7 Jan

Mortgage lending saw annual rise in November

Mortgage lending saw annual rise in November

The amount of money lent to borrowers for the purposes of buying houses through estate agents saw an annual rise in November of 2012, a new report has discovered.

According to the Building Societies Association (BSA), lending from mutuals was a full nine per cent higher during the month than it was a year earlier.

This could have largely been helped by first timers, with 12 per cent more of this demographic getting onto the ladder last year than in 2011.

Paul Broadhead, head of mortgage policy at the BSA, said: "Mortgage lending by building societies and other mutuals increased substantially in 2012 based on the data we have published today for the first 11 months of the year."

He also went on to say that many mutuals offer better deals to buyers than other types of lenders, with the mortgages they provide giving lower rates than the national average in general.ADNFCR-1222-ID-801517482-ADNFCR

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