Total remortgage lending in 2016 topped £65.7bn, a year-on-year increase of 21 percent, according to conveyancing service provider, LMS.
There were 36,850 remortgages in November alone, an annual increase of 21 percent, and the highest monthly figure since July 2009.
The figures seen by LMS also show that the average frequency with which homeowners remortgaged in 2016 was four years and nine months, a fall of two months from 2015.
Of those who remortgaged in 2016, 89 percent were able to lower their monthly mortgage rate and one in five lowered their monthly repayments by up to £500.
Andy Knee, chief executive of LMS, said anticipation of interest rate rises have also encouraged more people to remortgage.
"We’re already witnessing surging where the last lender to raise rates experiences huge application volumes as buyers desperately try to take advantage of the lowest rates," he said.
"Ten year fixed term mortgages are also becoming increasingly popular as people seek longer-term security while the terms of Brexit continue to be thrashed out."
Oliver Bailey, a financial adviser based in New Malden, Surrey, reported a growth in clients remortgaging who were extending their properties due to a lack of affordable properties to buy. He has also seen a growth in clients switching from interest only mortgages to capital repayment.
