24 Dec

New lending figures are encouraging, says mortgage expert

New lending figures are encouraging, says mortgage expert

A mortgage adviser has welcomed the latest lending data from the British Bankers' Association (BBA).

The organisation revealed that there were 44,713 approved mortgages for house purchases in November, up from 42,552 the previous month.

Katie Tucker, technical manager at mortgageforce, described the data as "very encouraging".

She said: "Lenders have got very strong targets for mortgage lending next year, so we can expect the figures to be considerably higher [in 2010]."

The BBA figures show that gross mortgage lending stood at £9.2 billion last month, which was up from £9 billion in October but still 12.2 per cent lower than a year ago.

Meanwhile, the value of all mortgage loans approved was £9.9 billion, up from £9.4 billion in October.

Commenting on the figures, BBA statistics director David Dooks said that approvals for property purchase have now returned to "a similar level to that of two years ago".

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