Mortgage lending grows over 18 months
Wed, 16 Sep 2009
There is more positive news for the property and mortgage markets today as the FSA announce mortgage lending increased in the last 18 months.
The figures released by Gordon Browns Financial Services Authority show a 1% rise between Q1 2008 and Q2 2009 to £1,200 billion with 0.2% of the rise taking place in Q2 2009.
As expected, repossessions are up from mid 2007 however repossessions for Q2 2009 are down over 8% from Q1 2009 to 13,610.
The head of mortgage policy at the building societies association commented that, "The earlier a borrower contacts their lender, the more likely they are to stay in their home . Borrowers contacting their building society will find a sympathetic response and that their society will work with them to help overcome their problems."
The Bank of England has recently released figures showing mortgage approvals in July rose to 50,123, compared to 47,891 in June.