New data and analysis conducted by the Bank of England has revealed that the rise in November's mortgage approvals was driven by a continuing increase in remortgaging approvals. According to the report, remortgages have now reached a level not seen since 2008.
The bank found that re-mortgaging approvals totalled 53,922 - increase from the 51,593 recorded in October. The data shows that secured net lending remained stable in November at £3.5bn, broadly in line with the average seen since 2016. The annual growth rate of consumer credit slowed to 9.1% in November to the lowest rate since December 2015.
Using one of our experienced mortgage advisers can help you save time. Your Miles & Barr adviser is a member of the Mortgage Advice Bureau (MAB), one of the UK's largest financial advice networks. Their size and expertise allows us to access exclusive deals, many of which you will not find on the high street or through any other mortgage adviser. The number of mortgages available to our advisers is over ten thousand from around 100 different lenders and they continually review the market to ensure we have access to a market leading range. Put them to the test!