25 Nov

Mortgage lending up during October

Mortgage lending up during October

The mortgage lending industry expanded significantly during October 2010, according to newly-released figures by the British Bankers' Association (BBA).

Statistics show net growth of 3.5 per cent during the month, which compares favourably to the 0.8 per cent expansion experienced in September.

BBA statistics director David Dooks stated that the mortgages market remained "subdued" throughout the month.

He explained that this is "reflecting uncertain prospects for households and lower consumer confidence".

The figures show gross mortgage lending of £7.6 billion during the course of the month, which is the lowest total recorded since February 2001.

Earlier this week, Barclays announced a new range of remortgaging options, which were launched yesterday (November 23rd 2010).

The Woolwich Great Escape remortgage package is being extended with a new loan-to-value rate of 75 per cent, which is up on the previous limit of 70 per cent.

Head of mortgages for Barclays Andy Gray stated that there had been a "great demand" for the product. ADNFCR-1222-ID-800256913-ADNFCR

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