Richard Pike, Phoebus Software sales and marketing director, says “Starting the new year with a look back to November gives us an idea of things to come, especially when we look at remortgaging.  The fact that approvals for remortgaging rose in November shows that there are people that have either given up looking for available property to move to or that are determined to lock into a longer term-fixed rate deal before interest rates rise again.

“With UK Finance reporting that almost fifty per cent of borrowers are now on five-year fixed rate deals, this looks like a trend that is set to last as the cost of living rises and concerns over affordability increase.”