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Financial Services > Mortgages > Mortgages News
Yorkshire Building Society to double mortgage lending
Fri, 26 Feb 2010
Yorkshire Building Society intends to double its mortgage lending in 2010, ft.com reports.

The company, which is the UK's second-biggest mutual, announced its gross mortgage lending fell last year to £900 million from £2.5 billion the previous year.

Further to this, the society revealed a pre-tax loss of £12.5 million for the year to December 31st, a fall from £8.3 million in 2008.

However, chief executive Iain Cornish explained that the decision to reduce mortgage lending was a "prudent" response to the recession .

He told the website: "From the middle of last year we have been pretty positive about the housing and mortgage market . There is more confidence in the market and our lending this year will mirror that."

Meanwhile, the Council for Mortgage Lenders (CML) recently predicted that the UK mortgage market would recover in 2010, albeit at a slow rate.

The CML claimed that mortgage lending levels will remain depressed over the next couple of months, but will improve later in the year.

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