Instruction volumes also increased, rising by 11% over the same timeframe.
The overall cancellation rate stayed constant, falling just 0.1% to 4.9%, while pipeline cases increased by 12% in last month.
The average monthly payment decrease for those who remortgaged in November was £193.39.
A total of 47% of borrowers increased their loan size, and 59% of those who remortgaged took out a 5-year fixed rate product, which was the most popular product length.
An estimated 29% of remortgagers’ primary aim when remortgaging was to release equity from their property.
The average loan increase post remortgage was £21,339, while the average loan decrease post remortgage was £12,964.
The average remortgage loan amount in London and the South East was £337,173, while the average for the rest of the UK stood at £197,148, putting remortgage loan amounts 52% higher in London and the South East than the rest of the UK.
The longest previous mortgage length was found in the West Midlands at 64.43 months (5.37 years) and the shortest was in the East Anglia at 56.9 months (4.74 years), putting the longest previous mortgage term 12% longer than the shortest.
Nick Chadbourne, chief executive of LMS, said: “Remortgage activity in November was largely fuelled by an expected Bank of England base rate increase, which triggered banks and building societies to begin pricing an expected rate rise into their repayment rates.
“For borrowers coming to the end of their fixed term, this rise in rates prompted many shop around to secure the best deal possible, rather than opting for a product transfer, as shown by the rise of 11% in instructions month-on-month.
“The high activity levels we witnessed in November are set to continue for the foreseeable future, spurred on by the high volume of ERC expiries in December.
“This should keep the remortgage market buoyant as we head into the new year with a flood of new instructions.”
“Panel managers will play a vital role in ensuring that every case is processed efficiently and securely.
“Using their trusted network of conveyancers, and sophisticated technology, they can provide additional security to ensure clients experience a smooth and streamlined journey, despite the increased market activity over the coming months.”
