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New mortgage advances rise 7% in Q3

New mortgage advances increased 7 per cent in the third quarter of this year to £40bn, up from £37bn in Q2, according to the latest FSA mortgage lending data.

New commitments fell 10 per cent from £40bn in Q2 to £36bn last quarter.

The value of outstanding loans totalled £1.23trn, rising marginally from £1.2trn in Q2.

The average interest rate on new advances increased from 3.78 per cent to 3.89 per cent. There was an increase in the rates for both variable and fixed rate lending.

Lending for house purchases accounted for 66 per cent of new advances, rising from 62 per cent in the previous quarter.

The proportion of new lending done at 90 per cent loan-to-value remained at 2 per cent for the third consecutive quarter.

The proportion of loans to borrowers with an impaired credit history remained at 0.3 per cent, also for the third consecutive quarter.

In Q3, there were 35,900 new arrears cases. This represents a 4 per cent increase on the 34,400 in Q2.

The total number of accounts in arrears at the end of the quarter rose 2 per cent to 303,200, up from 296,500 in Q2. This was 7 per cent less than the 324,300 in Q3, 2011.

The proportion of residential loans in arrears rose marginally from 2.45 in Q2 to 2.46 in the third quarter.

The number of new repossessions fell 2 per cent to 8,521 from 8,720.


Financial Ltd appoints compliance and risk director

Financial Ltd has appointed former Nationwide head of regulatory risk oversight Richard Warrington as the firm’s first compliance and risk director. The role has been created to replace Steve Bell’s position of compliance director. In November, Financial Ltd announced Bell will leave after six years with the firm as part of a management reshuffle. Bell […]

UK Britain Union Jack Bunting 480

S&P puts UK AAA credit rating on negative outlook

Standard & Poor’s has joined Fitch and Moody’s in placing the UK’s AAA credit rating on negative outlook. S&P said it could lower the UK’s rating “if fiscal performance weakens beyond current expectations.” The ratings agency says: “The outlook revision reflects our view that we could lower the ratings on the UK within the next […]


Barclays to shut Woolwich PM in revamp of IFA strategy

Barclays is to close Woolwich Plan Managers and offer all its structured investments for IFAs unbundled through third party platforms and stockbrokers in a revamp of its distribution strategy. The Barclays owned Woolwich Plan Managers will close to new investments from December 31. The group intends to administer all existing WPM plans until their maturity […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]


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