Due to attractive remortgage deals from lenders, there was an increase in those seeking remortgage. This contrasts reports that new home mortgage demand declined. Those seeking to leave behind their current lenders standard variable rates are finding plenty of reasons to do so.

According to the latest Bank of England lending figures, the value of remortgages increased by 400 million pounds in November.

Recently, Barclays announced an extension of the remortgage deal they first offered back in October 2010. The offer increases the maximum loan-to-value to 80% and gives the borrower a lifetime tracker at 3.68%. This is a rate of 3.18 offered by Barclays plus the standard base rate of 0.5%.

Barclays offers even better rates for those with larger deposits. There is a lifetime tracker of 2.88%, which is a Barclays rate of 2.38% and the standard base rate of 0.5%. This is available at a 70% loan-to-value. There is also a 3.08% rate for those at 75% loan-to-value. This is a rate of 2.58 plus the 0.5 standard base rate.

All the Barclays deals come with no application fee, free legal work and valuation.

HSBC is offering no fees on all of its tracker mortgages until February 6th. First Direct is offering free legals and valuations for those obtaining their remortgage by January 31. Lees Building Society is removing its completion fee of 800 pounds and is also offering free standard valuations on its two-year discount mortgage range.

The increase in remortgage activity is being credited due to the attractive deals available for those seeking remortgage. Specialists recommend that borrowers compare what is being offered by lenders in the market and factor in deals rates and fees when choosing a remortgage deal.