View more on these topics

Gross lending up 5% in March

Gross mortgage lending has increased by 5 per cent to £26.3bn in March, according to the Council of Mortgage Lenders.

This is up from £25bn in February but down by 17 per cent from £31.7bn in March last year.

The CML admits that an increase of around 20 per cent is typically expected between February and March.

Estimated gross lending for the first quarter of 2008 was £77.2 billion, down 8 per cent from £83.9 billion in the first quarter of 2007.

CML director general Michael Coogan says:“Lending on completed transactions is currently running at levels considerably lower than a year ago. However, the picture for mortgage approvals for new business and prospective lending levels in the next few months is worsening.

“We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions. Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices. As mortgage costs increase, it remains important for any borrower with potential financial difficulties to speak to their lender as soon as possible, and preferably before they have missed a payment.”


Packager Chase UK shuts up shop

Portsmouth based packager Chase UK is in the process of appointing an administrator this week after becoming the latest packager firm to shut up shop.

Bradford & Bingley deny rights issue rumours

Bradford & Bingley has denied reports that it is intending to issue equity capital through a rights issue. The lender says it has a strong capital base which is above its regulatory requirements.It says that as a result of the board’s conservative approach, it has funded its business activities through 2008 and into 2009.B&B says […]

Who holds the watchdog’s leash?

The Financial Services and Markets Act 2000 provided for the FSA to establish an ombudsman scheme under which disputes relating to financial services would “be resolved quickly and with minimum of formality by an independent person”. The Financial Ombudsman Service was established to operate that scheme.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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 thought leadership.

    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