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Mortgage lending hits record heights

Gross mortgage lending hit record heights in June reaching an estimated £11bn according to figures from the Council of Mortgage Lenders.

The figure which is the highest since CML records began in 1993, was 21 per cent up on the previous month and 31 per cent more than the equivalent month last year.

But loans for house purchases were down as a percentage of the overall total despite increasing to £7bn from £6.2bn the previous month.

Remortgages were up reaching 31 per cent from 27 per cent in May as a percentage of total lending, an increase to £3.4bn from £2.5bn the previous month.


Scottish Life says individual Stakeholder schemes are unviable

Scottish Life says it is not economically viable for it to offer stakeholder pensions under the current constraints outlined in the Department of Social Security Consultation brief.In its response to the brief the life office says: &#34At the maximum levels of charge and minimum premia outlined in the document, our calculations have led us to […]

United Assurance posts six month new business figures

United Assurance new industrial branch based business fell 34 per cent in the six months to June 30.The drop to £2.7m from £4.1m for the same period the previous year, follows United&#39s decision to withdraw from the industrial area of business on May 1.But the life office reported a 13 per cent jump in new […]

Cruickshank report expected tomorrow

Donald Cruickshank is set to publish his interim report on the competitiveness of banks tomorrow.The report which was commissioned by The Treasury is expected to recommend the FSA takes a greater role in promoting competition within the banking sector.

Gross building society lending up for third month

Building society gross mortgage lending grew for the third consecutive month in June according to latest figures from the Building Society Association.Gross advances were up 12 per cent in June to £2,664m from £2,370m compared to the previous month.But approvals – loan applications which have proceeded to the next stage – were down by £129m […]


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