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Building societies lending more

Building societies lending more

Category: Money

Updated: 30/07/2012
First Published: 30/07/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pleasing news has emerged today for prospective mortgage borrowers.

Gross mortgage lending from building societies grew during the first six months of this year, an increase of 38% compared to the same period in 2011.

Building societies, also known as mutuals, lent £14.1 billion to mortgage borrowers over the initial half of this year.

According to the report by the Building Societies Association, the likelihood of being approved for a building society mortgage has also increased. The number of successful applications between January and June rose by 45% compared to the first half of last year.

Paul Broadhead, head of mortgage policy at the Building Societies Association, said: "In the first half of the year, lending by building societies and other mutuals grew by 38%.

"Lending by mutuals has grown in each month of 2012 on a year on year basis, and the June figures for mortgage approvals are above the previous six months' average. This means that lending by mutuals looks likely to continue to be strong in coming months."

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