Skip to content

Mortgage lending rises at mutuals

Building societies and other mutuals stepped up mortgage lending by around 20 per cent in October, figures have revealed.

A new report from the Building Societies Association (BSA) shows that gross lending reached £2.3 billion during the month, up from £2 billion in October 2010.

The group said gross lending had increased by 15 per cent during the year to October, to a total of £19.1 billion.

BSA director-general Adrian Coles said: "With the Government recently announcing policies that highlight the importance of the housing market to the UK economy, building societies and other mutual lenders continue to play their part supporting homebuyers."

Meanwhile, savings balances held by building societies and other mutual deposit takers also increased by £0.4 billion compared with last year, with net receipts rising to £0.2 billion excluding interest.

The same month in 2010 saw balances decrease by £1.1 billion, with a net withdrawal of £1.3 billion.

Copyright © Press Association 2011

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2016 Wesleyan Assurance Society