With house prices falling so dramatically during August, remortgaging rather than selling up and moving on has never looked such an attractive option.

Some home owners have been scared into sticking with a rising rate on their mortgage because of fears their application will be rejected by lenders. But with the Halifax index recording a 12.7 per cent drop in house prices since August last year, remortgaging looks like a far more favourable option than selling up at a loss.

If house prices continue to fall, many more borrowers face the prospect of negative equity, so finding a remortgage deal can be key to easing finances.

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