Spring is traditionally a good time to be moving house and this year it is probably the best time for a while to take the plunge.

Why?

Well, apart from the fact that winter is behind us and people feel more like making such a move, the economic climate is probably giving us a nudge too.

Interest rates are low at the moment and so it is a good time to borrow money, especially as there are still deals to be had for just a 5% deposit.

There’s something of a price war going on amongst lenders and with rates so low, the number of remortgages jumped 46% in January.

Just last week Yorkshire Building Society announced a 0.99% two-year fixed rate – albeit only available with a 40% deposit and a hefty fee. Nevertheless, rates are low and there are stacks of rates at just over 1% for two-year deals and around 1.8% for five-year fixed rates, if you have a reasonable deposit. Even if you have just a 5% deposit, you can still get a five-year fixed rate deal for around 3.7%.

But there are concerns that rates won’t stay this low for ever. Inflation is on the increase and the Bank of England might have to respond by raising its interest rate. That would prompt mortgage rates to go up too.

At the same time, the whole uncertainty surrounding Brexit and what is going to happen to our economy in the coming years, also points to this being a good time to  get any house purchases or remortgages sorted out.

After all, it’s possible to fix your mortgage rate at a really low level for, say, five years, by which time we should be beyond any Brexit problems or at the very least have a clearer picture of where we are.

It’s also a great time to remortgage, if you’ve been sitting on your lender’s Standard Variable Rate or you’ve just come to the end of a deal and want to fix your loan again, at a low rate.

Research by L & C Mortgages showed that more than a third of homeowners are still on a standard variable rate.

Such a rate is likely to be more expensive than fixed-rate deals and could go up if interest rates do rise. Worryingly, the research discovered that 3.4m households didn’t know the rate they were paying on their mortgage.

L & C’s research suggested that by switching to a better deal, homeowners could save up to £216 a month or £2,500 a year. Some 58% of households have never remortgaged to save money.

So, whether you’re thinking about taking the plunge and buying a property for the first time or looking to remortgage and fix your rate, you’d be an April Fool not to think about doing it this spring!

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