Remortgaging in the UK is enjoying quite the glory days currently as house owners are increasingly looking to the financial tool for positive impact to the monthly family budget. An estimated 15% of all house owners are expected to look into a remortgage during the next six months, according to the latest research. The estimated savings per household is about £100 per month off the cost of the mortgage payment.

The average number of house owners looking to remortgage is also the increase month on month in the amount of remortgage activity, according to the Council of Mortgage Lenders. Recent cuts in the interest rates of remortgage lending indicates house owners will likely find deals which feature fixed rates below 2%.

Ian Gibbons of Nottingham Mortgage Services commented on the latest news surrounding remortgage activity, saying: “The mortgage price war is interesting to existing home owners who are keen to take advantage of the record low rates. With interest rates expected to rise in the coming years then now could well be the right time for many to consider whether there are savings to be had.

“Potentially savings are higher than the average £99 a month people are looking for. Someone with a £150,000 mortgage who moved from a deal at 4% to one at 2% could be around £3,000 a year better off.”

Gibbons added: “However, to secure the best remortgage deal it is important to look at more than the base rate. You need to search the whole market and to be aware of the product fees that may be charged. A great rate won't save you much if you have to pay a high fee.”