The average purchase loan stood at £171,186 in November 2018, slightly up from £170,799 in October, whilst the average remortgage loan stood at £172,775 compared to £172,616 in the previous month, according to the latest Mortgage Advice Bureau National Mortgage Index.
The average first-time buyer (FTB) purchase loan slightly dipped to £152,887 in November, from £153,390 in October.
Also buy-to-let purchase loans slightly fell by 1.64% to £126,657 in November, from £128,770 in the previous month.
The report showed that in areas such as Yorkshire, the Humber, the East Midlands and Scotland average purchase prices are increasing.
Yet the average purchase loan size does not appear to be rising at the same rate or, conversely, has dropped.
MAB revealed that vendors are perhaps seeing an increase in the value of their property and are able to take more capital into their next purchase, meaning that they possibly don’t need to borrow as much to move home.
Brian Murphy, head of lending for Mortgage Advice Bureau (pictured), said: “It was interesting to observe that a number of lenders over the last month have been releasing ever-more competitive rates, with products which were very keenly priced.
“This shift has provided borrowers with a far wider range of good value options than we have seen for some time, particularly for those who have been looking for a five-year fixed rate deal, where the current crop of products are now nearly as low as two-year fixed rates, which had previously been considered market-leading.”