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Cheltenham & Gloucester plays down fears of recession

Cheltenham & Gloucester is using its latest mortgage survey to predict that there will be no recession in 1999.


It says that the average amount a homebuyer spends on their mortgage is set to drop 26 per cent in 1999.


Borrowers are set to reduce the amount of money they spend on a mortgage to £27.80 for every £100 they earn from £37.50 in the third quarter of 1998.


Managing director Roger Burden says: &#34Not only do these figures show that homeowners are in a great position they also add weight to arguments that recession is not as likely as some pundits have feared.&#34

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