Countrywide has reported a 12.84% increase in mortgage applications during May.
Its 650 mortgage consultants saw applications for fixed rate mortgages dominate Countrywide’s Top 10 Most Popular Mortgages with all 10 being fixed rate products, requiring an average deposit of 12% at an average rate of 5.46%.
Seven out of 10 of May’s most applied for mortgages were 90% LTV products.
Overall, remortgage applications fell for the third consecutive month, making up 23% of all mortgage applications in May, as the Bank of England held interest rates at 0.5%, a record 27 month low.
Remortgaging in the specialist buy-to let sector saw a 6% increase compared to April.
Grenville Turner, chief executive of Countrywide, said: “Rather than seeing the traditional uplift in sales activity we tend to see in the summer months