There was a significant rise in remortgage applications during June, July and August, the latter month seeing a 68% rise in applications.
Borrowers are taking advantage of competitive mortgage deals ahead of the biggest maturity period in five years, data from CACI has shown.
In September and October more than £35bn worth of mortgages are due to mature, 70% of which came from intermediary business.
David Robinson, national intermediary sales manager at Accord, said: “It’s positive that borrowers are taking action before their deal comes to an end.
“Many could see a significant reduction in their monthly repayments thanks to a favourable shift in house prices and interest rates.
“The surge is also great news for intermediaries who have an important role to play advising their clients on the best remortgage deal for them.”
Figures from Yorkshire Building Society also show a significant rise in remortgage applications during June, July and August, the latter month seeing a 68% rise in applications.
