Mortgage approvals by mutuals in the UK is on the increase, new figures have shown.
Provided by the Building Societies Association (BSA), the findings revealed home loan lending by such bodies – despite the tough economic conditions – strengthened across August, with approvals increasing by ten per cent when compared with those recorded in July.
According to the statistics, both these mortgage agreements and gross lending – which is at its greatest for a decade – are 16 per cent higher than they were at the same time in 2010.
Adrian Coles, director-general at the BSA – which represents all 48 building societies in the UK – said lending by mutuals has maintained well over the last few months, adding: “Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates currently offered by mutuals.”
However, lowering of consumer confidence due to uncertainty in the wider economy could soon begin to spill over into the housing market, the industry figure warned.
