View more on these topics

£3bn remortgaging boom defies forecast slowdown

Mortgage lending rose strongly in June to £11.5bn from £10.1bn in May, despite predictions that it would level off, according to figures from the Council of Mortgage Lenders.

The CML says high levels of remortgaging are driving the upturn, with £3.3bn worth of business written in June.

It says this is the highest level since collection of monthly figures began in June 1998.

Director general Michael Coogan says: “In line with other indicators which suggest the housing market is cooling, the CML believes lending for house purchase may now have reached a plateau and expects more modest increases in lending in coming months.”

The CML says average mortgage rates fell in June to 6 from 6.6 per cent as lenders such as HSBC slashed their rates.

Figures from the Building Societies Association show building society gross advances increased to £2.2bn in June from £2bn in May. Approvals rose to £2.5bn from £2.3bn.

Chairman David Anderson says: “Lending figures show building societies gaining a steady increase in this area over the last two months, reflecting a housing market which is beginning to find its level.”


Insurance website scores one million hits

Goodfellow Group managing director Simon Burgess says the success of its Securityfirst website shows hands-off marketing tactics are working.The three-month old website has registered more than a million hits bringing premium sales income to nearly £3m.Burgess says: “One does not need to exploit clients to generate significant profits. Banks and building societies take anything up […]

Abbey Life clients left in limbo for advice

Up to 1.7 million Abbey Life policyholders have been left in advice limbo after the company&#39s acquisition by Allied Dunbar, accordingto IFAs.Following the Dunbar takeover in February, policyholders were informed in jointly signed letters from Abbey Life and Allied Dunbar that Abbey was no longer able to give them financial advice on existing policies and […]

Small business should be big business

IFAs need to start plugging the knowledge gap among small business owners on self-certification mortgages.Despite an increasing number of mortgage lenders providing self-cert products, this option is little understood by a large proportion of its target market – the owners of small businesses.There are around 15 lenders offering self cert mortgages through intermediaries. With nearly […]

Clerical Medical creates three offshore divisions

Clerical Medical is forming three new divisions in a bid to grow its business in the European and UK offshore markets.The life office aims todouble new business from the UK offshore market within three years. It is also looking to more than double business from Europe within two years and achieve a fourfold increase by […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment