Co-operative Bank sees 31% increase in mortgage applications

The Co-operative Bank and Britannia have seen a significant increase of 31% in like for like mortgage applications in the first half of this year.

The latest figures also show that there has been a 13% increase in the proportion of customers who are remortgaging.

Neville Richardson, chief executive of The Co-operative Financial Services, says: “Our significant rise in mortgage applications has largely occurred over the past couple of months and in part reflects the range of best-buy mortgage applications we’ve been able to maintain over the period.

“Throughout the credit crisis our strong financial position and responsible lending approach has attracted more and more customers to us and is an approach we will continue to build on.”

Richardson says: “The large increase in mortgage applications reflects some gentle improvement in consumer confidence with regards to the housing market, which recent CML figures would seem to support.

“Additionally we are seeing similar growth figures in core banking and insurance areas and it is clear that increasing numbers of people want to be with a business that they trust and in our case – a business they can have a say in.”