IT IS estimated that more than eight million UK homeowners could save £billions by switching to a new mortgage. Since interest rates are at their lowest in many years, switching your mortgage loan could save you hundreds of pounds every month.

Remortgaging is becoming increasingly popular, so much so that recent figures by the council of mortgage lenders show that remortgages constituted 50 per cent of the total money lent to householders in January 2003.

This figure is expected to rise this year as most people are opting to take advantage of the low interest rates. With rates at a 45 year low, staying with your existing lender could be an expensive option so it is imperative to check that you still have the best deal available for your particular needs.

In fact, many people with a standard variable rate mortgage of more than £30,000 to £40,000 and no redemption penalties would almost certainly get a better deal, and those with redemption penalties or larger mortgage loans may still find it attractive to move, giving them the opportunity to reduce their monthly mortgage repayments on a more preferential rate.

In a nutshell, remortgaging is when you take out a new mortgage in order to repay the old one.

This may involve switching to a different lender but in any case, the point is to find a deal that will improve your existing mortgage terms and monthly payments.

Julie Hyde, managing director of Hyde Associates said: "Everyone who has a mortgage should be looking to remortgage every two to three years, depending on their redemption penalties, as it almost always leads to savings in both the short term and long term."

Here are just some of the benefits of remortgaging which Julie believes most people can benefit from.

If you feel that you are paying too much for your mortgage or you would like more details on how you can save money by remortgaging - call Hyde Associates Independent Mortgage Advisers on 0113 2188890.