BSA reports increase to mutual lending in May

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BSA reports increase to mutual lending in May

Prospective homeowners struggling to find a suitable mortgage deal could be interested in recent figures from the Building Societies Association (BSA).

The organisation has revealed that gross lending from mutual parties increased by 20 per cent in May this year, compared with the corresponding month in 2010.

In addition, an increasing number of mortgage applications were given the green light during the period, with a rise of 15 per cent across the past 12 months.

Adrian Coles, director general of the BSA, highlighted the significance of activity across the housing market in the unpredictable economic climate.

He added: "Although activity in the market is still considerably weaker than pre-crunch levels, mutuals have been increasing their mortgage lending and offering competitive products that continue to feature in the best-buy tables."

Earlier this month, the BSA suggested public confidence in the housing market could be on the increase following a survey from its Property Tracker.

Findings revealed that only 21 per cent of participants believed it was not a good time to apply for a mortgage in June, compared with 29 per cent in March.

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