The number of approvals increased between October and November, following an increase in the base rate, according to the latest Mortgage Monitor from e.surv.

The residential chartered surveyor recorded 66,167 mortgage approvals (seasonally adjusted) this month.

It said this suggests the increase in the Bank of England base rate has prompted many homeowners to switch from variable rate deals to fixed rate products.

The approvals figure is up 2.5% on October’s total, although it is 1% down compared to the same month a year ago.

However, despite this month-on-month growth, the number of borrowers with small deposits being approved continues to decline.

Across the UK 17.2% of all loans went to these borrowers, continuing a recent downward trend.

Last month 17.7% of approvals were made to small deposit borrowers and November’s figure is even further back from the 19.8% recorded in September and 20.3% in August.

However, this month’s percentage is ahead of the most recent low point – December 2016 – when small deposit borrowers represented just 16.1% of the overall market.

Richard Sexton, director of e.surv, said: “After months of speculation, the Bank of England base rate increased to 0.5%, and this has prompted many people to switch their mortgage and lock in a low rate.

“Overall approvals have increased month-on-month, and we expect this to continue as those on variable rate mortgages see their monthly payments increase. Many will be able to switch elsewhere and save.”