Mortgages from mutuals 'up 67% in February'

Date:Tuesday 30th March 2010
Author: Max Freedman

The amount of gross lending loaned out to mortgage applicants by mutuals increased by 67 per cent between January and February 2009, it has been announced.

Figures published by the British Societies Association (BSA) have shown that the amount of money paid out by the institutions in the second month of the year totalled £1.4 billion, an increase on the £832 million the month before.

Adrian Coles, director-general of the BSA suggested a hint of caution, stating that the mortgage market is improving, but is still a long way off its previous levels.

He added that the results for January were already low due to the poor weather and the rush of people who wanted to complete their applications in December before stamp duty was reintroduced.

According to Mortgage Brain's monthly analysis, February also saw a rise in the number of mortgage products that were available, with the biggest increase being seen in fixed-rate mortgages.