The number of properties which are remortgaged is likely to continue to decline, it has been suggested.

With figures continuing to slide, Sue Anderson, head of member and external relations at the Council of Mortgage Lenders (CML), believes there remains a "mixed picture" for those looking to remortgage.

"If they are coming out of a fixed deal on to an SVR [standard variable rate], in many cases that will be a pretty attractive rate compared with the rates on to which they could take a new deal," she continued.

Ms Anderson also revealed that some people will find they have little equity stored in their properties and are unable to satisfy lenders’ criteria.

The problem with remortgaging is that it does not offer a one size fits all solution, as different people have different circumstances, she added.

The CML reported on May 21st that mortgage lending fell to an estimated £10.4 billion in April, down by nine per cent compared to the previous month.

Mortgage lending in March and April was down by 57 per cent compared to the same months in 2008.