The latest research regarding the UK housing market suggests now is the perfect time to remortgage due to an abundance of practical mortgage funding products and falling rates. Lenders are making a favourable market for borrowers even more attractive as the month of increased base rate looms. The remortgage market is now seeing more activity than it has in the last four years.

Charlotte Nelson, finance expert at Moneyfacts, commented on the current climate which exists for those looking to remortgage, saying: “Growing product numbers and falling rates have created a perfect storm in the remortgage market, and borrowers are rushing to take advantage.

“Some rates have witnessed particularly dramatic reductions since the beginning of this year.”

Nelson added: “The average two-year fixed mortgage for remortgage customers has fallen by an astonishing 0.39% in just six months, for example.”

There are many remortgage deals on the table which make it possible for house owners to reap huge benefits, especially with the average standard variable rate sitting at just below 5%.

Nelson continued, saying: "By switching to the average two-year fixed rate mortgage, customers with a £150,000 mortgage over a 25-year term can potentially save £2,196 in just one year. Wise remortgagors could use the money saved from changing deals to overpay their mortgage, thereby reducing the length of their mortgage term."

Many close to the UK housing market, including Nelson, suggest acting now in order to take advantage of deals which could no longer be available just a few short months from now.