Building Societies Association sees mortgage approvals rise

www.moneynews.co.uk > Mortgages > Building Societies Association sees mortgage approvals rise

Building Societies Association sees mortgage approvals rise

Wed 4th May 2011

The Building Societies Association has reported an increase in the number of mortgage approvals in March.

Mutual approved mortgages grew by 29 per cent on the £1.7 billion that was given the green light in March 2010.

The company also reported an eight per cent increase on gross lending by mutuals in the past month, with this year's figures reaching £1.5 billion.

Director general of the Building Societies Association Adrian Coles noted that the increases were made in very low levels and economic uncertainty means the market remains subdued.

Mr Coles said: "Households' ability to save is under strain from above- target consumer price inflation, which is higher than the rate of wage growth and the recently implemented austerity measures."

Prospective homeowners have been advised by the Telegraph to take advantage of low mortgage rates by taking one up in the near future.

However, the newspaper urged first-time buyers to approach simpler mortgage approvals with caution during the short period of time.

Click here for more mortgages news

Related News : Mortgages
	Brits 'failing to grasp the importance of an interest in mortgages'
	BBA highlights mortgage lending growth
	Are interest-free mortgages a bad idea?
	Buy-to-let mortgages are 'more profitable'
	House price performance to impact lenders' criteria
	More Brits 'to choose long-term mortgages'
	Offset mortgages 'are the future'
	UK house prices 'set to fall'
	Hybrid mortgages 'are a good deal' for FTBs
	UK public expects house price increase