Applications for mortgages in March 2010 increased by +20% compared to the previous month, as they reached levels equal to those last seen in February 2008, according to the Countrywide Group.

March saw the third consecutive month of rises in applications as Q1 2010 was up +9% on Q1 2009, with the increase attributed to a renewed sense of confidence among customers and more product choice.

Grenville Turner, Countrywide’s Group chief executive, said: “Widespread uncertainty surrounding the economy and election does not appear to have deterred mortgage customers, which might partly be due to the number people who have sat tight during the recession and are now ready to move regardless.

“While the longer term outlook is unknown, the forthcoming election is not deterring buyers at present and mortgage applications always provide a good indication of consumer confidence.”

Overall, 89% of mortgage applications made in March 2010 were for two and three-year products and whilst it was a decrease of -1% from February 2010, it was a +24% improvement on March 2009. Buy-to-let mortgages saw 44% of applications in March 2010 for tracker products, which was an increase of +3% on February 2010 and a +35% increase on March 2009.