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B&B says it’s had a good start to 2007

Bradford & Bingley has predicted that its net residential lending in the first half of this year will be almost double the level it achieved in the same period in 2006.

In a pre-close trading statement, the lender reported a good performance in the first half of 2007 with new organic lending volumes well ahead of those seen in the second half of last year, particularly in buy-to-let.

But B&B reveals net interest margins have deteriorated, partly because of the cost of two and three-year money. It says it expects this trend to continue. Arrears are slightly up since the year-end due to recent interest rate rises.

The group will submit its waiver application for Basle II at the end of this month.

Steven Crawshaw, group chief executive at B&B, says: “We’ve had an excellent start to 2007. And prospects are good for the second half of the year as demand continues to drive the buy-to-let market.”

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Dear Delia

Dear Delia My clients Jeff and Kerry entered into an individual voluntary arrangement when Kerry was pregnant, as her company only offered a statutory maternity package. When they decided to get a bank loan to extend their house they were told that as a result of entering into an IVA, they were classed as a credit risk and loans via traditional lending institutions were no longer open to them. Is this right, and if so, why?

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