Fixed-rate mortgage uptake surged as quarter point base rate rise put in place.
More than 124,000 home loans with interest at fixed levels were withdrawn during the month, the Council of Mortgage Lenders (CML) reports, up from over 109,000 in September.
The widely-anticipated November interest rate hike led 62 per cent of October borrowers to opt for a fixed-rate mortgage, compared to 59 per cent in the previous month. Before the Bank of England made its decision, remortgaging surged 13 per cent.
"The increase in fixed-rate loans during October reflects shrewd borrowing decisions by consumers, who were well aware that interest rates were expected to go up in November," said Michael Coogan, director general of the CML.
"It is encouraging that many borrowers are planning ahead financially and locking themselves into a period of certainty about their monthly mortgage repayments by taking out a fixed-rate product," he added.
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