25 Oct

Mortgage lending rose in September, report reveals

Mortgage lending rose in September, report reveals

The amount of money lent for houses for sale in the UK rose in September 2010, a report has revealed.

According to the British Bankers' Association (BBA), net mortgage lending grew by 3.9 per cent last month.

This is in comparison with the growth of one per cent seen in August.

BBA statistics director David Dooks said that in spite of the figures, "demand for new mortgages remains low".

He suggested that homebuyers looking to purchase properties for sale in Britain could be tempted to do so now due to a rise in the number of properties on the market, as well as falling house prices.

The findings come a few days after Barclays launched its new remortgage product, which enables customers to switch from a standard variable rate to a tracker mortgage at 2.18 per cent above the base rate.

Head of mortgages at Barclays Andy Gray stated that the deal could help "stimulate the market".  ADNFCR-1222-ID-800155770-ADNFCR

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