N&P mortgage applications at highest rate for five years

Norwich & Peterborough Building Society (N&P) has seen a surge in mortgage applications in recent weeks, with the number of applications last month the highest received by the Society since 2008.

The news comes after both the Building Societies Association and the Council of Mortgage Lenders reported that mortgage activity, and borrower confidence, has risen significantly this year.

According to the Bank of England, gross mortgage lending in June was up by 24% on June 2012 while the seasonally-adjusted figure for gross lending in the second quarter of 2013 has risen to levels not seen since 2008.
 
"The number of N&P mortgage applications had been growing steadily during the summer but this increase has speeded up over in recent weeks," said N&P product manager Richard Barker.
 
"Demand for our competitive fixed rate deals has been consistent and our low-fee products have been particularly popular. A package of incentives with many of these - such as free valuation and free legal fees or £200 cashback - makes the deals even more attractive to home buyers or remortgagors wanting to keep down costs."
 
N&P offers a range of low-fee, competitive fixed rate mortgages, including a 2.19% two year fixed rate deal for loans up to 65% LTV (loan to value), with a £295 product fee and incentives, and a 3.84% 10 year fixed rate deal available up to 75% LTV with no product fee.

For more information, visit nandp.co.uk.