Data compiled by Moneyfacts showed that the number of remortgage deals on the market is currently 2,402, significantly higher than the 1,676 found five years ago.

The average two-year fixed rate remortgage is now on offer at 2.57%, lower than the 3.43% recorded six months ago and significantly down on the 4.39% average five years ago.

Five-year fixes are also down. Today the average rate is 3.11%, down from 3.43% in March and 5.31% five years ago.

Charlotte Nelson, finance expert at Moneyfacts, described the increasing number of products and low rates as the ‘perfect storm’.

Borrowers can make savings by switching their mortgage deal, she said.

“It seems that now is the perfect time to remortgage; growing product numbers and falling rates have created a perfect storm in the remortgage market, and borrowers are rushing to take advantage,” she said.

“Some rates have witnessed particularly dramatic reductions since the beginning of this year: the average two-year fixed mortgage for remortgage customers has fallen by an astonishing 0.39% in just six months, for example.

“With the average Standard Variable Rate (SVR) standing at 4.82% today, it’s unsurprising that more and more consumers are remortgaging to a better deal: by switching to the average two-year fixed rate mortgage, customers can potentially save £2,196 in just one year.”

However, Nelson urged borrowers to act quickly, before rates begin to rise.

“With the Mortgage Market Review now firmly entrenched in bank policy, some remortgage customers will be shocked by the changes in the mortgage process. But as long as remortgagors get their finances in order, there is nothing to worry about.

“If you are considering remortgaging to a low-cost mortgage, act now to avoid disappointment. These attractive deals will not be around forever.”