23 Feb

Lending for houses for sale in the UK boosted

Lending for houses for sale in the UK boosted

People trying to secure finance for houses for sale in 2011 could benefit from increased mortgage lending.

Banks' net mortgage lending grew by 2.7 per cent in January, a substantial increase from the 0.7 per cent growth for the whole market recorded in December, according to the British Bankers' Association (BBA).

Gross mortgage lending amounted to £8.2 billion in January, two per cent higher than 2010 figures.

In addition, the number of house purchase approvals for property for sale in the UK was higher than in December 2010.

David Dooks, statistics director for the BBA, said: "We are seeing little change in the borrowing environment for households or businesses at the start of 2011.

"The banks' mortgage lending growth continues to exceed the rest of the market." 

Demand from first-time buyers for houses for sale in the UK have led to new mortgage deals.

HSBC's January sale saw a boost in mortgage activity from people securing property for sale in 2011.

In response, the bank has introduced a new range featuring 85 per cent loan-to-value (LTV) with interest rates starting at 3.49 per cent for a two-year mortgage.ADNFCR-1222-ID-800423398-ADNFCR

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