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Quarter of mortgage applications declined

Lenders are currently turning down almost one in four mortgage applications, according to data from the Bank of England.

According to its June lending survey, the Bank revealed that of 67,000 mortgage applications, lenders turned away 15,778 potential borrowers.

The Bank calculates UK gross lending figures to be £10.3bn in June, 2 per cent lower than in April, and 58 per cent down on June 2008. The Bank says this is the weakest flow since December 2000.

The report says much of the decline in activity is due to a drop in remortgage figures. It blames in part cheaper standard variable rates and lower house prices for the lack of remortgaging.

The Bank also says that the low interest rate environment is not encouraging many people to increase their mortgage repayments. It says that lenders have reported that some borrowers may be making lower repayments because they are experiencing financial difficulties or are more uncertain about their future financial position.

The survey also found that while purchase activity was increasing, a continued difficultly in being able to successfully price properties has hindered mortgage lenders.


Bank on simple policy

I have read a few interesting articles recently that set me thinking. The first that caught my eye was an entertaining piece by Steve Bee. He is really into Twitter and particularly likes its central attribute – that posts (or tweets) have to be kept to a maximum of 140 characters (not words). He went further and suggested, somewhat tongue in cheek, that pension legislation should be kept to 140 characters.

Fidelity Intl adding fee service

Fidelity International is developing a new optional service to be compliant with adviser charging. It will fully launch by the end of 2009 enabling advisers to agree an ongoing fee with clients.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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