Remortgages back in business

The index shows that purchase enquiries were broadly the same.

Commenting, Drew Wotherspoon, director of marketing at John Charcol, said: "October's actual mortgage figures showed a broadly even spilt between purchases and remortgaging for new cases.

“However, the real interest lies in the amount of enquiries to John Charcol in October. In September we had 600 new remortgage enquiries, but this figure rose to 855 in October, a significant increase of 42% month on month. This tells us that people are finally considering their options and are no longer content to simply sit on their lender's Standard Variable Rate (SVR).

“It is certainly encouraging that consumers are keeping on top of their options. With some excellent mortgages now available, it could well be precisely the right time for many to move their mortgage."

Is it time to lock into a deal?

"To fix or not to fix is undoubtedly a question being asked up and down the country currently by many mortgage borrowers, as they decide whether rates have reached their nadir and what the future movement of wider interest rates looks like,” said Wotherspoon. “Answering either question is tough, but John Charcol thinks that it is still too early to jump into a fixed rate if a borrower is comfortable playing the waiting game a little longer.

"Of course, what Bank Rate does is crucial, but equally important is what the market expects Bank Rate to do. If we stay in a low rate environment for several more years, as many think we will, then moving to a fixed rate now will prove costly in the long run. However, should we be taken by surprise and rates move upward sharply, then fixing soon would be a wise move.

“As ever, it is critical that borrowers seek advice on their own situation - generic advice is not really advice at present. It really is about the individual."