43% of borrowers increased their loan size in February, according to the LMS Monthly Remortgage Snapshot.
According to the data, there was a £373.58 average monthly repayment increase for those who remortgaged in February.
In total, there were 31% less remortgages completed throughout the month, while pipeline cases increased by 4%.
In addition, 47% of those who remortgaged took out a 2-year fixed rate product, the most popular product for the month.
When questioned, 29% said their main aim when remortgaging was to lower their monthly payments.
Regionally, the average remortgage loan amount in London was £340,979, while the average for the rest of the UK stood at £172,333, making remortgage loan amounts 98% higher in London than in the rest of the country.
The longest previous mortgage length was found in the West Midlands at 77.22 months (6.44 years), while the shortest was in Wales at 61.86 months (5.16 years), making the longest previous mortgage term 24.83% longer than the shortest.
Nick Chadbourne (pictured), CEO at LMS said: “The market may appear to be volatile in terms of rate moves, with some lenders quickly shifting pricing, however from a borrower’s perspective rates are relatively stable and have been for some time.
“While the media often like to announce when large lenders increase or decrease rates, the reality is that rates are likely to remain stable for the foreseeable future.
“This stability should provide confidence for those looking to remortgage or move home.
“While this is the case, shorter-term fixed-rate options, notably the two-year fixed-rate product, remain highly attractive to remortgagers.
“Almost half opted for these short-term deals in February, with 29% noting a desire to lower their monthly payments as their primary motivation.”
He added: “These short-term deals offer homeowners flexibility, allowing them to adapt to changing market conditions and seize better opportunities in the short-term.
“With a positive start to the year, mortgage rates are currently lower than they were a year ago, leading to a further boost to consumer sentiment.
“Nine out of 12 regions across the UK have witnessed decreases in their average remortgage amounts, suggesting a trend towards stabilisation and recovery in the mortgage industry leading into Q2.
“Additionally, there has been a 4% increase in remortgaging cases, indicating that more homeowners are taking proactive steps to find a new mortgage rate.”
