MORTGAGE applications soared by around 70 per cent between February and March under plans to boost lending, nationalised Northern Rock said today.
The bank said it had attracted more borrowers with better deals as it puts into action a previously announced programme to increase mortgage lending by up to £14bn over the next two years - including up to £5bn this year.
Newcastle-based Northern Rock, which was brought into public ownership early last year, is reversing plans to shrink its mortgage book, which means it has also put back the timetable for paying back cash owed to the Government.
The outstanding amount owed to the State stood at £9.8bn last month - down from an initial £26.9bn debt - although this had risen from £8.9bn at the end of last year as it significantly slowed mortgage redemptions.
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