The number of mortgage holders refinancing has surged following recent interest rate rises.

Refinancing of existing loans has increased 17% in the past few weeks, while all lenders are reporting very strong levels of inquiries about refinancing.

Borrowers are being encouraged to review their interest rates annually to ensure they get the best deal going.

Comparison websites Canstar, Compare Club and RateCity are some of the better-known websites through which borrowers can assess what other rates are on offer.

Experts advise the first step mortgage holders should take is to contact their existing bank and speak to its retention team.

Advising the retention team that you want to refinance your loan with another lender but want to give them the opportunity to give you a better rate, is often an effective way to secure a better deal without having to change lenders.

Depending on your type and value of loan, most lenders will offer some level of discount to keep a customer.