MAB’s latest National Mortgage Index showed that this is the highest level of remortgage applications in any one month since September 2008.

In addition, remortgage applications over the course of H1 2011 were 34% higher than the same period of last year.

Mortgage applications excluding remortgages in June were up 18% compared to May and 31% higher than June 2010.

The number of homeowners remortgaging on to a fixed rate increased from 60% in May to 64% in June.

Mortgage applications, excluding remortgages, in the first half of 2011 were 16% higher than the corresponding period in 2010.

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There was also a rise in the number of new borrowers choosing fixed rate products, with 76.4% choosing fixed deals in June compared to 75.5% in May.

The average LTV on mortgage applications rose slightly from 70.4% in May to 71.3% in June, while the average deposit put down in June was £55,937 compared to £55,259 in May.

Brian Murphy, head of lending at MAB, said that canny buyers are taking advantage of “spectacular” product pricing, despite the fact base rate is unlikely to rise soon.

He said: “With the economy continuing to provide mixed signals and consumers feeling the financial pinch from rising living costs and inflationary pressures, it’s not surprising to see borrowers choosing the certainty that fixed rate deals offer.

“Although many existing borrowers are not under immediate pressure to remortgage, increasing numbers, who are able to do so, are choosing to.

“We anticipate the proportion of remortgage borrowers to remain largely stable for the remainder of 2011 as it looks increasingly likely that rates will remain on hold certainly until the Autumn and possibly into early 2012.”