According to Bank of England figures, 54,000 remortgage loans were approved in November 2012, compared to a 48,000 in August and a low of 45,000 in June. By contrast, loans for house purchase remained constant at 29,000 over the same three month period.

Mortgage Advice Bureau head of lending Brian Murphy said the figures reflected his own observations in the marketplace and attributed the trend to falling rates and greater awareness of opportunities to remortgage: “Brokers are keeping in touch with clients and keeping them informed as to how the market is changing and evolving.

“A lot of people now are looking at the rates that are available. There’s a good choice and quite a lot of competition. A lot of people are making that call.”

The BoE also referred to the Council of Mortgage Lenders’ predictions for gross lending in 2013, reporting that major UK lenders had provided similar estimates.

Charwin Private Clients director Ranald Mitchell said November was a key remortgage month in the broker calendar: “Consumers are certainly seeking out the opportunities that the current market is presenting. Many are coming off relatively high rates and are in a great position to take a new low rate with alternative lenders rather than sticking with their SVR.”

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There had been an increase in remortgage enquiries were coming from clients keen to raise capital to buy investment properties or extend their homes as well as simply switch rate, he added.

“There seems to be less concern regarding house prices and customers want to get on with their plans. Cheap money is also prompting this activity,” he said.