Remortgaging increases amid rate rise fears

A total of £9.2bn of mortgages were shifted, up 23pc on a year earlier.

Fierce competition means deals are far cheaper than they have historically been, despite rises in the Bank of England base rate, and a £150,000 mortgage on a property worth £200,000 could secure a five-year fixed rate from Barclays for as little as 1.97pc, costing £633 a month.

Borrowers are also rushing to lock in these rates while they are still available, amid fears that costs could rise.

The conditions have also meant 32,900 first-time buyers took out a mortgage in October, up 8.2pc year-on-year, borrowing £5.5bn, up 12.2pc.

Experts said political turmoil in Westminster and fears of a chaotic no-deal Brexit have also triggered a rush to fix.

James Chidgey, of the Mortgage Advice Bureau, said: “This is partly the result of many lenders repricing over the last couple of months to offer exceptionally competitive products to tempt new customers.

“This is benefiting consumers who are enjoying a significant window of opportunity, whether they are purchasing or remortgaging, to lock into an ultra-competitive rate.”