Do you remember the halcyon days of Summer 2003? The sun was shining, temperatures were soaring and interest rates were plummeting to, what was at the time, a 48-year record low of 3.5%. The days were balmy and borrowers were going remortgage crazy - making the most of low rates to switch to fantastic new deals. Lenders were falling over themselves to grab your business.

Things are certainly different now, but  in many ways the current low interest rate environment throws up even more reasons to stay on top of your mortgage and ensure you have the best deal available to you. There is no reason to stay on a standard variable rate with your current lender when it may be possible to obtain a lower rate by switching to one of the best remortgage deals. 

If the Base Rate rises in the future and your mortgage is stuck on a lender’s variable rate or a tracker, you will have to pay more each month the rate rises. But you can cut your loses by switching your mortgage to a new deal that carries a discount. Or, if you are concerned about rates rocketing beyond a level that you can afford, you could switch to a fixed rate. This means your payments will stay the same for the period of the deal, unaffected by changes in the Base Rate. 

Remortgaging is a good way to escape high variable or fixed interest rates and take advantage of some of the current fixed rate, tracker or discount mortgages which have lower rates. 

Borrowers coming to the end of two and three year fixed rate deals will be particularly hard hit as interest rates and mortgage arrangement fees have increased since they took out their loans.  Many people may not be able to absorb any increase in costs and should instead consider switching. If you are coming to the end of your current deal, moving to your lender's variable rate is the cardinal sin as rates are likely to be 1% - 2% higher than you could be paying.

Remortgaging is also a way to raise funds for an expensive purchase. If you have owned your property for a few years, it could be worth much more than your outstanding debt. By taking out a new mortgage you can release money to spend as you choose.

When selecting a remortgage offer it is important to look beyond the advertised interest rate. Many lenders offer low rates in order to propel themselves to the top of the 'best buy' tables, but once you factor in the arrangement fee or other restrictions such as low maximum loan-to-value (LTV), the deal can look far less appealing.

One option for homeowners looking to remortgage is to get expert and impartial advice from a mortgage broker. An independent broker who will trawl through literally thousands of offers to locate the best remortgage deal for you. In order to compare mortgages, which is essential in ensuring you get the right one for your circumstances at a competitive rate, borrowers must work out the total cost - that is the interest rate plus fees and any 'freebies', such as free valuation and legal fees, which often come with remortgage packages. A broker will do all the sums for you and work out which deals are most attractive for your particular situation and provide a no obligation quote.