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Mortgage lending the highest in five years, says Bank of England

Mortgage lending the highest in five years, says Bank of England

There were 66,735 loan approvals for house purchase in September, the Bank of England has reported.

The figure compares to a monthly average of 58,473 over the previous six months.

Gross lending was £15.6m, the highest level since October 2008, and up from £15bn in August.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Mortgage rates are at an historic low, with two-, three- and five-year fixes all below 4% for the first time since the recession hit.

“Combined with a rapidly expanding selection of products – 10,745 options were available during September – we’re left with the perfect conditions to boost consumer confidence.”