Building society mortgage approvals now account for 29% of total approvals, the highest level in at least a decade.
This is according to analysis of BSA data by housing investment and shared equity mortgage provider, Castle Trust – and shows that this approval level has risen dramatically compared with just 16.2% after the credit crunch.
The record level of approvals underlines the surge in building society gross lending which has increased 65% since 2009 (£18,574 billion to £30,701 billion in December 2012) while gross lending for the bigger banks decreased 16% in the same time period from £118,458 billion to £99,395billion.
Gross mortgage lending share by building societies now constitutes 21.8% of the overall gross mortgage lending market year-on-year, representing a significant increase since 2009 when building societies represented just 12.9%.
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