There was a £277.01 average monthly payment increase for those who remortgaged in June, according to the LMS Monthly Remortgage Snapshot report for June.

The report also revealed that 46% of borrowers increased their loan size during the month and 45% of those who remortgaged took out a 5-year fixed rate product, the most popular product choice.

Of those surveyed, 24% said their main aim when remortgaging was to have lower monthly payments.

In terms of remortgage loan sizes, 46% increased their total loan size;       38% saw no change in their total loan size and 16% reduced their total loan size

The average loan increase post remortgage was £22,244.27 while the average loan decrease post remortgage was £11,648.81

With regard to monthly loan repayments, 56% increased their monthly remortgage repayments;  11% saw no change in their monthly remortgage repayments and 33% reduced their monthly remortgage payments

The average remortgage loan amount in London was £377,376 while the average for the rest of the UK stood at £175,488, making remortgage loan amounts 115% higher in London than in the rest of the country.

The longest previous mortgage length was found in the South West at 75.95 months (6.33 years), while the shortest was in Yorkshire at 67.45 months (5.62 years), making the longest previous mortgage term 12% longer than the shortest.

Commenting on the latest data LMS chief executive Nick Chadbourne said:

“June presented a relatively flat picture for new remortgage instructions, indicating stability in borrower activity. Completions, however, saw a decline, resulting in a buildup of pipeline volumes as we headed into July.

“This slowdown in completions is not unexpected, given the significant spike in product expiries at the start of July, which naturally shifts completion activity into the new month.