The number of remortgages has leapt almost 90% in the last year after a major surge in July, new figures show.
The number of remortgage loans in July rose 47% from 31,600 in June to 46,423.
Total remortgage lending hit £7.2 million, up 89% year-on-year and up 41% from last month
And the total amount of equity released through remortgaging hits £1.27 billion, the largest amount for since April 2008, more than seven years ago.
That is a rise of 16% since June and a staggering 183% since July last year when equity stood at £449m.
The latest figures from LMS suggest a massive boost to the industry following a slow start to the year for remortgaging.
LMS chief executive Andy Knee said: “Remortgaging has come back with a bite in July, following sluggish levels of activity throughout the latter part of 2014 and first months of 2015.
“We are confident these levels will be maintained with a steady stream of customers for the remainder of the year as record-low affordability encourages borrowers to lock in competitive rates.
“Despite news that a base rate rise may be on the cards, lenders have not hiked rates and there are still many excellent deals to be had as lenders compete for business.
“But these will not last forever and borrowers should consider remortgaging now to avoid missing out.”
Knee said reemortgaging has never been as affordable and can offer huge monthly savings.
“A six-year high in the amount of equity withdrawn through remortgaging shows financially shrewd borrowers are keen to capitalise on these potential savings.”