Recently, it was reported by the UK’s largest property services group, Countrywide, that according to their data, remortgages applications had reached a record high in 2010. In November 2010, remortgages made up 29% of all mortgage applications. Ray Boulger, a senior technical manager at John Charcol, a mortgage advising company, has stated he believes there will continue to be a demand for remortgages in 2011.

Despite the Monetary Policy Committee keeping the standard base rate at 0.5% for another month, there is still the possibility of an increase in interest rates currently available in the near future.

Homeowners are anxious to secure a financially smart remortgage to keep their interest rates low.

For those coming off their lender’s mortgage deal and converting to a variable rate, it is time to seek advice as to whether a remortgage is the right move according to remortgage experts. The market is competitive right now as lenders seek to lure borrowers over to their products. Many are offering free legal work, free applications, and free valuations along with very good rates on both trackers and fixed rate remortgages. It pays to shop around for what is being offered.

Mr. Boulger, commenting on the data released from Hometrack on January 12 that stated 335,000 remortgages are expected in 2011, said: "If one is looking at total mortgages, then the one thing that will start to rise over the next couple of years or so is remortgage activity, which has picked up in the last three or four months.

"I think last year will prove to be the nadir for the remortgage market and it will produce higher volumes this year than last," he added.