Mutual lenders grip on mortgage market tightens to 25%

Mutuals lent £.7.8bn in the first quarter of 2013, a 19% rise on Q1 2012. In the first quarter of 2013, net lending by mutuals was £1.9bn, up from £0.9bn in the first quarter of 2012. During the same period in 2013 net lending by other providers was minus £1.7bn. Building societies and other mutual lenders approved a total of 30,495 mortgages in March, up 12% compared to the 27,260 in the same month last year and up 26% on the 24,294 loans approved in February. Retail savings balances at mutuals rose by £1.2bn in March compared to a reduction of £0.3bn in the same month last year. ...