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Remortgage deals hit a new low

Remortgaging has sunk to its lowest level since 2001 with approvals falling over 27% in a single year.

Figures from the British Bankers’ Association reveal that app-rovals for remortgages in August sank to 47,765 from 52,911 in July and 66,199 in August 2007.

Mortgage lending in August plummeted 46% compared with the same month in 2007 and was 1bn down on the July figure. The BBA says the figures were affected not only by a sharp drop in gross lending but also by larger than usual repayments.

David Dooks, statistics director at the BBA, says: “Falling property prices, the economic pressure on households, tighter lending criteria and anticipation of the government’s announcement on Stamp Duty suppressed or delayed de-mand in August. Many of these factors will continue to have an effect in the months ahead.”

Also last week, Revenue & Customs reported a decline in transactions from 69,000 in July to 62,000 in August. This represents a decline of more than 50% compared with the 141,000 seen in August 2007 and brings property transactions for 2008 to 559,000.


Mortgage lending reductions

In its latest report on current credit conditions the Bank of England
have re-iterated that many lenders will continue to make further
cutbacks in their lending, both to businesses and home owners.

Demand for Islamic Finance set to increase

An increasing number of individuals and corporations are set to invest in Islamic banking and Sharia compliant products than ever before, predicts accountants and financial advisers BDO Stoy Hayward.Islamic banks are one of the few financial institutions who still have significant sums of money available to finance individuals and corporates, unlike their western banking counterparts, […]

Seven out of ten brokers can’t place deals

Nearly 70% of UK brokers have been unable to source mortgage deals for their clients in the past two months, reveals a survey from the Intermediary Mortgage Lenders Association.

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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