The base rate is at a historic low and most analysts believe it is there to stay, at least for a few more months.  Another analyst opinion is that now is the time to consider a remortgage into a fixed rate.  They point out the savings which can be realized with a remortgage at such an opportunistic time.  They also underline the fact that many lenders still have very attractive deals on the table just waiting to be scooped up.

With the base rate still at an eye-popping 0.5%, homeowners should be taking advantage of a time in the history of the UK economy that is so fruitful in remortgage products.  The majority of the major lenders still have sweet deals available and they won’t last forever.

The fact that home prices have fallen a good distance also has provided many opportunities in the buy to let market.  If it looks affordable, many housing experts suggest using the remortgage to try going into the buy to let market and test the waters.

Ray Boulger, of John Charcol, commented on the opportunity homeowners should try and take advantage of, saying: "Anyone who is not on a competitive tracker rate or SVR should consider remortgaging, depending on how much equity they have in their property and their credit status.

"There are some good tracker and discount rates available, and the rate gets better as the amount of equity increases, with a few deals available below 2.5%.

"Some lenders offer deals with no early repayment charges and others offer a droplock facility, which means the borrower can switch to a fixed rate without incurring any early repayment charge, if their view on interest rates changes."