Monthly mortgage payments increased by an average of £317 for 65% of borrowers that remortgaged in May, according to conveyancing services provider LMS.

Its latest Monthly Remortgage Snapshot showed that 10% saw no change in their monthly remortgage repayments, while the remaining 25% reduced their monthly remortgage repayments by an average of £284.

Instructions increased by 11% last month, and 43% of borrowers increased their loan size.

Half of those who remortgaged took out a five-year fixed rate product, which was the most popular product in May. More than a quarter, or 29%, said their main aim when remortgaging was to lower their monthly payments.

LMS also reported that remortgage loan amounts were almost 65% higher in London and the South East at £294,302, compared with the rest of the UK at £149,760.

Nick Chadbourn, chief executive at LMS, said. “Until now, we have seen a lot of people stay on variable rates in the hope that, if they stick it out, rates will fall. However, the base rate increased to 4.5%, so it’s not a huge surprise that people looking to remortgage when their product expires are aiming to come off SVRs for more stability.”