The total value of remortgage lending in 2022 will hit £107bn, calculates Revolution Brokers.

This marks 29.5% growth on the previous year and is 6% higher than was lent out in 2019.

Conversely, the firm says that lending for home purchases will fall by 9.1% on the year, to £193.9bn.

“Previously, it was new homebuyers driving market performance, with those already on the ladder having very little reason to remortgage before their initial terms had expired,” says Revolution Brokers founding director Almas Uddin.

He continues: “What we’re now seeing is a decline in lending on new home purchases as a string of base rate hikes have pushed the cost of borrowing upwards.

“At the same time, there’s been a lift in activity from those remortgaging, keen to lock in a favourable rate before mortgage rates increase any further.”

Put together, the total lending secured on property is expected to grow 2% to £314.6bn this year – a boost of £6.1bn on 2021. And compared to 2019, this represents 17% growth.

Uddin concludes: “Despite the turbulence of the current economic landscape, the overall health of the mortgage sector remains strong and we’re on course to see the largest total level of lending since 2019.

“However, when dissecting the market by the various types of lending, it’s clear that the pendulum is starting to swing in the opposite direction to that seen for much of the pandemic market boom.

“While we’ve certainly seen the beginning of the end where the pandemic market boom is concerned, it’s not yet clear to what extent the market will now stutter.”