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Number of Mortgage Applications Rise

The Mortgage Advice Bureau has claimed that mortgage applications were up 18 per cent compared to May and 31 per cent higher than June last year, the Financial Times reported. The mortgage index calculated by the bureau showed that remortgage applications were up by almost a third in June compared to the previous month. This is the highest level the index has touched in any month since September 2008. During the first half of 2011, remortgage applications were 34 per cent higher than the corresponding period in 2010. For this period, mortgage applications, excluding remortgages were 16 per cent higher than the corresponding period in 2010. The data pointed out to the fact that the average age of a typical mortgage applicant in the UK in June was 38 years and the salary was 34,597. The average deposit put in was 55,937. This is slightly higher when compared to the 55,259 figure last year. Analysts point out to the fact that the rise in mortgage applications could be attributed to savvy investors making use of mortgage prices delivering fantastic value compared to previous levels. Brian Murphy, head at Mortgage Advice Bureau, said “Although many existing borrowers are not under immediate pressure to remortgage, increasing numbers, who are able to, are now choosing to do so. We anticipate the proportion of remortgage borrowers to remain largely stable for the remainder of 2011 as it looks increasingly likely that rates will remain on hold certainly until the autumn and possibly into early 2012.”

Defaqto, the mortgage advisor, has recently come out with a report that states that Mortgage activity has increased to such an extent lately that more than 9000 mortgage products have been launched or updated in the last three months. Brian Brown, head of consulting at Defaqto, said “The pace of change within the banking sector is phenomenal, particularly when it comes to mortgages. Banks need to stay ahead of the competition to capture and retain market share.”

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