There was a very small increase of 0.27% in remortgage instructions for October 2022, while 35% more remortgages were completed, according to newly released figures from conveyancing specialist LMS.

The remortgaging data also revealed that 44% of borrowers increased their loan size in October. More than a third (36%) saw no change, while a fifth (21%) reduced their total loan size.

The average increase post remortgage in October was £20,791 and the average decrease was £14,583.

Over two thirds (67%) increased their monthly remortgage payments, while more than one in 10 (11%) saw no change and a fifth (21%) reduced their monthly payments.

The average monthly payment increase for those remortgaging in October was £247, while the average monthly decrease in repayment was £223.

A third (33%) said their main aim when remortgaging was to gain longer term security – the most popular response. Some 65% of those who remortgaged took out a five-year fixed-rate product, making it the most popular option in October.

Nick Chadbourne, CEO of LMS, commented: “October saw a big increase in completions as people looked to lock in the products they secured before any potential rate change causes them to be withdrawn. For those who had yet to start the remortgage process, the marginal increase in instructions makes it clear that they are waiting to see what November brings before instructing.

“Some borrowers might wait and see if rates will fall in January before remortgaging because there seems to be little danger of dropping onto a less favourable rate. However, this approach comes with an element of risk in that there is no guarantee that swap rates and therefore product rates won’t increase again,” Chadbourne added.

Regional data showed the average remortgage loan amount in London and the South East was £332,937, while the average for the rest of the UK stood at £156,169, putting remortgage loan amounts 113% higher in London and the South East than elsewhere in the UK.

The longest previous mortgage length was found in Wales at 78.67 months (6.56 years) and the shortest was in London at 57.91 months (4.83 years).