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July gross mortgage lending 12 per cent higher than 2006 says BBA

New statistics from the British Bankers’ Association has found that July’s gross mortgage lending of £21.3bn was 12 per cent higher than the same time last year.

With annual house price inflation below this rate, the stronger figure reflects higher levels of re?mortgaging activity in the month.

Underlying net mortgage lending rose by £5.7bn. Although this was higher than June’s increase and the recent average (both £5.4bn), annual growth remained at around 14 per cent.

There were 182,950 mortgages approved (for all purposes) in July with an aggregate value of £21.5bn. The average loan approved for house purchase was £156,900, some 13 per cent higher than a year earlier.

BBA director of statistics David Dooks says: “With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks’ lending in July. Lower approvals volumes simply reflected the seasonal pattern, so we expect the stable trend in the banks’ lending to continue over the next couple of months.

When compared to July 2006, house purchase approvals were down 1 per cent by number but up 12 per cent by value; remortgaging approvals were up 12 per cent by number and up 26 per cent by value; while approvals for equity withdrawal were down 2 per cent by number and up 10 per cent by value.


Cheltenham & Gloucester ups sub-prime rates by 1 per cent

C&G has announced that it will be increasing rates on all of its Assist and Access fixed and tracker products by 1 per cent from today.Current products were withdrawn from close of business yesterday.The lender says it is still paying a 0.65 per cent proc fee on assist cases.A spokeswoman says that it is business […]

Reid to be PFS president

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Upping the ante

First State Investments has reignited the on-going debate over charges this week after the fund house announced proposals to raise the annual management charge on its £877m Asia Pacific and £183m Greater China growth portfolios from 1.5 to 1.75 per cent.

Aifa questions if mandatory qualifications will pass EU test

Aifa is questioning whether retail distribution review proposals for mandatory higher qualifications will get past the European Commission and is warning they could create an anti-competitive market.In the second of its RDR issue papers focusing on market segmentation, Aifa highlights the fact that Mifid does not stipulate the need for mandatory qualifications.It says the current […]


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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