Mortgage lending trend is likely to remain healthy in 2012.
Gross UK mortgage lending rose by 28 per cent in February 2012 based on year on year lending for the same month last year, according to the Building Societies Association.
New mortgage approvals were also up 31 per cent on the previous February 2011 and up on January 2012 by 29 per cent.
Adrian Coles who is the director-general at the Building Societies Association commented saying that both new mortgage approvals and gross lending from mutuals have continued to rise on a year-on-year basis which was in spite of market growth remaining relatively flat.
Strong results released by a some mutual lenders over the last few months reveal that this sector is well placed to continue to offer market leading products to customers.
When BSA mortgage approval figures for February are considered along side those from the Bank of England it is clear to see that this mortgage sector is growing in a relatively flat property market.
Figures for gross lending by building societies are also on the up which is good news for consumers wanting a competitive good value deal. For the last few years UK building societies have tended to focus on flexibility and innovation with regards to mortgage lending. In what appears to be still a tough market this is a strategy which appears to be paying off.
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