Building societies approved three out of ten (29%) of all new mortgages in 2017, and took 19% of new savings accounts.
Leek United Building Society has gone ‘totally local’ to encourage savers and shoppers to put their money into its home town economy.
More than one million Help to Buy ISAs have been opened by aspiring first-time buyers who have saved a total of more than £1.8 billion.
Joseph Thompson, business economist at the Building Societies Association, explores the challenges for the savings market, the motivations for savers and consumers and how it all affects the mortgage market
Digital savings provider RCI Bank has taken over £2.1 billion of deposits from UK savers since launching in June 2015.
Landbay, the peer-to-peer investment platform specialising in buy-to-let mortgages, is one of the first peer-to-peer platforms to launch an Innovative Finance ISA (IFISA).
Building societies approved 109,543 new mortgage loans in the last quarter of 2016, which equates to almost one in three home loans throughout the UK and up 7% on the same period in 2015.
The Help to Buy ISA was launched on 1 December 2015, and figures up to the end of September 2016 show that 27,222 property completions have been supported by the scheme.
Mortgage lending by building societies continues to grow on a year-on-year basis but the rate of growth has slowed, reflecting the trend across the whole mortgage market.
The Financial Conduct Authority has outlined proposals to regulate the promotion and distribution of the Lifetime ISA.