Remortgage activity is at a feverish pace currently with data from the sector supporting the reality which many house owners are now realising. The time to remortgage is now. House owners across the country are in agreement with that sentiment and showing up at the lender’s office with pen in hand. Now is the time to remortgage with many attractive deals on the table and the threat of the Bank of England raising rates at any moment.

July was an especially active month as a year on year rise of more than 125% was posted by the sector. It was followed then by August with a slightly less impressive but nonetheless convincing 87% year on year increase. House owners are currently making a statement regarding the timing of a remortgage.

David Hollingworth, associate director, communications, at London & Country Mortgages, commented on the urgency with which many borrowers are acting upon, saying: "With Bank of England Base Rate at a record low for so long it would be no surprise if some borrowers have become complacent about mortgage rates, especially when it seemed that they just kept on falling.

"However, some mortgage rates have ticked up slightly and, as the discussion around a base rate rise intensifies, more borrowers are bound to review their situation.”

Hollingworth added: “The mortgage market remains highly competitive and many will find that they can cut their mortgage rate by switching to a fixed rate, which could slash their monthly payment as well as offering protection against any potential rise in interest rates."