Building societies approve 189,000 mortgages

Adam Williams
Written By:
Adam Williams

Almost 200,000 mortgages were approved by British building societies in the first half of the year.

Data published by the trade body representing all mutual lenders – the Building Societies Association – said 189,000 mortgage applications were approved by its members.

These approvals accounted for 29% of the total mortgage market.

British building societies lent a total of £26.4 billion to mortgage borrowers between January and June this year – 27% of the total market.

Net lending – gross lending minus repayments- was £6.5 billion in the first half of the year, representing a 57% share of the market.

Paul Broadhead, head of mortgage policy at the Building Societies Association, said that building societies were providing more options for borrowers.

“This data again demonstrates the key contribution that building societies’ are making to the UK mortgage market,” he said.

“Mortgage approvals are up, mortgages balances remain steady and building societies accounted for over half of net lending in the first half of the year, against a natural market share of 20%.

“Whilst our support to first-time buyers and aspiring home owners remains strong, the building society sector continues to service the whole spectrum of borrowers, including people requiring a mortgage that lasts into retirement. The sector continues to provide innovative products helping to encourage diversity and ensure a wide range of borrowers’ needs are served.”