Mis-sold Mortgage Claims > Mortgage News
Building Societies continue to show increased lending
Mon, 07 Mar 2011
Mutual Building Societies, showed gross lending increased to £1.4 billion in January 2011, this is 38% higher than the £1.039 billion lent in January 2010. Approved loans were also higher at £1.1 billion which is an increase of 37% compared to the £0.82 billion in January 2010.

The upward trend is steady but not sufficient to help a fragile lending sector. The appetite to lend has yet to return to the sector and criteria for new borrowers in particular remains strict.

Adrian Coles, Director-General of the Building Societies Association, (BSA) said: " Mortgage lending by mutual's in January was up year on year, although the comparable figure for January last year was depressed, as it followed the termination of the last Government’s stamp duty holiday that ceased at the end of 2009. On a seasonally adjusted basis, mortgage lending and approvals figures for January were broadly similar to the averages over the preceding six months."

Lending to first-time borrowers still remains stifled and the imposition of strict criteria to interest-only mortgages, which is highlighted in the proposals contained in the mortgage market review, (MMR) have not helped to satisfy increased demand for mortgage lending.
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