October 'saw mortgage lending by mutuals rise'

Posted: 30 Nov 2011 12:34:25 GMT

Home loan lending by mutuals jumped 20 per cent in October when compared with the same period last year.

Mortgage lending by building societies and other mutuals rose in October, new figures have shown.

Provided by the Building Societies Association (BSA), the statistics revealed a 20 per cent jump in such activity across the four-week period when compared with the same time frame in 2010.

It was demonstrated that lending by these groups amounted to £2.3 billion for October - the highest for any month since reporting on the current basis was brought into effect in January 2010.

Adrian Coles, director-general of the BSA observed mutuals - which are used to look after savings and lend money to fund house buys and have done so for more than 200 years - are continuing to offer assistance to would-be home purchasers.

The industry figure explained that this year, "mutual lenders have lent 15 per cent more than in the same period in 2010, whereas other lenders have so far lent one per cent less than last year".
 

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