Could commercial mortgage holders have seen increased lending in July?

31 August 2010

Written by Simon Whittaker

Gross home loan lending by mutuals reach its highest level of 2010 last month, one organisation has said, which may have seen more money borrowed by commercial mortgage holders.

The amount of cash given to those purchasing property rose by 11 per cent in July compared with June, according to Building Societies Association.

Director-general of the body Adrian Coles said the outlook for the home loan market looks brighter.

"Lending by mutual mortgage providers has picked up over the summer months and the approvals figures suggest this level of lending may continue in the near future," he commented.

Indeed, total value of products authorised in July was £1.9 billion - flat compared with June.

Meanwhile, borrowing was up to £2 billion, rising from £1.8 billion recorded in the previous month.

In contrast, the Bank of England reported a fall in the growth of mortgage lending in July, with home loans rising by £300 million last month compared with £500 million in June.

Find out more on our commercial mortgages and how we can help you achieve your aims - enquire online.