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Gross lending by mutuals up 20% year-on-year in May

Gross lending by mutuals totalled £1.8bn in May, up 20 per cent compared to the £1.5bn in May 2010.

According to figures from the Building Societies Association, mortgage approvals by mutuals, also £1.8bn, were up 15 per cent compared to the £1.6bn approved in May last year.

BSA director-general Adrian Coles says: “Both gross lending and approvals by mutuals have been stronger in the first five months of 2011 compared to the same period last year.  Although activity in the market is still considerably weaker than pre-crunch levels, mutuals have been increasing their mortgage lending and offering competitive products that continue to feature in the best-buy tables.”

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