With the tougher than nails economic climate which we are all enduring right now, it is surprising that anyone is looking to purchase a home. If all things went according to logic remortgages would be on a massive upswing.

The Bank of England just voted to maintain the base rate at the record low level of 0.5 per cent. The monthly savings alone on a remortgage should cause thousands of homeowners to at least investigate what the process is all about. Furthermore, a homeowner needs to get their hands on a remortgage calculator to get an idea of how much they will save each month and what their exact pay off date is.

However, John Charcol has published some figures saying more and more residents of the UK are purchasing homes for themselves rather than taking the remortgage plan.

Drew Wotherspoon, Director of Marketing for John Charcol mortgage broker said: "For those borrowers who are in a position to remortgage it would seem that they are waiting for some movement in bank rate, or at least some more definitive information as to when it will move. Whilst this strategy is understandable, increasing numbers of borrowers could be considerably better off if they moved their home loan now."

The UK has seen changes in the landscape of the housing market for several months now. This resulted in a corresponding change in the rates available for mortgage and remortgage. Remortgaging numbers have taken a small dive down to 24,949 during the month of June. This is a decrease from May of 2.6 per cent.

While the mortgage and remortgage rates all over the UK are at record lows, people still are demonstrating much caution and waiting until they can place more confidence in the economy overall.