LMS’s latest remortgage report has revealed there was a £195.09 average monthly payment decrease for those who remortgaged in May.

44% of those who remortgaged took out a five-year fixed rate product, which was the most popular product in May.

There were 53,624 remortgages in May, up from 52,745 in April, while the average loan amount is £172,022 – up from £171,622 in April.

Nick Chadbourne (pictured), CEO, LMS, said: “Last month saw a sharp increase in remortgage volumes, increasing from 52,745 in the previous month to 53,624. April and May have been recorded as the busiest months of the year for product expiry rates, for the last two years, so these numbers fall in line with market expectation. Current volume levels now sit at a 12-month high, revealing that despite wider uncertainty, the market is resilient.

“Homeowners are continuing to take advantage of interest rates at near record low levels, just 0.5% above the lowest recorded. Almost half of borrowers (44%) are now opting for a five-year fixed rate product, and once more this trend carries on from what we’ve been seeing over the last couple of months.

“It will be interesting to see if this continues throughout the second half of the year. As we move into summer, both new enquiries and completions are likely rise, delivering a surge in demand for mortgage brokers, lenders and conveyancers.”