"Lenders are pulling products from the market due to the heightened level of uncertainty and making borrowers make increasingly frenzied decisions."
Remortgage completions rose by 23% while instructions were up by 51% month-on-month.
42% of borrowers increased their loan size in February and 62% took our a five-year fixed rate product.
The most popular main aim when remortgaging was to lower monthly payments.
Nick Chadbourne, CEO of LMS, commented: “February has seen an uptick in remortgaging activity with almost 25% more completions compared to January. Activity will almost certainly remain very high throughout March with the next big ERC date – 1st April – fast approaching and the fact that lenders are pulling products from the market due to the heightened level of uncertainty and making borrowers make increasingly frenzied decisions.
"Processing requests quickly and efficiently will be key in keeping borrowers happy while dealing with the high levels of remortgage activity which is predicted to remain throughout 2022. Soon, we will see the remortgage process go completely digital using LMS' tech - a landmark innovation which will provide enormous help to free up capacity across the entire industry.”
