The number of remortgages taken out in August 2008 dropped to an almost record-breaking low.

Figures from the Council of Mortgage Lenders say that over the month of August, only 74,000 remortgages were taken out, almost matching the record low of 73,000 in March.

The number of loans to buy houses dropped to 42,000 over the same period, which is the lowest number since the Council began recording monthly data on house sales in 2002.