This figure equates to £5.5bn per month on average, £1bn more than the monthly average in 2015.

In total, 384,950 remortgages were completed in 2016, up 15% from the 333,400 completed in 2015.

In November alone there were 36,850 remortgages, an annual increase of 21% and the highest number for a single month since July 2009.

Looking forward to 2017, 32% of borrowers anticipate a rate rise in the next year.

Andy Knee, chief executive of LMS, said: “2016 has been a year of turbulence. But it has been a positive one for remortgaging, which bounced back from the slump it encountered in the wake of the 2008/09 financial crisis, and is now 64% more valuable than in 2010.

“Remortgaging was driven by record low rates throughout the year, enabling homeowners to make substantial savings to their monthly outgoings.

“Anticipation of interest rate rises in recent months has also encouraged more people to remortgage with many opting to fix for longer.

“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.

“Rising inflation will apply added pressure to household budgets, so any way to reduce outgoings, such as remortgaging, will be welcome relief to many families who start to feel the squeeze.”