The report also reveals that 50% of borrowers increased their loan size in August and that 45% of those who remortgaged took out a 5-year fixed rate product, the most popular option.

Some 27% said their main aim when remortgaging was to release equity in their property Remortgage loan sizes

Change in loan size reported by borrowers shows that while 50% increased their total loan size, 29% saw no change in their total loan size and 21% reduced their total loan size

The average loan increase post remortgage was £19,913; while the average loan decrease post remortgage: £13,594.

Providing context to the latest figures, LMS chief executive Nick Chadbourne said: “As we’re nearing Autumn, I was triggered to look at the same point in 2022, just before Liz Truss introduced the mini-budget. At that time, almost 70% of homeowners were taking five-year products, and loan sizes were increasing by around half of what we see today.”