Increasing numbers of homeowners are planning to switch their mortgage to take advantage of better deals, according to Homebuyer Show research.

The number of people considering remortgaging has been rising consistently over the last three years and is up by 10% since last year, with more than 75% of homeowners considering remortgaging compared with just over 65% twelve months ago.

The survey also revealed that the majority of homeowners considering remortgaging would look to reinvest any extra money back into property, either through home improvements to their existing houses (30.6%), or to help fund further property investments (38.7%). Just under one in ten plan to spend the money on a car or a holiday.

With speculation that The Bank of England will decrease rates by a further quarter point in the spring, homeowners are seriously thinking about whether or not they are getting the best deal on their mortgage package.

Nick Clark, managing director of The Homebuyer Show, comments: "Shopping around for a better deal on your mortgage has become increasingly common for both homeowners and professional investors."

"Increasing levels of debt have had a knock on effect on the industry, with owners realising they don’t have to stick with their current provider once the initial special offer period has run out."

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

The Homebuyer Show will be held on Friday 17 March (10am to 6pm), Saturday 18 March (10am to 5pm) and Sunday 19 March (10am to 4pm) at the ExCeL Centre in London’s Docklands, easily reachable by car or public transport. Entry to the Show will be free but with an additional admission charge for seminars and debates. For further information on the Show including advance booking for tickets and seminars, visit www.homebuyer.co.uk.