Mutuals lending to homebuyers continues to grow fast

Gross mortgage lending by building societies and other mutual lenders reached £3 billion in October, up 29% compared to October 2011

Mutuals approved 25,000 loans in October, up from the 20,100 in October last year.

Adrian Coles, Director-General of the Building Societies Association, said: "The lending figures seen today are further evidence that building societies and other mutuals are lending more to those looking to buy a home. Mutuals have accounted for 86 per cent of all net lending in the UK in the year to October, which significantly outperforms other financial institutions. Around one in three loans made by mutuals are to first-time buyers."