Building societies approve 114,793 mortgages in Q3 2017
Building societies approved 114,793 of the 397,532 mortgages submitted across the market in Q3 2017. Figures from the Building Societies Association (BSA) show its members have a 29% share of the market.
Gross lending by building societies in Q3 was £17.3bn, up 6% on the £16.4bn lent in the same period in 2016. Total market gross lending was £68.1bn.
Building societies hold outstanding mortgage balances of £297.3bn, a 22% market-share. Savings balances held with building societies increased by £1.3bn, down 71% on the £4.5bn in the same period in 2016.
Andrew Gall, chief economist at the BSA, said: “Building societies took a sizeable market share of mortgage lending in the third quarter of 2017. Almost 90% of new mortgages in Q3 were on fixed rates, so many homeowners will be protected from interest rate rises for a number of years.”
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