Remortgages remained in high demand for January according to new data from Countrywide. Of all mortgage applications for the first month of the year 32 per cent were remortgages. This was a 5 per cent increase over the number of remortgages in December.

For the top 10 most popular mortgages, of which three were remortgage products, the average deposit was 22 per cent and the average interest rate was 4.24 per cent. For remortgages the average deposit was 32 per cent and the average interest rate was 3.26 per cent.

According to Countrywide the fixed rate products were the most popular choice with borrowers. Fixed rate products made up 84 per cent of all mortgage applications in January. This was the highest level since August 2009 and was an increase of 9 per cent over December.

Regarding the recent figures from Countrywide, Grenville Turner, chief executive, said: "The growing popularity of fixed rate mortgage products is a telling sign that many are prepared to pay slightly more to give themselves peace of mind and stability with regards to their outgoings.

"Overall, the reality is that for the last 2 years only those that have had to move have done so. Discretionary movers, who typically make up somewhere around half of all transactions are beginning to evaluate whether this is now the time to make a move."

"The government has set targets to increase business lending to small and medium sized enterprises; it would be equally valuable to the economy if a deal could be struck with top lenders to help buyers gain affordable mortgage finance.

"I hope the government’s First Time Buyer Summit held earlier this week addresses these key issues to incentivise and stimulate the market. An immediate move to remove stamp duty on properties up to £250,000 would be a positive start."