The volume of remortgages went up to 52,938 from 52,251 in November while the three-month rolling average loan amount nudged up to £178,613 from £175,53 the month before.

The average remortgage loan amount in London and the South East was £288,154, with the national average currently at £39,891 – a difference of 51.5%

There were 45% of remortgaging borrowers who increased their loan size, 36% kept it the same and 19% reduced it.

The average loan increase post remortgage was £20,146 and the average loan decrease was £10,501.

Monthly loan repayments increased for 43% of remortgagors, 14% saw no change and 44% reduced their monthly remortgage repayments. The average monthly repayment increase was £182, as was the average monthly repayment reduction.

Nick Chadbourne, CEO of LMS, commented: “Average loan amounts grew in December, as we saw an increase of 3% across the country with borrowers taking advantage of competitive rates to release additional equity.

“The North of England spearheaded loan increases, with growth of 10% in both the North West and Yorkshire. The North East, however, recorded a fall in loan size for the second month in succession, with loan sizes dropping by 8% in December.

“As it stands, the remortgage market is forecasted to be flat in 2020. A base rate reduction, however, paired with greater political certainty, could lead to the ‘Boris Bounce’ being felt within the remortgage market, as borrowers look to leverage the low interest rates through fixed products and releasing equity from their property.”