Smith Sutcliffe Solicitors

Good News for Borrowers

People looking for moving home advice will be heartened to hear that more mortgages have been approved by mutuals recently.

The Building Societies Association (BSA) said in March mortgages worth 2.1 billion were granted, compared to only 1.7 billion in the same month of 2010, a 20 per cent increase.

Furthermore, gross lending by mutuals equalled 1.7 billion in March 2011, compared to the lower sum of 1.5 billion in February 2011, those looking for conveyancing solicitors have been informed.

Adrian Coles, director general of the BSA, said: "There was a significant rise in the value of mortgages approved by mutuals in March. Indeed, across the first quarter of 2011 mortgage approvals by mutuals were 28 per cent greater than in the same period a year earlier."

Peter Wilkinson, Head of Residential Conveyancing at Smith Sutcliffe was pleased to hear this news..."The Residential Property Market needs an injection of realistic lending in order to allow the market to move.  At present there are a large number of potential borrowers who do not have the resources, either in cash or as equity in their present house, to meet the requirement for a new loan - even to move to a property of similar value."

24th May 2011, 8:25
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