Remortgages jumped by 51% in February compared to the previous month as borrowers look to ease household budgets, according to LMS’ Monthly Remortgage Snapshot.

It adds that 23% of remortgages were completed in the month, compared to January, adding that activity “will almost certainly remain very high throughout March” as a large early repayment charges date approaches.

The most popular main aim when remortgaging was to lower monthly payments, cited by 28% of borrowers.

The survey by the conveyancing firm says 42% of borrowers increased their loan sizes in February, with average monthly payments lifting by £208.

It adds that 62% of those who remortgaged took out a five-year fixed-rate product, which was the most popular product in February.

LMS chief executive Nick Chadbourne says: “February has seen an uptick in remortgaging activity with almost 25% more completions compared to January.

“Activity will almost certainly remain very high throughout March with the next big ERC date – 1st April – fast approaching and the fact that lenders are pulling products from the market due to the heightened level of uncertainty and making borrowers make increasingly frenzied decisions.

“Processing requests quickly and efficiently will be key in keeping borrowers happy while dealing with the high levels of remortgage activity which is predicted to remain throughout 2022.”