The vast majority of homeowners now want to remortgage their homes.

Research conducted by the Homebuyer Show found that three quarters of people who own their own home would like to take out a new mortgage.

Rising consumer debt and recent low rate fixed deals have been cited as causes.

In addition, homeowners would use any extra cash from remortgaging to fund property improvements to their home.

Nick Clark, managing director of the Homebuyer Show, said that homeowners could save thousands by remortgaging.

"Lenders often bring out attractive deals for new borrowers but leave existing borrowers paying higher interest rates," he said.

"By swapping to a more competitive mortgage deal homeowners can decrease their monthly repayments, and even release some capital to reinvest or to fund home improvements.

"Locking into a fixed rate deal at a time when rates are historically low can also provide reassurance for the future," he added.

Financial advisors estimate that homeowners can save up to £4,400 on their rates when they remortgage to a better deal.

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