Mortgage applications for house purchase fell by 11.4% in October, whilst remortgage applications were up 19.7% on September.
According to the latest Mortgage Advice Bureau figures, complied in conjunction with brokers Coreco, remortgage applications reached their highest level since November 2008.
With lenders currently offering five-year fixed deals at under 4%, and continuing concerns over economic stability and future interest rate and house price movements, the figures suggest borrowers are keen to seek the sanctuary of fixed deals before the New Year.
The picture was an entirely different one for purchase mortgage applications which, after rising 14% in September compared to the previous month, dropped off dramatically in October.
The average LTV on purchase mortgage applications remained at 70.4%, the same level as in September.
The average deposit put down by a purchase mortgage applicant in October was £36,699 compared to £37,767 in September.
