Recent mortgage and remortgage lending figures for the month of May have painted quite a descriptive picture. As house prices have increased over the last one year to eighteen months, the number of those able to afford a spot on the property ladder or to move home is being squeezed. Wage growth and tighter lending criteria is placing a barrier in front of many which is tough to overcome. Many first time buyers are not just resorting to saving their funds for a future purchase, they are choosing to live with mum and dad until conditions improve enough for them to start legitimately saving for their first home.

Currently, saving is tough business. First time buyers are finding saving for a first property difficult, especially with interest rates as low as they are right now. Historically low interest rates combined with low wage growth and tough lending requirements are placing first time buyers in a corner.

Help to Buy and other government sponsored programmes are benefitting many, but there are also many who are finding it difficult even with the special first time purchase schemes. There is a sector however which continues to shine brighter than most everything else in mortgage lending.

Remortgage is a bright spot in a housing market which contains many question marks. It is providing many benefits to a great number of house owners. In the month of May, remortgage activity exceeded many expectations as it grew 8% month on month. Totaling 51,000, this is the highest number of remortgage approvals since the month of November 2017.

Home owners are urged by housing specialists to consider remortgage now if they have not done so already. An interest rate hike could be coming in the month of August and fixed, low rates are now available in abundance.