This week's personal finance news
News
29/07/2010 11:47:28
Money 'more accessible' as mutuals lending rises 19%
Money may be easier for house-buyers to access, as new research shows mortgage lending by mutuals rose 19 per cent in June.
Financial planners could be helping individuals seeking to purchase a home, as loans became harder to secure and money management acquired greater importance for many in the wake of the recession.
The Building Societies Association (BSA) found the net value of mortgages last month rose to £1,798 million, up from £1,507 million in May.
A good sign for the housing market, the increase brought house-purchase lending 34 per cent higher than the average total of the previous five months.
Adrian Coles, director-general of the BSA, said the figures were "a positive indicator" for the near future as building societies approve more loans.
However, he noted economic uncertainty may limit any significant growth before the end of 2010.
Bank of England data supports the mortgage trend, showing total lending to individuals rose by £0.6 billion in June.
