Some 48,425 remortgages valued at £9bn were approved, down from 50,983 valued at £9.1bn in October according to the latest Money and Credit report from the Bank of England.
The 64,994 house purchase approvals agreed were worth £13.1bn in total and had risen by approximately 300 approvals compared to October. The value of October’s 64,662 approvals, however, was £12.6bn.
A 2.3 per cent monthly increase in gross mortgage lending was recorded in November from £21.9bn to £22.4bn.
Mark Gordon, director of money, Comparethemarket.com, said: “Mortgage approvals for house purchases in November remained in line with the levels we’ve seen over the last couple of years – around the 65,000 mark.
“Ultimately, the foundations of the market remain relatively strong and interest rates are still at near historic lows – meaning that there are plenty of good fixed-rate deals to be found with five-year fixed rates below 1.5 per cent. Aspiring buyers should consider shopping around online to take advantage of the most competitive deals available.”
