According to recent Bank’s lending data, the total amount lent by UK financial institutions in February rose 0.8 per cent over the year to £1.2bn. However the number of mortgage approvals fell to 48,986, compared to an average of 53,777 a month in the previous six-month period.
But mortgage lending by building societies and other mutual lenders in February rose by 28 per cent when compared to the same month last year. New mortgage approvals were up 31 per cent on February 2011 and 29 per cent on January 2012.Adrian Coles, director general of the Building Societies Association, said: “Gross lending and new mortgage approvals by mutuals continued to rise year-on-year in February, despite growth across the market as a whole remaining relatively flat. ”
Brian Murphy, head of lending for the Mortgage Advice Bureau, said: “When today’s mortgage approval figures from the BSA are considered in light of those from the Bank, you can clearly see that this sector is looking to grow its share of what is a relatively flat market. “Indeed, they appear to be picking up some of the slack created by a lower appetite for mortgage lending exhibited by some of the traditional high street institutions. “Gross lending by building societies is also up which is excellent news for consumers who are hoping to find competitive good value deals.” If you want help finding the best mortgage deal Enable of Bishop’s Stortford can help you consider the options.
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