At a time when the UK housing market is booming with growth in most areas, especially house price growth, many house owners locked in a lender fixed rate mortgage are not sitting so pretty. There are several senior house owners currently under the control of an interest only loan which is making it almost impossible to look forward to the days when it is paid off.

Some mortgage holders are even at risk of moving forward due to feeling like they have been trapped in a mortgage with above average interest rates, according to the Financial Ombudsman. Some house owners looking to move home or remortgage feel like they are stuck or even further like they could be a prisoner of the mortgage product they own.

New lending conditions have created an environment which makes it more difficult to move home or even in some situations, to obtain a remortgage.

David Baker of LIFT Financial commented on the new lending criteria and lack of affordable housing. He said: "The Mortgage Market Review, which came in last April, has meant outgoings like school fees and credit cards are scrutinised more than ever.

Baker added: "Some lenders even look at pension contributions; some clients make huge contributions but from a mortgage point of view that's considered an expense and is deducted when a mortgage affordability calculation is made."

Remortgages have taken a giant leap forward since the inception of being able to apply online. For those seeking a path to a possible lower monthly mortgage payment and access to cash currently sitting in the equity of the house, remortgages are a new reality.