View more on these topics

Bank lending hits 7-year high

UK-Currency-Money-Pound-GBP-700x450.jpg

Banks’ gross mortgage lending last month hit £13.6bn, the highest since 2008 and up 38 per cent year-on-year, according to the British Bankers’ Association.

The BBA research, covering six large banking groups, shows the number of approvals in January was 80,285, up 33 per cent on the same month of 2015.

House purchase approvals made up 47,509 of the figure, up 27 per cent on January 2015.

Remortgaging approvals were 25,040, an increase of 42 per cent on the first month of 2015.

The remaining 7,736 were further advances secured against homes.

BBA chief economist Richard Woolhouse says: “The start of the year has seen a significant rise in mortgage borrowing.

“It seems that this has been driven, in part, by borrowers looking to get ahead of the increases in Stamp Duty for buy-to-let and second home buyers scheduled to come into effect in April.”

Recommended

Merge-Mergers-700.jpg

CML and BBA boards vote for trade body merger

The boards of the Council of Mortgage Lenders, British Bankers’ Association and Payments UK have voted in favour of a mooted trade body merger. The boards have urged their members to vote for a merger when they come to make their decision. Payments UK is also the first trade body to fully approve the merger […]

Army-Boots-Military-War-Battle-700.jpg

Armed forces get better mortgage terms after Govt and BBA deal

Armed forces staff posted overseas can now rent out their homes without higher mortgage costs or altered terms after a deal between the Government and the British Bankers’ Association. The deal will affect almost 265,000 people in the UK and abroad, including the families of armed forces members. Where a lender does not already permit, members of […]

Parliament-Building-UK-London-700x450.jpg

Former BBA chief apologises over financial crisis

The former chair of the British Bankers’ Association has apologised to a committee of MPs for the role of banks in causing the financial crisis, while also seeking to defend her track record at the trade body. At a Treasury committee hearing on her appointment as chair of the Office for Tax Simplification, Knight was […]

House-Home-Ad-In-Paper-700.jpg

Property transactions up 9.7%

The number of UK residential property transactions increased 9.7 per cent year-on-year in January, according to HMRC. Last month there were 105,940 transactions, on a seasonally adjusted basis, which is was a 2.8 per cent fall on December’s figures. At 9,600, the number of non-residential transactions was down 1.4 per cent year-on-year. Mortgage Advice Bureau […]

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]

Newsletter

News and expert analysis straight to your inbox

Sign up