UK housing market mortgage lending activity has been on an upward path lately and the momentum seems to continue into this year, according to experts within the market. November of last year posted a 21% year on year increase in total amount of mortgage approvals, according to figures from the Bank of England. There were more than 121,500 loans approved. This is an increase from 100,629 which took place twelve months prior to this November.

Overall mortgage lending includes not only approvals of new home owners, but existing home owners who have decided to make the wise choice of remortgaging.

Remortgage approvals alone have seen an increase of almost 100% during the second half of last year. This speaks volumes about the number of attractive deals still available from high profile lenders.

Brian Murphy of Mortgage Advice Bureau commented on the latest mortgage lending figures, saying: “Approvals now stand significantly higher than they did in November 2014, driven by strong growth in lending to both homebuyers and existing homeowners. Activity has also been encouraged by record low mortgage rates, which make monthly payments more affordable.”

Murphy added: “Research from MAB shows the value of a house for remortgage reached a 13-month high in November, giving borrowers a significant boost to their housing equity. This puts homeowners in a strong position to access affordable mortgage deals, providing an extra incentive to remortgage.”

It is now possible to not only research and compare remortgage deals online, but obtain a remortgage online as well.