It said the number of remortgage transactions increased by 8% month-on-month to 31,936, up from 29,300 in April. The total value of remortgage transactions fell 1% in the same period, to £5bn from £5.1bn.

Longer fixes were popular, with over a third (34%) choosing a fixed five year deal, up from one in ten (8%) homeowners who previously had this product type before remortgaging.

Three in five (58%) remortgagors said they expected no change in the average mortgage rate over the next twelve months – an increase from 53% who said the same in April.

Borrowers were also aided by record low mortgage rates, as the average rate fell from 2.1% in March to 2.0% in April.

However, only 15% of remortgagors said they took out their deal to reduce their overall mortgage repayments, compared with 17% in April.

Sponsored

Aldermore Insights with Jon Cooper: Edition 4 – Budget 2025: Landlords feel the heat, brokers to steer the market

Sponsored by Aldermore

Andy Knee (pictured), chief executive of LMS, suggested borrowers had been complacent about a clear election result. “Pollsters and the public had predicted a solid election result of a 100+ seat majority for the Conservative Party and continuity at the heart of government. Pre-election confidence was the main driver behind the increase in the number of remortgage transactions.”

Knee added: “Not everyone was confident that the election would give us a strong and stable government. A small minority of homeowners provisioned against a period of economic uncertainty, remortgaging to reduce the amount of debt held with their lender.”