Home owners have new information available to them in regard to how much a remortgage can change the complexion of a family budget. The mortgage lending tool has gained popularity in recent years and is now at the top of many lists as the most effective way to save money each month. Remortgage transaction numbers are rising and new data is confirmation. Approvals increased almost 10% month on month from March to April.

Remortgage transactions are increasing and more lenders are offering attractive deals to prompt this increase. Many house owners are coming to the end of a two year variable rate mortgage term this month and could be in line to save more than £2,000. Considering the option at this point is quite obvious for most and is thought of by many as a no-brainer. House owners looking to find immediate relief from the stress of tight finances each month are urged to take a look at remortgage and apply. The process is quick and easy and can be done entirely online.

Charlotte Nelson with Moneyfacts commented on the benefits of remortgage, saying: "The motivation to remortgage has been edging up in recent months and now those coming off a cheap two-year fixed rate could potentially see a rate rise of 1.72% on average. This is a marked increase, particularly when compared to the average two-year variable rate tracker, which stands at 1.88%."

Nelson added: "With the average two-year fixed rate standing at 2.30%, borrowers will find they could be £184 a month or £2,208 a year better off if they switch from the average SVR to the average two-year fixed rate mortgage [based on a £150,000 mortgage over 25 years on a repayment-only basis]. This huge savings potential is what is driving many to remortgage away from their SVR and on to a new deal."