Around 47% of remortgages are now over a five-year fixed term, the highest level in six months. This represents a significant increase from March, when five-year deals accounted for little more than a third (36%) of the remortgage market.
Demand for five-year deals has also jumped on an annual basis, from 34% last April.
LMS suggested the growth in popularity is a result of keen pricing, with rates on five-year products remaining largely flat while two-year deals have seen costs rise.
The hunt for financial security was in part prompted by expectations of a base rate rise which did not materialise. Perhaps as a result, the proportion of remortgagors who expect a rise this year has dropped to 77%, the lowest level seen in seven months.
Nevertheless, this represents a sharp increase from the number of borrowers expecting a rate rise within 12 months from this time last year, when just 46% of respondents forecast a rise.
The report also found that the average remortgage amount has hit a record high of £175,000. This is up by 9% from March and a 10% rise year-on-year.