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Mutuals boost mortgage lending

Thursday, 5 January 2012 11:59 AM

Mortgage lending by building societies and other mutuals is up 24 per cent on a year ago and is now at its highest level in almost two years.

The Building Societies Association (BSA) said its members lent £2.5bn in November 2011 compared to £2bn in November 2010. That is the highest figure since it began reporting figures on the current basis in January 2010.

Meanwhile the £2.1bn of mortgages approved in November 2011 was up 13 per cent on a year ago.

The figures are not a one-month blip. Gross mortgage lending over the first 11 months of 2011 (£21.5bn) was up 16 per cent on the same period last year (£18.6bn). Approvals were up 17 per cent.

Adrian Coles, director-general of the BSA, said: "Mutuals have shown their resilience in the face of tough market conditions over the past year and have continued to see their new mortgage lending increase.

"Mutuals lent 16 per cent more from January to November 2011 compared to the same period in 2010, whilst lending across the mortgage market as a whole has remained broadly flat.

"The New Year has seen some excellent mortgage products go on sale from mutuals with a return to some offering higher loan to value mortgages. These are encouraging trends against rather discouraging developments in the wider economy."

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