Mis-sold Mortgage Claims > Mortgage News
Mutual Building Societies see continued mortgage lending growth.
Fri, 06 May 2011
The Building Societies Association (BSA) has confirmed that its members approved 2.1 billion in mortgages for March this year; this is an increase of 29 per cent over the same period in 2010. These figures were supported by an increase in gross lending to 1.7 billion, up 8 per cent on March 2010.

These figures also reflect a continued month on month growth in lending during difficult times. The main lenders continue to dominate overall gross lending, however, the BSA members demonstrate that prudent traditional lending is growing in popularity, with many of the bigger lender being criticised for the continued "cherry picking" of borrowers and historic poor lending practices.

Adrian Coles, Director-General of the Building Societies Association, commented: "There was a significant rise in the value of mortgages approved by mutuals in March. Indeed, across the first quarter of 2011 mortgage approvals by mutuals were 28% greater than in the same period a year earlier.

He added, "However, these are increases from very low levels, and compared to previous times activity in the mortgage market remains subdued. This is largely because economic uncertainty continues to affect confidence in the housing market."
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