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(From Guardian Unlimited)
The number of mortgages approved for house purchases more than doubled in the year to November as the housing market continued to recover from the impact of the credit crunch, figures from the Bank of England (BoE) showed today.
A total of 60,518 mortgages for homebuyers were approved during November 2009, the highest level since March 2008 and more than double the 27,330 approved in November of the same year.
However, the low interest rates which have been a factor in borrowers returning to the market have also deterred remortgagors from switching at the end of special offer rates.
Just 24,897 remortgages were approved …