LMS reported that remortgage instructions in June stayed flat compared to May, while completions dropped by 16%.
The cancellation rate also stayed the same, but the pipeline grew by 8%.
Borrowers who remortgaged in June saw their average monthly payment rise by £277.01.
Of those, 46% increased their loan size, 38% saw no change, and 16% reduced their loan size.
The average increase in loan amount after remortgaging stood at £22,244.27, while the average decrease was £11,648.81.
In terms of repayments, 56% of borrowers saw their monthly payments go up, 11% saw no change, and 33% managed to reduce payments.
The average monthly repayment increase was £277.01, while the decrease averaged £259.23.
The most popular product last month was a 5-year fixed rate, chosen by 45% of borrowers.
Meanwhile, 24% said their main goal when remortgaging was to secure lower monthly payments.
London saw the highest average remortgage loan at £377,376, which was 115% higher than the average for the rest of the UK at £175,488.
The average remortgage amount across all regions was £208,908, up 6% from May.
The longest previous mortgage was in the South West at 75.95 months, while the shortest was in Yorkshire at 67.45 months.
The average previous mortgage length across the UK was 72.24 months, down 6% on the month.
Nick Chadbourne (pictured), CEO at LMS, said: “Market strength emphasised by higher instructions compared to the same period last year.
“June presented a relatively flat picture for new remortgage instructions, indicating stability in borrower activity.
“Completions, however, saw a decline, resulting in a buildup of pipeline volumes as we headed into July.”
Chadbourne added: “This slowdown in completions is not unexpected, given the significant spike in product expiries at the start of July, which naturally shifts completion activity into the new month.
“Looking ahead, we expect instruction volumes to remain broadly flat month-on-month through the remainder of the year.
“That said, instructions are still tracking around 20% higher than the same period last year, highlighting continued underlying strength.”
He said: “As with July, each quarter-end is likely to bring a pronounced spike in completions as more fixed-rate products reach maturity.”
