Deloitte comments on rise in building societies’ mortgage lending
31 January 2013
Figures from the Building Societies’ Association show gross mortgage lending by building societies and other mutual lenders in 2012 was 30% higher compared to 2011.
Deloitte, the business advisory firm, says mutuals are increasing market share due to both their strong capital base providing them with the capacity to lend, as well as the attractiveness of the mutual brand.
Stephen Williams, head of the building societies practice at Deloitte in Yorkshire, said:
“The building society sector has generally performed well over the past 18 months and is attracting increasing numbers of customers, particularly in certain niche mortgage areas where their size has allowed them to react quickly to market opportunities. Many of the smaller building societies also have strong links with their local communities and offer products with attractive interest rates. Customer satisfaction levels are generally good and this factor, combined with competitive products, has led to the sector capturing a greater share of the market.”
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