THE number of home-owners remortgaging their properties jumped up towards pre-coronavirus pandemic levels at the end of last year, according to Bank of England figures.
The Bank said the share of home loans advanced to borrowers remortgaging their homes "moved towards levels observed before the pandemic".
Some 28.1 per cent of mortgages for owner-occupation handed out in the fourth quarter of 2021 were remortgage loans, marking a 9.7 percentage point increase compared with the same period in 2020.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: "We saw a remortgage renaissance at the end of last year, as property owners leapt through the window of opportunity to lock in a cheap deal for years before higher rates took hold.
"During the last three months of 2021, rate rise speculation took hold, so much so that the markets were surprised when the first rise was put off until December.
"Property owners realised that the era of cheap mortgages deals was coming to an end, so now was the time to get a new fixed-rate deal while they were still around."
Ms Coles added: "Despite the recent rises, mortgage rates are still incredibly low."
Karen Noye, a mortgage expert at wealth managers Quilter, said: "Throughout 2022, we are likely to see mortgage lending drop as more people are priced out of the market by the rising cost of living and put off by the current economic uncertainty.
"First-time buyers who were already struggling to take their first step on the property ladder will likely find it harder still as any deposit saved for a house will be continually eroded by inflation which will reduce their spending power."
