Mortgage applications were up 39% in February on January and 9% higher than the number of applications in February 2010, according to the latest National Mortgage Index from Mortgage Advice Bureau.
79% of all mortgage applications in February were for fixed rate deals, compared to 75% in January.
The average loan size on mortgage applications in February was £123,508 compared to £128,887 in January, a fall of 4%.
The average LTV on mortgage applications was down last month to 71.4% from 72% in January.
Remortgage applications were up 37% in February compared to January, and 24% higher than February 2010.
Again, fixed rates continue to be the remortgage products of choice with 72% of applications in February for fixed deals. While, the average loan size of remortgage applications in February was down a significant 18% on the previous month, falling from £150,691 to £123,508.
The average age of a mortgage applicant in the UK in February was 37 years three months.
Across the regions, 84% of applicants in the North West chose fixed rate mortgage deals in February, compared to just 60% of applicants in London and 70% in Wales.
Average loan size (excluding London) was highest in the South East at £165,183 and lowest in the North at £86,584. In London, the average loan size in February was £255,244 compared to £304,377 in January.
Average LTVs were highest in Yorkshire & Humber (74.9%) and lowest in East Anglia (67%).
The oldest mortgage applicants in February were in the South West, averaging 40 years three months, while the youngest were in Yorkshire & Humber and North West, averaging 35 years nine months.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “We saw a marked increase in overall activity in February compared to January
