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Homeowner loan figures 'reach two-year high'
The number of homeowner loans approved in the UK reached its highest level in two years during October, according to new figures.
Research from the Council of Mortgage Lenders (CML), 55,000 house purchase loans were sold during the month, which marks a nine per cent rise from September and a year-on-year increase of 43 per cent.
The study also highlighted that borrowers are currently favouring tracker deals over fixed rate mortgages, as many are convinced rates will close to their current loan for a while.
Michael Coogan, director of the CML, said: "It appears that low interest rates for those with substantial deposits, coupled with this year's sustained increases in house prices, are encouraging more people to buy or move home."
However, he added that the same rates "provide little incentive for borrowers to refinance their loans".
At the end of last month, figures from CML revealed that lending to Scottish first-time buyers increased by 26 per cent in the third quarter of 2009.