Remortgaging could help many consumers with debt management, it has been suggested.

According to mortgage specialist John Charcol, the Bank of England’s decision to raise interest rates by 0.25 per cent this month will cause many homeowners to develop further difficulties in making secured and home loan repayments.

However, product specialist Katie Tucker claimed that as interest rates could rise further over the rest of this year, a remortgage could save consumers hundreds of pounds on their monthly repayments - particularly for those coming to the end of their discounted or fixed-rate deal.

She said: "Millions of people are now realising they could save money with a remortgage."

Ms Tucker suggested that those considering a remortgage may be able to raise extra money to make Debt Consolidation loan repayments or carry out home improvements.

Figures released by John Charcol indicated that remortgaging from a 7.5 per cent standard variable rate for a £100,000 mortgage to a 5.34 per cent product could save consumers some £147 a month.

"With figures like this, even a one month delay loses you money," she added.

Earlier this week, James Carrick from Legal & General suggested that the Bank of England could increase interest rates beyond the six per cent barrier as it looks to rein in inflation - a move which could squeeze many borrowers’ ability to make secured and home loan repayments.

Interfinancial providing you with breaking secured loan news.