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Mortgage approvals rose in January

Latest figures from the British Bankers’ Association show the value of mortgage approvals increased from £7.3bn in December 2008 to £7.6bn in January 2009.

In terms of the number of loans taken out, this equates to a 1,230 rise from 22,416 in December to 23,376 in January. Net mortgage lending rose by £2.9bn for the month, representing annual growth of 10%.

David Dooks, statistics director at the BBA, says: “High street banks’ mortgage lending is still seeing double digit annual growth, albeit in a slow market.

“Lower borrowing costs and declining property prices are underpinning demand for mortgages at these lenders.”


Savvy brokers will leap into IFA-land

There has been much talk of mortgage advisers diversifying to stay in business and there is evidence of forward-thinking brokers doing just that, resulting in Premier Mortgage Service changing its name to PMS last month to accommodate protection and savings products.

Product design is rarely the problem

The national press seems to be predicting that the Prime Minister is about to instruct the Financial Services Authority to ban 100% LTV lending. The idea is meant to symbolise a new era of responsible lending.

Goldsmith Williams offers HIP incentive

Goldsmith Williams, the direct conveyancing firm is launching a special scheme which will enable homeowners to cut the cost of a Home Information Packs by up to £100, driving down the price to £99.


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