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£3.7bn increase in mortgage lending in June

Mortgage lending rose by £3.7bn in June, a 15 per cent increase from the £24.1bn lent in May and 24 per cent higher than the £22.4bn lent in June 2003, according to the Council of Mortgage Lenders.

A total of £27.8bn was lent last month and lending for house purchase reached its highest ever monthly figure of £13.6bn, accounting for 49 per cent of total lending.

Remortgaging also showed a substantial rise, up 16 per cent on the month to £10.8bn in June from £9.3bn in May.

CML director Michael Coogan says the signals in the housing market are mixed and June saw a bounce back to record lending levels with a strong resurgence in lending for house purchase.

He says: “In an environment of rising interest rates and rising house prices, there will come a point where affordability constraints mean than lending growth slows down. Early evidence from estate agency surveys suggests consumer appetite is already beginning to turn. But it may still be another few months before the lending surveys reflect this.”


Abbey – Wrap Offshore Bond

Type: Offshore single premium bond Aim: Income and growth by investing in unit trusts, investment trusts, Oeics, offshore funds and cash deposits from any provider Minimum investment:£100,000 Investment choice: Client&#39s choice of unit trusts, investment trusts, Oiecs, offshore funds and cash deposits Place of registration: Isle of Man Options: UK Life Assurance or Capital redemption […]

Canada Life Annuities Roadshow

Canada Life is embarking on a roadshow, focussing on annuities., in partnership with Fidelity Investments. The Canada Life Retirement Income Roadshow will address issues on its annuity growth account. The speakers will include Fidelity Life&#39s Peter Duke and several Canada Life retirement income specialists. The IFA roadshows will take place around London and greater London […]

Norwich Union guarantees growth

Norwich Union has brought out the guaranteed growth bond, a guaranteed equity bond linked to the FTSE 100 index for six years.Investors in the bond will get all their original capital back plus at least 20 per cent growth regardless of index performance. Alternatively, investors will get their original capital back plus 65 per cent […]

Portman picks NU as investment provider in its multi-tie team

Portman Building Society has chosen Norwich Union to form the investment element of its multi-tie panel following depolarisation. Portman says it has decided to structure its business as a multi-tie operation from January 2005 with a panel of up to five providers. NU already sells its products through Portman Financial Services and will be the […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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