Remortgaging activity picked up in February, according to the latest figures from Spicerhaart Financial Services.

The firm has published figures, which show that many borrowers are looking to remortgage as a result of the global credit crunch.

According to the statistics, there was a 43 per cent rise in remortgaging activity between March 2007 and February 2008.

"Following the credit crunch we have seen a steady increase in the number of people choosing to remortgage their property, using the cash to improve their existing property or pay off debts," said Steve Cox, operations director at Spicerhaart.

"It is also attributable to consumers who are coming to the end of fixed-rate mortgages, as they look to secure competitive deals," he added.

As well as the rise in remortgaging activity, Spicerhaart has reported that long-term fixed-rate mortgages also increased in popularity in that time.

According to the firm, mortgages fixed between seven and 25 years were at their most popular ever in February.