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

Mortgage lending falls in August

0
Written by:
01/10/2012
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

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.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week