Remortgaging is at a 15-year low, the Council of Mortgage Lenders has said, and is currently running at half the level of early 2008.
This is despite the fact that 6.9m borrowers have remortgaged since 2005.
The CML said that last year, remortgaging accounted for 316,000 loans, worth £41bn. This was the lowest number of borrowers remortgaging since 1997.
A larger proportion (54%) have used remortgage to withdraw equity from their property, while 11% have used it to inject equity.
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