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Yorkshire bank seen increase in mortgage activity

September 7, 2009 by admin  
Filed under News, News-Mortgages

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It has been reported that the Yorkshire Bank has seen an increase in mortgage activity of late, with an increase in mortgage applications from interest parties as well as an increase in the number of mortgage applications that are being approved by the bank.

Officials have said that a rising number of people are showing interest in putting in applications and purchasing property as a result of the low base interest rate, which at 0.5 percent is the lowest in the history of the Bank of England.

Between May and June of this year there was reportedly an increase of around 28 percent in the levels of submitted applications for mortgages to the lender, and this was compared to the number of applications seen between May and June of last year.

Another factor that has spurred the increase of applications that has been seen by the lender is the fact that Yorkshire Bank has pledged to put aside a further one billion pounds to fund mortgage lending for consumers and businesses.

Another benefit that Yorkshire Bank is offering is that it is one of the few mortgage lenders that is still allowing borrowers to opt for a 95 percent mortgage, which is something that will tempt first time buyers and lower income households who have little money to put down by way of a deposit.

An official from Yorkshire Bank stated: “At Yorkshire Bank we are always focused on meeting the needs of our customers. These initiatives underline our commitment to provide competitive mortgages and excellent service. These values have been met with a positive response from customers with continued growth in the number of mortgage applications we are receiving.”

Tags: Mortgages, mortgage applications, borrowers, May, yorkshire bank

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