Mortgage applications up 31 per cent

09 August 2010

Written by Michael Aglony

The number of mortgage applications received by the Co-operative Bank and Britannia was 31 per cent higher in the first half of 2010 compared with the same period last year.

Additionally, there was a 13 per cent rise in the number of people seeking remortgages, the Co-Operative Financial Services (CFS).

Chief executive officer of the organisation Neville Richardson commented: "The large increase in mortgage applications reflects some gentle improvement in consumer confidence with regards to the housing market, which recent CML [Council of Mortgage Lenders] figures would seem to support."

Indeed, the latest CML statistics showed a 15 per cent increase in gross mortgage lending in June compared with May, as well as a 12.2 billion yearly rise.

CFS suggested that more people were taking advantage of lower mortgage rates, with the base rate currently set at 0.5 per cent.

The firm stated that the rise in home loan applications had mostly occurred towards the end of the first quarter.

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