Mortgage applications were down by 9.4% in October, according to the latest National Mortgage Index compiled by Mortgage Advice Bureau.
However, mortgage applications are still up 21.7% for the year-to-date, compared to the same period in 2010.
The percentage of applicants choosing fixed rate deals in October was 69.6%, compared to 73.3% in September.
The average loan size on mortgage applications in October was £129,237 compared to £140,113 in September, while the average loan to value (LTV) on mortgage applications in October was 69.7% compared to 71.8% in September.
The average deposit put down by a mortgage applicant in October was £56,182 compared to £55,030, in September.
October saw a 9.3% rise in remortgage applications. This follows a 12% increase in applications in September.
Of those homeowners who remortgaged in October, 62.9% chose fixed rate deals compared to 62.1% in September. The average loan size of remortgage applications in October was £150,490 compared to £143,213 in September.
The average LTV on remortgages in October was 59.8% compared to 59.6% in September.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Overall mortgage activity reduced slightly in October
