Remortgage lending increased in the month of September overall, led by the landlords taking advantage of the low interest fixed rates currently being offered. The Council of Mortgage Lenders (CML) reported that the third quarter of the year recorded an increase over the second quarter for homeowners as well. Only those moving home were less enthusiastic to grab the opportunity of a new deal.

First time buyers increased in volume in a year to year comparison for September. While it is still difficult for many to afford to climb onto the property ladder, those determined are likely choosing to fight to get on before both house prices and interest rates increase. Experts do not see any slowing down of the current trend of rising house prices.

Paul Smee, director general of the CML, confirmed in a statement that the mortgage lending market has increased in pace throughout the year saying, “This quarter shows it is now firmly on an upward trajectory. With competitive rates and high levels of product choice currently available, alongside generally improving economic conditions, we expect this to continue as we head into the New Year.”

Those looking to remortgage or mortgage are encouraged to take into consideration the longer processing times of completing the lending process as well as the holidays that will have to be factored in throughout the end of the year. To take advantage of the current low rate offers, a borrower will have to plan accordingly and pay close attention to the warnings of when interest rates will begin to rise.