The LMS Monthly Remortgage Snapshot shows a £370.13 average monthly payment increase for those who remortgaged in September.

The data also reveals that 49% of borrowers increased their loan size in September and 44% of those who remortgaged took out a two-year fixed rate product, the most popular product last month.

Some 31% of those surveyed said their main aim when remortgaging was to release equity in their property.

With regard to change in loan size reported by borrowers,  49% increased their total loan size; 32% saw no change in their total loan size and 19% reduced their total loan size.

Commenting on the latest numbers, LMS chief executive Nick Chadbourne said: “As the summer ended, we were waiting to see if the usual seasonal remortgage uplift would kick in, and it has. Over 33% of all product expiries in 2024 will happen in Q4; therefore, it’s no surprise to see the increase in instructions. Specifically, the end of December consists of the highest number of product expiries for a single month across the whole of 2024.”

He added: “Even though rates are forecasted to drop in 2025, we are still seeing a large number of customers choosing to fix over the longer term. Two -year fixed rates are the most popular at 44%, closely followed by 5-year rates at 42%, emphasising customers’ desire to lock in certainty over the long term.”