Fear of the unknown placed its hands on the shoulders of many house owners and house hunters following the Brexit vote and recent research confirms it. According to the Council of Mortgage Lenders, mortgage lending fell 13% in July month on month and 12% compared to the same time last year. First time buyers were especially anxious as they borrowed 20% less month on month and 6% less compared with the same time last year.

The remortgage sector however, painted a different picture. Remortgage borrowing increased 7% month on month and 20% more than the same time last year. For the month of July, house owners obtained £6bn in lending to secure a more attractive mortgage deal for their property.

Remortgage borrowing is now directly competing for the top spot of all mortgage lending within the UK housing market. It is nearing the point of overtaking those moving home for most mortgage lending.

This surge in remortgage lending is not being referred to as temporary by many housing experts, either. Due to the recent cut of interest rates from 0.5% to 0.25%, remortgagors are increasing in application numbers and are on track to become the highest number of mortgage borrowers in the near future.

Paul Smee of the CML commented on the latest data to emerge, saying: “It is hard to determine whether these figures reflect a first uncertain reaction to the referendum vote, or are a sign of a market which was already cooling.”

Smee added: “It will be quite some time before a full assessment can be made. We do believe that the buy-to-let lending market is still readjusting after the large level of activity before the changes to stamp duty on second properties in April. “