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Gross lending drops 2% in May, says CML

Gross mortgage lending was down 2 per cent in May at £10.3bn compared to the previous month and 58 per cent year on year, Council of Mortgage Lenders data reveals.

May’s gross lending total of £10.3bn compared to £10.5bn in April and £24.7bn in May 2008.

CML economist Paul Samter says:“While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming months.

“Lending volumes appear to have stabilised at extremely low levels, but the weak labour market and lenders’ limited access to funding will constrain activity for some time yet.”

Samter says that the moderate improvement in house purchase lending in May has been offset by very low remortgaging volumes as borrowers stay with existing deals.


Phoenix in row over renewal cash

An adviser has hit out at Pearl owned-Phoenix, claiming the firm has stopped paying renewal commission on a client’s Scottish Mutual policy and tried to deal with them direct.

Duce and Kearney funds retain OBSR ratings

Old Broad Street Research (OBSR) announced today it is retaining its A rating on the Credit Suisse Multi-Manager Portfolio Funds.The funds, managed by Graham Duce and Aidan Kearney, are set to be moved to Aberdeen Asset Management following the announcement last month that it will be part of Aberdeens acquisition of Credit Suisse Asset Management, […]


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