30 Nov

Mortgage lending stays static over three months

Mortgage lending stays static over three months

People looking to secure their finance for houses for sale in the UK are likely to be relieved to hear that mortgage lending has remained relatively level over recent months.

According to the Building Societies Association (BSA), October 2010 saw gross mortgage lending reach £2 billion.

It stated that this is "broadly similar" to the average recorded over the preceding three months.

Director-general of the BSA Adrian Coles added that as well as the total amount lent to homebuyers remaining similar, there has also been a growth in mortgage approvals at mutuals over recent quarters.

He stated that this is an "encouraging trend", adding: "This may lead to some recovery in mutuals' market share over the next few months."

In October, the BSA reported that mortgage lending by mutuals had grown by ten per cent between August and September, while homeloan approvals rose from £1.8 million to £1.9 million over the month.ADNFCR-1222-ID-800262928-ADNFCR

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