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CML reveals strong October lending figures

Gross lending hit a new monthly record in October of £30.3bn, according to the Council of Mortgage Lenders.

Lending was up by 4 per cent on the September figure of £29.2bn, but down by 8 per cent from the overall record of £33bn in August. Lending was up 12 per cent in comparison to October last year.

CML director-general Michael Coogan says: “For yet another month the housing market is proving itself to be in robust shape. Housing demand and mortgage approvals have been strong over recent months, despite the rise in interest rates.

“House price growth is also strong, so we expect to see lending remaining at high levels through the new year. But with interest rates rising for the second time in three months, we anticipate a modest slow down in house sales and mortgage approvals as 2007 progresses.”



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Balls says bars don’t cut off complaints

Treasury Economic Secretary Ed Balls has weighed into the debate on time bars, saying endowment providers have a duty to consider complaints regardless of the time-barring rules.In a letter to Conservative MP Andrew Mitchell, Balls said the time-barring rules only apply to the ability of the Financial Ombudsman Service to examine the complaint and FSA […]

Emerging risks

It is difficult not to feel buoyed by the better tone of markets worldwide. Economic data supports the contention that the US is heading for a soft landing, removing the need for further monetary tightening.

Wraps are barrier to trust business

The lack of true open architecture on many wrap platforms is the major barrier to increased take-up of investment trusts among IFAs, according to Baillie Gifford.Speaking at the Money Marketing round table event, Baillie Gifford sales and marketing director Ken Edwards said he had hoped an increase in “true wrap” solutions would ease this problem […]

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article


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