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Strong remortgage activity in November

Low mortgage rates have tempted more existing homeowners to remortgage in November, according to e.surv’s Mortgage Monitor.

There were 65,879 residential mortgages approved during November 2019, a rise of 2% from October and 2.8% compared to November 2018.

e.surv, a firm of residential chartered surveyors, said one factor contributing to the rise may be that some mortgage lenders have cut mortgage rates in recent months to help meet their end-of-year lending targets.

Richard Sexton, director at e.surv, said: “It used to take a lot to tempt existing homeowners back into the mortgage market, but this is often no longer the case.

“Homeowners are increasingly clued-up and savvy when it comes to remortgaging and finding the best deals on rates.

“This rush to secure better rates may be behind the bump in approvals we have seen in November.”