Mutuals&’039 gross mortgage lending up

Gross mortgage lending by building societies and other mutual lenders rose 28% in February 2012, compared to the same month last year, the Building Societies’ Association has reported.

New mortgage approvals were also up 31% on February 2011 and 29% on January 2012, indicating an increased level of consumer activity with mutuals.

Mutuals experienced a retail savings outflow of £87 million in the month compared to an inflow of £359 million in February 2011. This is an improvement on January where the outflow was £1.1 billion.

Adrian Coles, director-general of the Building Societies Association, said: “Gross lending and new mortgage approvals by mutuals continued to rise year-on-year in February