months and many house owners have found significant savings by obtaining a mortgage product with a fixed interest rate. Not only are they able to save on the monthly mortgage cost immediately, but they are also able to protect themselves from rate rises in the future.

Interest rates recently were hiked in response to an increase in inflation, which spiked to 3% in September. In order to help curb this increase, the Bank of England increased the base interest rate. The base interest rate now sits at .5%. This is still at an historically low level and makes it possible for homeowners to capitalize on great deals still being offered.

Remortgage activity is expected to continue at a strong pace according to housing experts. House owners riding the fence should act soon in order to take advantage of attractive deals remaining on the table. High profile lenders are still looking for new clients as the year comes to a close.

The remortgage is now high on the list of powerful tools to help cut the cost of the monthly mortgage and provide access to valuable home equity tucked away in the corner to be used for old debt, home renovations, and other expenditures.