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Northern Rock profits climb 18%

Northern Rock has reported record pre-tax profits of £326m for 2002, an 18% increase on 2001.

Gross lending reached £14.1bn, an increase of 60% over 2001. Net lending was a record £8.2bn – an increase of 61%.

Northern Rock&#39s total share of UK net mortgage lending came to 9.2%.

The mortgage lender forecasts a quieter housing market for 2003, but does not expect any major downturn.

It says: “The economic fundamentals of low interest rates, low inflation, low unemployment and a very limited increase in the supply of new housing stock will continue to underpin the market.”


Lending figures up 1.1% in December

Total lending to individuals grew by £9.4bn (1.1%) in December – £0.6bn higher than November&#39s rise, figures from the Bank of England reveal. The three-month annualised growth rate rose to 14.7% from 14.6% in November. Secured lending outstanding grew by some £7.5bn or 1.1% in December, £0.1bn higher than the rise in November. Gross advances […]

Indulging the unqualified is not fair on the rest

From John HolmesFirst of all, congratulations on an informative and relevant publication – it is a great help Now to the main point. Given that everybody in the industry has known since forever about the examination requirements and the need to qualify by December 31, is it possible to elicit from the Mortgage Code Compliance […]

FMO and Trigold team up on compliance training

First Mortgage Options has teamed up with Trigold to demonstrate compliance software at FMO&#39s CeMAP training courses. Trigold staff will attend each course and demonstrate how the compliance aspects of the software relate to the CeMAP syllabus. David Espin, training and compliance officer at FMO, says: “We ran over 20 CeMAP training courses last year […]

Intelligent Finance joins APS Europe panel

Intelligent Finance, the offset bank from the Halifax, has signed up APS Europe mortgage club to promote the bank&#39s products. APS Europe is a direct submission mortgage club whose membership over the last 12 months has increased by around 200% to 350 brokers nationwide ranging from one-man bands to specialist mortgage brokers to IFAs. APS […]


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