48% of consumers took out a five-year fixed rate product – the most popular rate in April – according to the new LMS Monthly Remortgage Snapshot.

The report found that there was a £206 average monthly payment decrease for those who remortgaged in April.

There were 52,560 remortgages in April, down from 52,560 in March.

The average loan amount was £168,600, down from £172,390 during the previous month.

Nick Chadbourne, CEO of LMS, said: “Borrowers are taking control of their monthly payments and locking into longer term fixed rate deals, with nearly half opting for a five-year fixed rate product. This trend carries on from March, where 45% of borrowers selected this fixed term.

“It’s also great to see that 65% of borrowers decided to remortgage using the guidance of a broker, highlighting the importance of advice in the remortgage process.

“Another interesting observation is that 48% of borrowers chose to increase their loan size by taking advantage of the competitive rates available. This gives borrowers the flexibility to alter their monthly repayments and use the additional funding on home improvements, as we are seeing many choose to ‘improve not move’.”