The mortgage market may have shrunk by two thirds in the past year, but there are still 3,400 mortgage deals available. If you are coming to the end of your current deal, you need to move quickly and use every tool at your disposal. Here are five tips to aid your search.

1. Research the whole market

Most mortgage deals are available through brokers, but some lenders, such as HSBC, offer home loans only directly to customers. Confusingly, other lenders will offer some deals through brokers and some direct, controlling the flow of applications. For example, if you have a 10 per cent deposit, you can get a deal from Halifax, but only through its branches.

Speak to your current lender first to ask what it can offer you not to switch. A mortgage broker can advise you on the whole of the market, but don't stop there. Call lenders to ask about special deals, use comparison websites and read the personal finance pages, such as Times Money, to keep abreast of the market.

View best buys at timesonline.co.uk/mortgages.

2. Reduce your loan

The lack of funding in wholesale markets has led to a dramatic reduction in the mortgages available. The best rates are usually reserved for borrowers with at least 25 per cent equity in their property. To qualify for the best deals try to overpay each month or use any extra cash to clear a lump sum from your debt. However, always check with your lender first because some may levy a charge or impose a limit on the amount that you can pay each month.

3. Check and improve your credit record

In the current financial climate, banks and building societies are increasingly nervous about lending to customers who have an imperfect credit history. Even a missed mobile phone payment can weigh heavily on the mind of your lender when considering you for a loan.

You can obtain a copy of your credit report from one of three credit reference agencies - Experian, Equifax or CallCredit - either online or by paying £2 for a copy through the post. Update your details, correct any information that is wrong and close down any unnecessary accounts to improve your overall credit score. Make sure that you are on the electoral roll and your address details are up to date.

4. Choose wisely and factor in all costs

The fees charged by lenders can add thousands of pounds to the cost of your loan - and the best rates carry the heaviest fees, so it is important to look at the total cost of the deals that you are considering.

David Hollingworth, of L&C Mortgages, the broker, says: “In general, homeowners looking for a larger deal should opt for lower rates and higher fees. However, those looking to borrow about £100,000 should opt for the smallest fee possible.”

Remember to add any other costs, including legal fees, when calculating the cost of remortgaging.

5. Be decisive as deals disappear quickly

Last month homeowners would have been baffled by the number of changes being made to mortgage deals. Lenders were pulling offers and revising rates at lightning speed as the global financial crisis gathered momentum.

In the past week the pace of change has slowed somewhat, but if you do come across a good deal, don't drag your heels.

Fortunately, lenders will allow you to book into a new deal up to six months before your remortgage deadline. Booking in advance will ensure that you will avoid having to suffer a period on your lender's standard variable rate, which is likely to be much higher than the rate on your current deal.