Many experts had predicted quite a strong showing from the remortgage sector until the beginning of the year. The results, so far have exceeded even the most optimistic advisors to the UK housing market. In fact, monthly remortgage approvals surpassed £6bn for the first time in six years during the month of October signaling the value of the mortgage lending product.

Since the Bank of England hinted at the possibility of an increase in base rate earlier in the year, house owners have been pensive. Many sat on the fence awaiting an increase which could have come into play by the end of this year. That appears now to be almost an impossibility.

However, those house owners who immediately took action are now seeing the advantage of a remortgage compared to those who chose to wait it out and see what happened. Remortgages have been in existence for some time, but many house owners are still unaware of the plethora amount of advantages this type of financial product can offer.

House owners locked into an SVR, or standard variable rate mortgage, have the opportunity to secure a mortgage loan with a fixed rate. This fixed rate does more than just offer protection for the short term. It gives a house owner the protection of the increase in base rate which many are expecting, and it provides a shield of armor against future increases in interest rates.

Remortgages are now available for purchase online. Approval for a remortgage is also a quick process which is typically wrapped up in a few days.