Experian has built and launched a new remortgage calculator, saying that some borrowers could save up to £5,000 by taking on a new fixed rate.

Indeed, analysis from Moneyfacts shows that average rates within two-, three-, and five-year fixes have all fallen since the Bank of England chopped the base rate to 0.1 per cent.

The firm says that an estimated 10.8 million borrowers are likely to be on a standard variable rate, and just 24 per cent of current or previous mortgage holders remortgaged at the end of their last introductory offer.

It adds that 23 per cent of those on an SVR believe that switching is “too much of a hassle,” while that 16 per cent don’t realise that it is more expensive to do so.

The new calculator, Experian says, takes early repayment charges into account when calculating and listing alternative mortgage offers. It also doesn’t affect the user’s credit rating.

Experian Marketplace managing director Amir Goshtai says: “The fact that lenders still remain open for business for remortgages presents a real opportunity for homeowners to take advantage of low rates.”

“The market is changing rapidly as lenders review their acceptance criteria and product ranges.  This makes it particularly important to plan ahead and allow extra time to complete a remortgage, especially for higher LTV ratios, and to use a broker or eligibility service to help you find the right lender”.

Yesterday, conveyancing firm LMS reported that the remortgage market shows signs of stabilising in its latest activity update.