'Best February for mortgage lending' in 2007

20-Mar-2007

In news which may be of interest to would-be first time buyers, February 2007 reported the highest-ever amount of mortgage borrowing on record, when compared with the same month in previous years, new research suggests.

According to data released by the Building Societies Association (BSA), gross mortgage advances in February 2007 rose by £1,031 million to £4,214 million, when compared with February 2006.

"Yet again building societies saw record lending in February, with gross lending the highest-ever recorded for that month," said Adrian Coles, director general of the BSA.

"Approvals … were also the highest February on record," he added.

For the same period (February 2007), net mortgages advances totalled £1,292 million.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

The BSA is a UK-based trade association for Britain's building society sector.

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