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Mortgage lending hits highest levels since October 2008


Gross mortgage lending has hit its highest level since October 2008 as lenders advanced £14.7bn in May, Council of Mortgage Lenders’ figures show.

Lending is a massive 21 per cent up on the £12.2bn lent in April and 17 per cent higher than than the £12.6bn lent in May 2012.

CML chief economist Bob Pannell says: “Funding conditions, helped by the funding for lending scheme, continue to look favourable and are supporting more competitive mortgage pricing and availability and a gradual resumption of lenders’ risk appetite.

While the direction of travel is clear and fits well with the more positive housing surveys from Royal Institution of Chartered Surveyors and others, our forward estimate does imply somewhat stronger house purchase activity than we had been expecting.

This may reflect a degree of pent up sales following the extended spell of poor weather earlier this year.”



Court delays £31m film scheme appeal after HMRC officer arrest

An HM Revenue & Customs investigation into a £31m tax avoidance scheme has been delayed after an HMRC officer was arrested. The Times reports David Duthie, a member of the 12-person team investigating film tax partnerships set up by Future Capital Partners, has been arrested on suspicion of wrongdoing. The paper reports Edinburgh-based Duthie is […]

L&G restructures unit trust and annuity business

Legal & General is rolling its unit trust business into L&G Investment Management and separating out its annuity arm as part of an internal restructure. LGIM group executive director Mark Zinkula will take on responsibility for the unit trust business, while the annuities business will become a separate business division led by managing director of annuities […]

Lifesearch cuts losses but increases clawback provision

Lifesearch has cut its losses to £296,000 as it increased the amount it sets aside for possible clawbacks. In the 12 months to 31 August, the adviser firm improved its position from the £2.1m loss it incurred the previous year.   Turnover in 2012 reached £16m, up 33.3 per cent on £12m in 2011. It […]


RBS exits retail structured product market

Royal Bank of Scotland has announced it is pulling out of the retail structured products market. The move comes as part of steps made by the bank to reduce the balance sheet of its markets business by the end of 2014, as announced in its 2012 full year results. The bank also plans to halt […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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