BSA defends "conservative lending policy"

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BSA defends "conservative lending policy"

Tue 29th Jul 2008

The director general of the Buildings Societies Association (BSA) has defended the drop in mortgage lending recorded by its latest figures.

Net mortgage lending among building societies is down from £8,429 million in the first six months of 2007 to £3,448 million in the same period in 2008.

Adrian Coles said societies had taken on a "conservative lending policy to ensure that they maintain the high quality of their loan books".

The figures were "no surprise" and reflect "the depressed state of the housing market".

Further BSA statistics show building societies had net receipts of £419 million compared to £576 million in June 2007.

Building society Nationwide is holding a prize draw for all customers who have a mortgage interview in a branch or on the phone before October.

The ten winners will have their mortgage paid by Nationwide for a year.

Matthew Carter, director of mortgages at Nationwide, said it is "great to be in a position to launch this prize draw".

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