Large increase in gross lending by mutuals

Adrian Coles, Director-General of the Building Societies Association, said: "Both gross lending and approvals by mutuals have been stronger in the first five months of 2011 compared to the same period last year.

"Although activity in the market is still considerably weaker than pre-crunch levels, mutuals have been increasing their mortgage lending and offering competitive products that continue to feature in the best-buy tables."

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