Mis-sold Mortgage Claims > Mortgage News
Mortgage lending by Building Societies continues to rise
Tue, 29 Mar 2011
The Building Societies Association (BSA) has announced another increase in its members lending for the month of February. It has also confirmed the upward trend in mortgage approvals compared to the same period in 2010.

Gross mortgage lending was increased to 1.5 billion in February compared to 1.2 billion in 2010. There was an encouraging increase in mortgages which were approved up to 1.7 billion. This is 23 per cent higher than the 1.4 billion approved in February last year.

Adrian Coles, Director-General of the Building Societies Association, commented, "Mortgage lending by mutuals continues to grow from the low levels seen last year. The good financial results released recently by many mutual lenders show that they are strongly placed to offer attractive products to homebuyers. However, activity in the housing market remains at levels that are subdued relative to previous periods, as potential buyers continue to have concerns about the economic outlook."

The BSA represents all 48 UK building societies and is seen by many as a trusted lending authority. The sector, with the exception of a few larger building societies avoided the temptation to be drawn into specialist and sub-prime mortgages . Whilst it is generally accepted that lending remains subdued with both funding and criteria restrictions, the steady return to traditional lending and growth has been welcomed by both borrowers and brokers .
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