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Brokers report surge in building society mortgages

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  • 10/05/2013
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Brokers report surge in building society mortgages
Almost 70% of mortgage advisers are completing more mortgages through building societies than ever before according to our latest survey.

The Mortgage Solutions People’s Poll asked brokers if they had been placing an increasing number of mortgages through building societies during 2013.

Nearly 40% of brokers said they were putting a higher number of cases through mutual lenders while a further 31% said that they had noticed a small increase in the last few months.

Just one-third of respondents said that the amount of cases they successfully place with building societies had remained flat.

The Building Societies Association reported earlier this month that lending by mutuals had accounted for 25% of the mortgage market during March and total lending was 8% up compared to 2012, reaching £2.9bn.

Adrian Coles, director-general of the Building Societies Association, said: “Mutuals have been punching above their weight in the provision of higher loan to value ratio loans – of all of the mortgage products available to borrowers with a deposit of 10% or less 51% are available from a mutual lender.

“Net lending by banks and other mortgage providers has been negative in recent months as many of them work to restructure their balance sheets.”

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