One bank has recently reported that there has been an increase in mortgage applications as well as mortgage approvals, with the rock bottom base interest rate and relatively low property prices continuing to create a flurry of interest in the property market.

Yorkshire Bank has said that it has seen a significant increase in the level of mortgage applications coming in, and added that one in four applications is now being accepted.

The bank reported that there was an increase of around 28 percent between May and June of this year in the level of mortgage applications that were coming in compared to the same period last year.

The bank recently pledged to make available a further £1 billion worth of cash for mortgage and business lending, and this has also contributed to the flurry of applications that have been coming in.

The banks has also launched various initiatives to help support borrowers, such as best buy prices and fee free mortgage products, all of which are designed to increase affordability for the borrower.

The banks is also one of the few that still offers 95 percent mortgages to borrowers, which means that first time buyers will not have to worry about raising a huge deposit as they will only need to find 5 percent of the property value by way of a deposit.

Gary Lumby, Head of Retail Banking for Yorkshire Bank, said: “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.”

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