Mortgage market becoming more ‘stable’, says lender body

A body representing mutuals has said that the mortgage market among such institutions is “stabilising”.

The Building Societies Association (BSA) has revealed that gross lending in June was £1,976 million, which BSA head of savings policy Brian Morris noted was “the highest level seen this year and up 30 per cent on May”.

He also commented that the mortgage approvals total of £1,817 million suggested the market is “stabilising”.

However, he noted, the figures remain well below the levels they were at a year before.

Such upward trends may encourage those looking to switch mortgage provider, as they may suggest more finance is available.

The number of loans for remortgages rose in June, according to fresh statistics from the Bank of England.

A total of 35,011 such deals were agreed during the month, compared with 31,874 in May and a six-monthly average of 33,058.

Loans for home purchases also rose, from 44,169 in May to 47,864.

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