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Written by rosalind renshaw

Mortgage lending picked up in September, the Bank of England has reported.

A total of 50,024 mortgages for house purchase were approved, up on August’s 47,921 and higher than the previous six-month average of 48,832.

Remortgaging was also up and at 28,343 was ahead of the six-month average of 27,664.

Meanwhile, mutuals increased their share of the market to 22% in September, up from 17% a year ago.

Adrian Coles, director general of the Building Societies Association, said: “These lending figures show that building societies and other mutuals are continuing to increase their lending to help people buy their homes.

“Net mortgage lending by mutuals was £4.9bn in the last nine months, out of £6bn across the market as a whole.

 “The funds from the Bank of England’s Funding for Lending scheme will take some time to be drawn and flow through into the mortgage market. As the scheme is favourable to institutions which are looking to increase their lending, it will clearly appeal to many mutual lenders.”

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