The recession offered one advantage and only one and that was that the interest rates of both remortgages and mortgages are low.

The credit crisis witnessed the Government of the UK introducing a bank Of England Base lending Rate of only 0.05% which was the lowest in history.

The country was in the midst of a deep recession with the economy of the UK not rising at all and in the midst of the slump the construction industry ground to a total stand still and private builders of large plush estates were left with thousands on unsold properties throughout the entire country.

Houses built by builders who had become house hold names remained unsold to such an extent that the builders offered all manner of incentives such as gardens fully land done, homes fully carpeted, etc.

Sometimes massive discounts were given off the purchase prices with homes previously on sale for 700,000 being reduced by 100,000 or even more than this.

Because of all this the Government brought in the historically low 0.05% interest rate hoping that the economy in general would benefit from low rates of interest and that it would also help encourage people to buy properties

When some wants to buy a home they must always apply for a mortgage and with the base rate at the lowest rate in history, mortgages and also remortgages followed and were at their lowest ever interest rates.

Tracker mortgages and their associates remortgages which follow the base lending rate therefore had their lowest ever interest rates and even now that the recession is over tracker remortgages and mortgages are still available from only 1.34% above base giving a rate of only 1.84%

Naturally tracker remortgages and mortgages will inevitably rise when the base rate of the Bank Of England goes up.

However fixed rate mortgages and remortgages are also very low currently with rates available from 2.99%

Fixed rates obviously are fixed at the same interest rate for a certain time which is from one to five years normally.

As such this would make it an ideal time to apply for a fixed rate mortgage or remortgage when rates are still low because they will not stay this way forever, and it is important to arrange a good deal when you still can

Looking to find the best deal on remortgages then visit www.championfinance.com to find the best deal on remortgage for you.