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Thursday 30th of July 2009
July 23, 2009

Mortgage lending shows modest increase


by Gill Montia
”Mortgage

Latest figures from the British Bankers’ Association show a “modest” increase in net mortgage lending.

UK banks lent a net £2.6 billion in June, compared with £2.4 billion in May and a previous six month average of £3.1 billion.

In terms of volumes, last month saw 35,235 loans approved for house purchases, up from 31,919 in May and compared with a previous six month average of 27,528.

The number of remortgaging approvals also showed a slight rise on May, at 28,133, but were down 52% on the same period of 2008, reflecting the trend for borrowers coming to the end of fixed-rate deals to transfer to their lenders’ standard variable rates.

Meanwhile, the number of loans approved for equity release and other purposes stood at 20,292 in June, down 27.7% on a year earlier.

The BBA’s statistics director, David Dooks, says: “Numbers of new home loans approved by the High Street banks are recovering from the very low level last November and so far this year, gross mortgage lending has topped £50 billion.”

He adds: “After repayments and redemptions, the banks’ net rise in mortgage lending of £18 billion in the first six months is in sharp contrast to lending by the rest of the market, which is still contracting.”

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