Mortgages doubled, says Leeds Building Society

07 October 2005
Mortgage applications doubled in September this year compared to last year, according to figures from the building society.

Leeds received £252 million of mortgage applications, in line with predictions by financial analysts that the quarter per cent rate cut last month revitalised the housing market.

Head of marketing at P&R at Leeds, Karen Wint, said: "I am delighted with the number of applications received in September, which demonstrates that we are providing our customers with competitively priced mortgages."

The figures coincide with the launch of Leeds' new fixed rate mortgage product which offers a competitive rate of 4.75 per cent and allows owners to pay off the full amount at any time without incurring any penalty.

The Bank of England reported last month that the number of mortgages approved last month was up to 107,000 in August, their highest level in the last year.

The bank attributed the increase to the interest rate cut last month, which may have prompted buyers to return to the housing market.

To read more about Fixed Rate Mortgages, click here.

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