Mortgage lending grows again at mutuals

Gross mortgage lending by building societies and other mutual lenders was £2.5 billion in September which is up by 10% compared to the same month last year. Mutuals took a 22% market share of gross lending in September, up from 17% in September 2011, and took a 21% share of lending in the first nine months of the year. Net mortgage lending (gross lending minus repayments) by mutuals was £0.5 billion in September, and £4.9 billion in the first nine months of the year. Trinity Financial work with a number of the leading building societies and they will often lend where many of the high-street banks won't. Coventry Building Society offers one of the lowest two-year fixed rate mortgages at 3.58% for borrowers with a 20% deposit. The arrangement fee is £999 and there is a free property valuation. November 2, 2012