Although events of last year could have been traumatic to the overall health of the UK housing market, it has remained resilient and come out on top, and in some cases has flourished. According to experts close to and within the housing market, little growth is expected specifically in the area of mortgage lending. That being said, the same cannot be mentioned about the potential of remortgage lending.

Remortgage data from the last few months is especially strong. Although this is atypical behaviour of the sector for this time during the year, data was especially pointing in a positive direction. Conditions within the UK housing market are still prevalent for favourable times to continue, as well. That is until the interest rates are hiked once again.

According to data from the Council of Mortgage Lenders, almost 15% more remortgages were approved during the year of 2016 compared with the year 2015. This is an overall increase in value of 20% compared to the year prior. Remortgage lending has not been this strong in seven years.

Paul Smee of the CML commented on housing market data, saying: “We do not expect the market volumes to show a year on year increase in 2017, instead it will remain similar to that achieved in 2016.”

Comments like these and others from industry insiders confirm house owners will likely remain optimistic about the possibility of a remortgage helping the family financial bottom line. Lenders will also likely be offering remortgage products which can be beneficial to most cases within a family budget.