Remortgaging had the worst month since the referendum in September 2016. The number of remortgages fell 12% from 34,900 in August to 30,766 in September, according to LMS. The value of gross remortgage lending also decreased, dropping by 14% from £5.9bn in August to £5.1bn in September.

Remortgaging accounted for just 25% of total gross lending in September – the lowest amount since March 2016 – when there was a surge in house purchases and buy-to-let activity before the change to Stamp Duty on second homes was introduced.

The dip in remortgaging activity comes at a time when the nation’s economic future appears unclear as the UK approaches the start of formal negotiations to leave the European Union.

Remortgaging frequency has slowed compared to August: up two months, from four years and seven months to four years and nine months in September.

Andy Knee, chief executive at LMS said: “The recent weeks and months have been tainted with uncertainty. This uncertainty appears to have spread to the remortgage market, with activity at its lowest level since the referendum. Gross remortgage lending and the share of remortgaging in the wider market have both fallen as homeowners put remortgaging plans on hold to wait and see how Theresa May’s government approach Brexit negotiations.”