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Co-op reveals increase in mortgage applications

Despite the fact that the UK property market is under pressure the Co-operative Financial Services operation has today revealed a 31% increase in mortgage applications in the first six months of 2010. The company believes that its financial strength, quality of products and quality of service are behind the increase in applications even in these most difficult of times for the property sector.

Interestingly, the company has also reported a significant increase in applications for fixed-rate mortgages with the potential impression but many home buyers in the UK believe that base rates could move higher in the short to medium term. However, it could be that many home buyers are happy to lock-in their mortgage rates at current levels on the understanding UK base rates are unlikely to go any lower and UK mortgage rates are "at rock bottom".

While there is still limited finance available to many in the UK mortgage market, especially first-time buyers, it seems that somehow the Co-operative Financial Services division has been able to buck the trend. Whether this will continue in the foreseeable future, against a very difficult economic backdrop, remains to be seen. However, it has to be said that the recent performance of the Co-operative Financial Services division has been very impressive.

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