Lending up 7% in October

Latest CML data has revealed that gross mortgage lending totalled an estimated £18.7 billion in October, almost 7% higher than September’s £17.5 billion figure.
The monthly total was 44% lower than gross mortgage lending of £33.4 billion in October 2007.
CML director general Michael Coogan said: “While lending in October ticked up from a low figure in [...]

FSA bans broker for life assurance fraud

The FSA has banned Peter King and his Bournemouth-based firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.
The regulator found that, since June 2007, King submitted applications for 39 fraudulent life assurance policies – 30 of which were in the names of applicants whose personal details were either wrong [...]

Largest quarterly fall in Scotland for 16 years

Scottish house prices fell in the latest quarter, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.
In the three months to 31 October, the quarterly price index for the average domestic property in Scotland fell by 4% to give an average mix adjusted Scottish house price of £165,398. This is the largest [...]

LibDems fear 0% interest rates

After the Bank of England predicted yesterday that inflation could fall below 1% next year, the Liberal Democrats fear that we could be heading for zero interest rates, coupled with rising unemployment.
Liberal Democrat Shadow Chancellor, Vince Cable said: “It’s clear from the today’s figures that we’re heading for very high levels of unemployment with falling [...]

Banks’ small business lending to be monitored

Business Secretary Peter Mandelson has announced the creation of a new panel to monitor how banks are lending to small businesses.
The five major high street banks reached an agreement with the government to provide data on the availability, risk and overall cost of lending to small and medium sized businesses at the first meeting of [...]

AMI paints a bleak remortgage picture

Remortgage business could diminish further in 2009 as borrowers are forced to stay on their lenders’ SVRs until LTVs come down, the Association of Mortgage Intermediaries warns.
AMI’s latest Quarterly economic bulletin says brokers may find borrowers impossible to place with lenders until LTVs come down.
It says: “This means less business for brokers who will find [...]

Men saving cash by staying single

Almost half of all Britain’s single men admit that the key to saving money is staying relationship-free. In fact, latest research from Skipton indicates that 90% said they’d avoid romantic commitments altogether because of the economic downturn.
Additional research conducted by YouGov asked more than 2,400 British adults what effect being in a relationship had on [...]

Three-month LIBOR falls 1%

Three-month LIBOR has fallen by over 1% to 4.49% on the back of the Bank of England’s decision to reduce the interest rate to 3% yesterday.
On Monday three-month LIBOR was set at 5.77% and on Thursday it was set at 5.56%. Sterling LIBOR is set by the British Bankers’ Association at noon from Monday to [...]

Bank of England slashes interest rates by 1.5%

The Bank of England has slashed interest rates by a further 1.5% to boost Britain’s ailing economy. Following an emergency 0.5% cut in October, the Bank’s Monetary Policy Committee (MPC) has taken drastic action again as its focus switches from inflation to recession.
Britain’s basic rate of interest now stands at 3%, but it is unclear [...]

Halifax sees major improvement in housing affordability

House prices fell by 2.2% in October, according to the latest Halifax House Price Index.
House prices in October were 13.7% lower on an annual basis. The UK average price has returned to the level in October 2005 (£168,031).
House price to earnings ratio – a key affordability measure – is improving significantly. The house price to [...]