The latest LMS research also found that a third of remortgagors (37%) lowered their monthly mortgage payments by switching to a lower rate, of which 3% reduced their payment by more than £500.
Almost a third of borrowers (31%) chose to remortgage to increase the size of their loan, 59% of which did so to make home improvements.
Andy Knee, chief executive of LMS, said: “October witnessed record levels of remortgaging activity as customers respond to the availability of competitive mortgage deals currently on offer.
“The Bank of England is now likely to hold interest rates at bay until well into 2016, making it a fruitful season for remortgaging.
“On top of rock bottom rates, the wheels are in motion for continued momentum; UK housing stock values are increasing; and lenders are open for business.”
