The Bank of England has reported that in October lending secured on dwellings increased by £3.3 billion, compared to an average monthly increase of £2.6 billion over the previous six months.
The three-month annualised and 12-month growth rates were 3.0% and 3.1% respectively.
Gross lending secured on dwellings was £19.9 billion and repayments were £17.2 billion.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “With the usual increase in buyer activity that comes with the autumn months, it is not surprising to see these figures show a continuing rise in the number of mortgage approvals in October.
“However, what these figures also show is an ongoing rise in the number of buyers choosing to swap their existing mortgage deal, undoubtedly to take advantage of lower rates following the Bank of England’s lowering of the base rate in August.
“For those borrowers who haven’t yet considered remortgaging, it would prudent to contact an adviser who can help get a better rate on their mortgage that could save them the equivalent of a monthly pay rise, especially if they are currently on an SVR.”
