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Gross advances jump to £161m

The Council of Mortgage Lenders annual report published this week shows gross advances rose by 34 per cent to £161 billion from £120bn and net lending jumped by 32 per cent to £55bn from £42bn during 2001.

It says more than 11 million mortgages, amounting to over £600bn in value are held by CML members.

The trade body says the report also highlights its success in persuading the Treasury to reconsider its original CP98 proposals for mortgage regulation.

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