Around 67 per cent of consumers took advice during their remortgage, research by conveyancing panel LMS showed.
Remortgage volumes edged up by 4.2 per cent year-on-year, with the increase coming as borrowers increasingly opt for five-year fixed-rates.
Nearly half of remortgages were for five-year deals, following similar behaviours seen in 2018.
Borrowers saved an average £181.42 on monthly mortgage payments after remortgaging.
The average remortgage loan was for £174,711.
However, in London and the South East borrowers were taking out almost double at £276,510.
Nick Chadbourne, chief executive of LMS (pictured), said: “It’s uncertain how the remortgage market will evolve as we move into 2020.
“Product expiries for the year look set to mirror 2019, so we can expect similar volumes throughout 2020, but we may see a flat H1 as the home moving market picks up.
“Product choices might change too, as borrowers could opt for shorter-term fixes as fears of a base rate increase subside.
“The growth in product transfer rates will also be a key factor, so it’ll be interesting to see how newer entrants shape their offerings to compete – ERC-free products, the removal of loan to value bandings, and an increase in digital-only products are all possible.”
