Along with most other types of lending, gross mortgage lending has been in decline for a little more than a year. Unique economic news coupled with a change in the political scene has created an uncertainty within the UK housing market which is unnoticeable. Remortgage lending switched into high gear following a drop in interest rates at the end of last summer and has not looked back. Those who were on the fence to remortgage have seemingly done so and now the sector is beginning to pull back a bit.

Remortgage lending overall is down 10% in year on year comparison. It is also down a bit from the six month average which has been taking place each month. The month of May posted 24,248 total remortgage approvals. The six month average of approvals is 26,494.

Remortgage is still providing many UK house owners the means in which to save vast amounts of cash off the cost of the monthly mortgage payment. And lenders remain vigilant offering deals which are suitable to most any economic situation. Overall, experts are still urging any house owners who have not considered a remortgage to do so.

Jeremy Leaf, former RICS residential chairman, says: "At first glance you might think the BBA figures are quite encouraging but when you consider what was happening 12 months ago, one realises that they are not quite as impressive as they might seem. Last May the housing market was still reeling from the imposition of the 3 per cent stamp duty surcharge on second homes so we would have expected approval numbers to have been considerably above where they were this time last year.”

Leaf added: “Looking forward, there is no indication that we will see a bigger correction in the property market, just a continuation of what we have seen over the past few months - more cautious trading and more realism among buyers and sellers."