Low interest rates means that it is an ideal time to remortgage your property. If you're paying the Standard Variable Rate (SVR) on your mortgage payments then you're probably throwing money down the drain.

If you currently have a Standard Variable Rate mortgage you are most likely to gain with a remortgage as you are likely to be paying over the odds with higher interest rates and its likely you will not have redemption penalties to pay.

A report from the Consumers Association estimates that about a third of homeowners in the UK are currently paying their lender's Standard Variable Rate and that it's costing them as much as £2.2 billion a year. 

Switching to a cheaper deal is one of the easiest ways that homeowners can save money.  For example, someone with a £100,000 loan who switches from a standard variable rate deal could save about £1,000 a year for each 1% reduction in their interest rate. 

Switching mortgages isn't really that hard as remortgaging has become much easier in recent years. 

More lenders are offering specialist remortgage services - often with free legal and arrangement fees thrown in. 

Remortgaging to raise money

As well as reducing your monthly payments, you can also use a remortgage to releasing equity that has built up in your property's value. 

Which remortgage deal is best for me? 

You will face a choice of broadly four types of mortgage: fixed, capped, discounted and flexible.