Mortgage lending increased in March

04 May 2010

Written by Michael Aglony.

Those looking to take out a buy to let mortgage may be interested to know that gross by mutuals rose 36 per cent in March, according to a report by the Building Societies Association (BSA).

Loans to buy property reached a total value of £1.6 billion in March, up from £1.2 billion in February, the organisation said today (May 4th).

Nearly £1.7 billion applications for a mortgage were approved, a 21 per cent increase on February's figures of around £1.4 billion.

Adrian Coles, BSA director-general, said: "Lending activity appears to have gained some momentum following a sluggish start to the year and the relatively strong approval figures bode well for coming months."

The Bank of England's lending data was also released today and confirmed the amount of loan approvals for house purchase was higher in March than in February.

March's figures show that 48,901 property buyers were granted a mortgage compared with 46,882 in February.

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