Remortgage activity remains strong with July economic data. Gross remortgage lending grew almost 3% in number compared with the same time last year and totaled almost £25bn during the entire month. Home owners are finding deals from numerous lenders propping up the amount being remortgaged. The buy to let sector is also remaining strong as the hot months of summer come to a close. Some experts feel the specialized sectors such as residential and buy to let will likely slow due to fewer owners of tracker and variable rate mortgages.

Remortgage has had a strong July mainly because of the rush to remortgage which took place in the month prior to the increase in the standard base rate which took place earlier this month by the Bank of England. The rate was increased from 0.5% to the current rate of 0.75%.

Home owners still searching for a potential method to saving money this summer are able to find attractive mortgage lending deals from a number of lenders. Competition remains quite robust within the lender market as they are searching for additional clients.

Richard Pike of Phoebus Software believes remortgage figures will likely cool off in the coming weeks.

Pike commented on the possibility for the slowdown coming in the near term as well as how Brexit will affect lending, saying: "As we approach the deadline for Brexit even the threat of a no deal is likely to weigh heavy across our economy, how that will manifest itself in the housing market is difficult to predict, but it could bring along a stagnant period while people wait to see what happens."