Brian Murphy, head of lending at Mortgage Advice Bureau, says:
“Mortgage lending by mutuals has been the driving force behind much of the growth in 2012. We’ve been undertaking significant levels of business with the mutual market this year as they remain committed to lending and have some of the most competitive rates in the market.
“MAB’s National Mortgage Index found application levels have fluctuated in the first half of the year, but while they are still 6.9% higher than at the same point in 2011 gross mortgage lending by mutuals is 38% higher, which is testament to their competitive pricing and innovative products.
“Overall, it remains a challenging environment and funding remains constrained. Therefore, it is to be hoped the two new lending schemes announced by the Chancellor and the BoE are fully supported by lenders and monies passed directly on to businesses and consumers.”