Almost half of those who did so managed to lower their monthly payment, while 21% increased the size of their loan.

LMS chief executive Andy Knee said: “Homeowners choosing to remortgage currently are able to take advantage of some excellent rates from lenders, whether they choose to do so to free up some capital or to simply reduce their monthly mortgage burden.

“The government’s Funding for Lending Scheme (FLS) has encouraged competition in the remortgage market and we expect to see more homeowners taking advantage of this over the coming months.”

Remortgaging activity grew by 55% on an annual basis in the strongest April for housing market activity since 2007, according to Connells research published earlier this week.

That month, buy-to-let specialist Mortgages for Business reported a rise in remortgaging driven by more landlords looking to raise capital to invest in further property and make the most of high capital yields.