This is the best time for homeowners to switch mortgages if they are thinking about doing so, Post Office personal lending director Marco Hughes has stated.

He added that it could be a good idea to make the transition before interest rates rise any further.

Mr Hughes also noted that there are many good deals currently available.

"Switching mortgage does not have to be a stressful experience and spending a bit of time searching and comparing deals could save you a significant amount of money in the long term," he added.

His comments follow the release of a survey by Post Office Mortgages, which found that 28 per cent of UK borrowers do not know the rate of interest at which they are currently repaying their mortgage.

In related news, the amount of credit approved for house purchases decreased in January when compared to the previous month.

This is thought to be due in part to the weather and the end of the stamp duty holiday.