The tiny Tipton & Coseley Building Society has bucked the cooling housing market with a record number of mortgage applications in July.
Mortgage and remortgage applications last month totalled more than £10 million, a 23 per cent increase on its previous best July figure of £8.17 million in 2003 and the third best month in its 104-year history.
Chief executive Chris Martin said: "We are delighted to report such positive news which is a reflection of our very competitive range of mortgage products.
"According to reports there are many UK borrowers facing an increase in their interest rates in the autumn as their fixed rate mortgages taken out two years ago mature.
"We have specific remortgage products available and are experiencing more enquiries about our discounted variable products from borrowers tempted by the prospect of interest rate cuts."
The Tipton & Coseley's two per cent, two year, discounted remortgage is available for loans up to 75 per cent loan to value and has an initial applied rate of 4.74 per cent.
The society, ranked 40th in the building society league table, will also cover the cost of a standard valuation and standard legal fees and the £495 arrangement fee must be added to the mortgage.
Meanwhile, the Dudley Building Society has seen its assets grow to more than £205 million, almost double the figure of five years ago.
Speaking at the mutual's 146th annual meeting, chairman Ken Slater said: "The society has maintained its consistently high levels of mortgage lending during the year and we have seen fewer redemptions and a significant fall in arrears cases.
"We continue to monitor our savings accounts to ensure they meet the expectations of members and those accounts we introduced this year proved very popular."
