Building societies have stepped into the breach, as other lenders retrench.
Mutuals approved mortgages worth £2bn in October, up 15% on the £16.6bn they lent in October last year.
It follows a 33% annual rise, and a 22% month-on-month rise, in mortgage approvals by mutuals in September.
Gross mortgage lending by mutuals was £2.3bn in October, a 20% annual increase, and the highest level of gross lending for any month since the Building Societies Association started its current series of reports in January 2010.
Between January and the end of October this year, mutuals lent £19.1bn in mortgages, up 15% on the £16.6bn lent in the corresponding period in 2010.
Savers are also showing signs of getting back in the habit, with building society saving up by £0.4bn, giving building societies net receipts of £0.2bn in October, compared with a net withdrawal of £1.3bn in October 2010.
Adrian Coles, director-general of the BSA, said: “Building societies and other mutual lenders continue to play their part supporting home buyers.
“So far this year, mutual lenders have lent 15% more than in the same period in 2010, whereas other lenders have so far lent 1% less than last year.”
News Source: http://www.introducertoday.co.uk/
Mutuals approved mortgages worth £2bn in October, up 15% on the £16.6bn they lent in October last year.
It follows a 33% annual rise, and a 22% month-on-month rise, in mortgage approvals by mutuals in September.
Gross mortgage lending by mutuals was £2.3bn in October, a 20% annual increase, and the highest level of gross lending for any month since the Building Societies Association started its current series of reports in January 2010.
Between January and the end of October this year, mutuals lent £19.1bn in mortgages, up 15% on the £16.6bn lent in the corresponding period in 2010.
Savers are also showing signs of getting back in the habit, with building society saving up by £0.4bn, giving building societies net receipts of £0.2bn in October, compared with a net withdrawal of £1.3bn in October 2010.
Adrian Coles, director-general of the BSA, said: “Building societies and other mutual lenders continue to play their part supporting home buyers.
“So far this year, mutual lenders have lent 15% more than in the same period in 2010, whereas other lenders have so far lent 1% less than last year.”
News Source: http://www.introducertoday.co.uk/
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