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A&L sees boom in mortgage business

Alliance and Leicester has seen a dramatic increase in mortgage business in the first half of 2006.

The company saw gross mortgage lending of £6.4bn, 58 per cent higher than in the first half of 2005, and a 4 per cent share of the market.

Mortgage redemptions in the first half of 2006 were £3.9bn, an estimated market share of 3.5 per cent.

But the company’s overall core operating profit dipped slightly from £272m for the same period last year to £268m.

A&L’s share of the first time buyer market continues to increase, and it says 44 per cent of its new lending was to this sector in the first half of 2006.

The company also recently launched into the specialist market via a deal with investment bank Lehman Brothers which will securitise the loans on completion.

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