The number of people remortgaging year-on-year in February increased by more than a third (35%) to almost 44,000, the LMS has found.
The last time the number of transactions exceeded 44,000 was in January 2009.
Andy Knee, chief executive of LMS, said: “February enjoyed the biggest boom in recent remortgaging history.
“Remortgage transactions rose to their highest level in eight years as homeowners took advantage of continued low rates and the opportunity to lower monthly repayments.”
Despite the record transaction count the value of remortgaging fell to £6.8bn in February from £7.1bn in January alongside a fall in total mortgage lending by a tenth.
LMS claimed that affordability worsened in February, as repayments as a percentage of total income rose from 16.9% the month before to 17.8%
Knee added: “However, February also fired a warning shot. Affordability worsened, more homeowners expect rates to rise and more are prepared to wait longer to remortgage again. Caution may well set in once again.”
The number of homeowners who said they will wait more than eight years to remortgage increased from 11% in January to 17% in February.