You are here: Home - Mortgages - First Time Buyer - News -

Mortgage lending falls in August

Written by:
Gross mortgage lending to individuals fell to £11.3bn in August, according to data released by the Bank of England.

Lending secured on dwellings fell £0.3bn from the figure of £11.6bn posted in July, the report said. This was also down on the previous six-month average of £11.9bn.

Total loans on all types of properties in August were 89,241, up marginally on the previous month’s 88,717 total.

During the month the number of loans approved for house purchase was 47,665, marginally up on July figures.

The number of approvals for remortgaging also increased, to 26,139, while the the amount of loans to other properties fell slightly month-on-month to 15,437.

Meanwhile, the Building Societies Association (BSA) revealed that gross mortgage lending by mutuals was £3.0bn in August, up by 40% compared to the same month last year.

Mutuals took a 23% market share of gross lending in August, up from 16% in August 2011, and took 21% share of lending in the first eight months of the year.

Adrian Coles, director-general of the BSA said: “These figures show that mutual are committed to lending to homebuyers, and of the initial 13 forms signed up to the Bank of England’s Funding for Lending Scheme, six are building societies.

“We expect more building societies to sign up in coming months, though it will take some time for the funds to be drawn from the scheme to feed into new lending.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Labour calls for Stamp Duty holiday

Shadow Chancellor Ed Balls will today call for the money raised by the sale of the 4G phone licences to...