According to the Council of Mortgage Lenders, volume of remortgage loans obtained within the month of February is down 7% year on year to just slightly more than 23,000. This figure is in line with the majority of activity within the UK housing market for the start of the year and looks to more than likely continue until the conclusion of the general election.

Even though the start of the year has seen little more than hints at a strong season as the warm weather is ushered in, the average amount of equity obtained with a remortgage during the month of February has almost doubled year on year. House owners pushed the level of cash obtained in the process of remortgaging to almost £27,000.

This sudden boost of cash can drastically affect the financial bottom line for any family budget. This is a highlight of a remortgage but not the only advantage. A remortgage also has the ability to decrease the amount of any monthly mortgage payment.

Andy Knee, chief executive of LMS, commented on the impact low inflation is having on remortgages, saying: "Despite inflation reaching its lowest-ever level – falling to zero for the first-time on record – there has been a significant increase in the average amount of equity withdrawn through remortgaging.

"It is apparent, that despite the low inflation we're experiencing, which should provide a boost to household spending power, many families continue to feel the pinch and remortgaging can provide a much needed source of income. It is therefore important that low inflation does not affect the wage growth we've finally started to experience in recent months since affordability continues to remain key."