Mortgage lending returns to early-2008 levels
24 June 2009
The May lending statistics from the British Bankers` Association (BBA) have shown that mortgage lending - in terms of the number of mortgages approved - returned to levels not seen since early 2008.
The BBA said there was a net increase in mortgage lending of £2.3bn in May. Although mortgage lending had increased, it was the smallest monthly rise since early 2001.
BBA statistics director, David Dooks, said: "Steady monthly increases since last November have seen the number of loans approved for house purchase recover to levels seen in early 2008, although gross and net mortgage lending show a subdued wider mortgage picture.
"However, unlike much of the mortgage market, the high street banks are still seeing lending growth, and improved mortgage availability is reflected in higher average loan approval values."
Meanwhile, consumer credit such as personal loans and credit cards fell by £0.1bn, while personal deposits rose by £0.5bn over the same period.
---
Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.
Fill in our form to find your mortgage solution
Tags: mortgage, mortgages, loan, loans, mortgage approvals, approval, getting approved for a mortgage
Mortgage news
Lloyds doubles mortgage overpayment allowance 15 March 2010
Cost of mortgage debt falls to six-year low 12 March 2010
Homeowners urged to consider mortgage options 8 March 2010
Over 3 million don`t know interest rate on their mortgage 4 March 2010
Base rate at 0.5% for 12th month 4 March 2010