Remortgages are more popular by the week currently, due to the recent remarks by the Bank of England. Many house owners are responding in an urgent fashion to securing a fixed deal and whilst there are many fine deals still on the table, time is running thin possibly before a rise in rates takes place. On average, the typical remortgage loan now sits at more than £170,000. This is a July figure and the highest to date for some time, according to data from the Mortgage Advice Bureau.

Brian Murphy of the MAB commented on the current state of growth within the UK housing market, saying: “Homeowners have benefited from significant house price rises in recent years. For example, someone who bought their house five years ago may have seen the value of their home soar by almost a third, according to the Office for National Statistics. As a result, many homeowners are in an ideal position to use their property to release extra funds.”

The average rate for a five year fixed deal according to Moneyfacts.co.uk is 3.29%.

Murphy continued: “Mortgage rates have been tumbling since the beginning of the year, and many borrowers have jumped at the chance to secure a low-rate deal. However, a few high street lenders increased their pricing recently – suggesting we may fast be approaching the bottom of the curve.

“Delaying too long could mean borrowers miss out on the chance to shave significant amounts off their monthly repayments, so anyone looking for a mortgage in the near future would do well to get the ball rolling.”

He added: “Although not suitable for everyone, fixed-rate deals can protect against rising interest rates and extend the life of today’s record low rates.”