30 Nov

Mortgage lenders increase loans to home buyers

Mortgage lenders increase loans to home buyers

The number and value of mortgages building societies and other lenders are now providing has increased to the highest level in almost two years.

According to the latest figures provided by the Building Societies Association (BSA), gross lending in October reached £2.3 billion.

This 20 per cent increase compared to October in 2010 represents the highest monthly gross lending figures in the UK since the BSA started collating figures in January 2010, good news for those looking to buy property for sale in Plymouth.

Last week, the British Banking Association said that overall gross mortgage lending in the UK was worth £8 billion in October, a four per cent increase on the previous year.

Adrian Coles, director-general of the BSA, said: "So far this year, mutual lenders have lent 15 per cent more than in the same period in 2010, whereas other lenders have so far lent 1 per cent less than last year."ADNFCR-1222-ID-801226094-ADNFCR

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