LMS has reported a £202.44 average monthly payment fall for those who remortgaged in June.
46% of those who remortgaged took out a five-year fixed rate product, the most popular product in June.
The average loan amount is £174,685 – up from £168,259 in May.
Nick Chadbourne, CEO, LMS, said: “Remortgage volumes continue to remain near a 12-month high. Last month saw volumes reach a peak of 54,624, while June only saw a small drop to 53,516. This is a particularly strong sign the market is in good health, considering borrowers tend to turn their focus towards holidays and trips away with family during the summer period.
“It’s great to see that brokers are a large part behind this drive, with 67% of borrowers choosing to remortgage because it has been recommended by their broker.
“With wider economic uncertainty still lingering, five-year fixes continue to grow in popularity, with 46% of borrowers opting for this product, up from 44% last month. In comparison, over a third (37%) chose a two-year fix.
“As we move into the summer months, both new enquiries and completions are likely to continue growing. This is particularly the case in the South East, which saw the highest number of completions this month.”
