Mortgage lending ‘to rise in 2010’

Posted: 29 Dec 2009 10:22:26 GMT

Mortgage lending is expected to rise in 2010, according to one expert.

Katie Tucker, technical manager at mortgageforce, says that mortgage providers have high targets for lending in the coming year, so an increase in the number of available mortgage products is expected.

She goes on to add that new figures from the British Bankers’ Association (BBA) are “encouraging”, after it was revealed that the month of November saw a two-year high in mortgage lending.

The data showed that lending for homebuyers rose by 152.3 per cent, compared to the same month in 2008.

Furthermore, this figure was up by 0.4 per cent contrasted with November 2007.

“The fact that we are so close to 2007’s figures is very encouraging,” comments Ms Tucker.

According to figures from the BBA, house purchase loans in November accounted for a total value of £6.6 billion, which equates to a year-on-year increase of 208.7 per cent.

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