The average monthly payment decrease for those who remortgaged in November was £193.39, according to latest data.

LMS’ Monthly Remortgage Snapshot, the latest of which shows remortgage market activity through November 2021, also found that 47% of borrowers increased their loan size in November.

59% of those who remortgaged took out a five-year fixed rate product, while 29% of remortgager’s primary aim when remortgaging was to lower monthly payments.

Nick Chadbourne (pictured), LMS’s CEO, said: “Remortgage activity in November was largely fuelled by an expected Bank of England base rate increase, which triggered banks and building societies to begin pricing an expected rate rise into their repayment rates. For borrowers coming to the end of their fixed term, this rise in rates prompted many shop around to secure the best deal possible, rather than opting for a product transfer, as shown by the rise of 11% in instructions month-on-month.

“The high activity levels we witnessed in November are set to continue for the foreseeable future, spurred on by the high volume of ERC expiries in December. This should keep the remortgage market buoyant as we head into the new year with a flood of new instructions.

“Panel managers will play a vital role in ensuring that every case is processed efficiently and securely. Using their trusted network of conveyancers, and sophisticated technology, they can provide additional security to ensure clients experience a smooth and streamlined journey, despite the increased market activity over the coming months.”