Yorkshire Building Society to double mortgage lending

Yorkshire Building Society has given a further boost to the UK property market by signalling its intention to step up its mortgage lending over the remainder of 2010.

The country's second-largest mutual, the company has acknowledged that it eased back from lending to prospective home-buyers in 2009 as it took a more cautious approach to the market, though chief executive Iain Cornish noted that borrower demand was also down.

However, the Yorkshire has now signalled its intentions to double its mortgage lending efforts over the coming financial year as it takes a more positive view of the residential property sector.

"From the middle of last year we have been pretty positive about the housing and mortgage market," Mr Cornish explained.

"There is more confidence in the market and our lending this year will mirror that."

Earlier in the month, the Council of Mortgage Lenders reported that the number of mortgages loaned in January fell by around 23 per cent on the preceding month, thanks largely to a last-minute rush by buyers to take advantage of the government's stamp duty holiday in December.

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2010-02-26 10:15:11 © Moneyextra.com