You are here: Home - Mortgages - Buy To Let - News -

Mutuals claim 24% share of mortgage market in July – BSA

Written by:
Mutuals claimed 24% mortgage market share in July, up from 17% a year ago, the Building Societies Association (BSA) has revealed.
Mutuals claim 24% share of mortgage market in July – BSA

Gross lending by building societies increased 44% year-on-year in July, the BSA said.

Mutuals lent £3.1bn in July compared to £2.1bn in the same month the year before. Lending also increased 14% on June’s figures, which stood at £2.7bn.

The number of mortgages approved by mutuals was up 47% in July, at 2,786, compared to the same month last year at 1,891.

Adrian Coles, director-general of the Building Societies Association, said: “Mutuals are currently enjoying a sustained increase in lending activity, and an increase in deposits from savers.

“Lending activity by mutuals has been growing strongly on a year-on-year basis for some time now, and in July gross lending rose again by a healthy 44%. At the same time lending by banks fell by 9% in July.

“As a result mutuals continue to take market share, up to 24% in July, well above the 17% figure for the same month on 2011. Approvals by mutuals were also up in the month and this means that this trend of increased lending is likely to continue.”

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:
Pensioners gain £13 billion on property value

Retired homeowners gained a total of £13.66 billion on their property value in the past three months, research has found.