All data pointed to strong remortgage activity during the year 2016, but the latest figures show more than just a strong year within the sector. Homeowners did not just discover the unique lending tool; they took full advantage of the benefits which were possible. It is a symbol of what a remortgage is capable of doing for the everyday home owner looking to save money.

According to the latest data from LMS, remortgage lending increased more than 20% in 2016 compared with 2015. For the year, total remortgaging surpassed £65 billion.

Even though remortgage is still widely unknown to many house owners, the total number of approvals for the year 2016 was just short of 385,000. This represents an increase of 15% when compared with the previous year.

These figures are even more surprising considering the state of remortgages during the economic crisis. The number of remortgages fell 50% from the year 2008 to 2009.

Andy Knee of LMS commented on current remortgage data, saying: “2016 has been a year of turbulence. But it has been a positive one for remortgaging, which bounced back from the slump it encountered in the wake of the 2008-09 financial crisis, and is now 64% more valuable than in 2010.”

Knee added: “Remortgaging was driven by record low rates throughout the year, enabling homeowners to make substantial savings to their monthly outgoings. Anticipation of interest rate rises in recent months has also encouraged more people to remortgage with many opting to fix for longer. We’re already witnessing surging where the last lender to raise rates experiences huge application volumes as buyers desperately try to take advantage of the lowest rates. Ten year fixed term mortgages are also becoming increasingly popular as people seek longer-term security while the terms of Brexit continue to be thrashed out.”