The number of residential mortgages approved saw a month-on-month increase of 2% in November according to the latest Mortgage Monitor by e.surv.
Richard Sexton, director at e.surv, said: “It used to take a lot to tempt existing homeowners back into the mortgage market, but this is often no longer the case.
“Homeowners are increasingly clued-up and savvy when it comes to remortgaging and finding the best deals on rates.
“This rush to secure better rates may be behind the bump in approvals we have seen in November.”
Some 27.7% of all loans were to borrowers with small deposits in November, which is down from 29.2% in October.
Large deposit lending reached 28.9% of the mortgage market.
Sexton added: “There was a modest decline in the number of small deposit buyers this month – the category into which first-time buyers most commonly fall.
“However, the overall mortgage market grew in November, largely thanks to strong remortgage activity.
“Borrowers with large and medium sized deposits increased their market share over the month.”
From a regional focus, more than a third of loans in the capital went to borrowers with LTV rations of 60% or lower, compared to 19.6% which went to small deposit borrowers.
The South East, the South, South Wales and Eastern England saw a significant proportion of loans going to the large deposit market.
Borrowers in Northern England and Northern Ireland saw the most favourable conditions for those with small deposits.
In Yorkshire, 35% of all loans went to small deposit borrowers, followed by the North West at 33.7%.
Sexton said: “As we approach the end of 2019, we can reflect on what many have called a difficult year for the UK property market.
“While the market has certainly seemed sluggish some parts of the country, it’s important to recognise that the UK is of course made up of many smaller markets which can have wildly different conditions for borrowers and lenders to contend with.”