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Individual lending rises to £11.6bn

The Bank of England’s latest figures for lending to individuals show gross lending in October was £11.6bn up from £11.3bn in September.

The was against repayments of £11.1bn giving a net increase of £500m.

But experts are predicting that overall lending could be set for a bigger rise after approvals rocketed by 3,000, from 50,415 in September to 53,000 in October and from £7.4bn to £7.7bn by value.

The number of remortgage approvals increased fractionally from 28,588 in September to 29,358 but was static by value at £3.9bn.

Overall lending to individuals, which includes both unsecured and secured lending, fell by £300m in October, after a massive £1.7bn increase in September.

Capital Economics economist Samuel Tombs says: “Total lending to individuals fell by a monthly £0.3bn, led by a decline in unsecured lending. That said, this represents only a small step back from September’s chunky £1.7bn rise, which was the largest for four years.

“What’s more, mortgage approvals for new house purchase rose from 50,400 in September to 53,000 – the highest level since August 2011. So overall lending might start to rise again soon.”


Bunton says individual registration a high priority

The new chairman of the Association of Mortgage Intermediaries, Patrick Bunton, says implementing individual registration of mortgage advisers is a “high priority” but says any future register should apply to brokers and lenders’ staff. Bunton, who is also the operations and compliance director of mortgage broker London & Country and has spent the last four […]

Emma Mason joins Blacks Connect

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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