View more on these topics

CML lending edges downward

Mortgage lending in November fell by almost 3 per cent to £13.9bn from £15bn in October but was up by 27 per cent on the £10.2bn total in November 2000.

The monthly survey by the Council of Mortgage Lenders and the Department of Transport, Local Government and Regions found lending for house purchase declined to £8.6bn from £9bn in October but increased from the £7bn total in November 2000.

Remortgaging fell to £4.1 bn from £4.9bn in the previous month and represented 29 per cent of total lending compared with 33 per cent in October.

Base rate cuts continued, with average new variable rates falling to 4.25 per cent from 4.87 per cent in October and new fixed rates down to 5.36 per cent from 5.64 per cent.

In November, 61 per cent of lending was on a variable-rate basis and 39 per cent fixed rate. The number of loans for house purchase totalled 118,000 in November, a slight fall from 119,000 in October.

CML director general Michael Coogan says: “Mort-gage lending fell back in November, as you would expect. Much will depend in 2002 on the wider economy.At present, our expectation is of moderate growth in lending and house prices.”

Recommended

CLI adds seven offshore fund links

Canada Life International is adding seven external fund links to its range of offshore products. The seven, all from JP Morgan Fleming Asset Management, brings CLI&#39s total external links to 89 from 11 fund managers. Existing external links are provided by a range of managers including Edinburgh Fund Managers, Fidelity, Invesco Perpetual and Merrill Lynch. […]

Henderson leaps in to EuroTech

Henderson Global Investors is revamping its offshore Horizon range with the addition of nine new funds, including the Horizon Pan European technology fund.This Luxemburg-based Sicav aims to deliver long-term capital growth by investing in a diverse portfolio of stocks within the European technology sector. It will focus mainly on small caps, but may also include […]

Eagle and Zurich gain quality mark

Eagle Star and Zurich Life have become the latest brands to receive the Raising Standards quality mark from the Pensions Protection Investments Accreditation Board.The firms are both part of the Zurich Financial Services group. ZFS chief executive Sandy Leitch was instrumental in driving the Raising Standards initiative while he was chairman of the ABI.Five firms […]

Season tickets

Do you think there is a danger that split-capital investment trusts have been missold by IFAs in the past?Michael Owen: I believe that IFAs who have sold splits will have explained that they are still risk investments and are not guilty, therefore, of misselling. I am concerned that misselling seems to be a term being […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com