According to the latest data from property services LMS, home owners are choosing remortgage as the most beneficial approach to improving the household bottom line. August posted strong remortgage activity as more home owners sought out remortgage than any other month since the middle of 2009. All evidence points to low interest rates and increasing house prices for the reason behind the surge in remortgage.

UK home owners looking to cut the current cost of their monthly mortgage cost are turning to remortgage in large numbers. Year on year comparison shows remortgage activity is up more than 40% according to data from LMS.

Although remortgage activity is up, the average amount home owners is choosing to borrow is down slightly falling from £172,184 in July to £162,268 in August.

Remortgage is no longer a well-kept secret to home owners as a method to cut the cost of their monthly mortgage payment. Lenders are not being bashful about available deals, either. This combination is one of the primary reasons many experts see this as the perfect time to remortgage. Incentive to remortgage is currently at a peak period.

Andy Knee of LMS commented on the latest data regarding remortgage, saying: “Home owners appear to be in a more cautious mood than last month, borrowing less in the wake of a couple of turbulent months, both politically and economically, and lowering their LTV in the process. This means, despite a greater level of activity, the value of gross remortgage lending has fallen for the first time since May 2016.”

Knee added: “With today’s favourable conditions, it is no surprise to see eight months shaved off the average time that people wait to remortgage and there is plenty of incentive for more people to consider acting before the year is out.”