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Increase in mortgage approvals

The number of house purchase loans approved in February was higher than the previous six month average, data from the Bank of England has revealed.

The number of loans approved for house purchase hit 37,937 last month, up from the 31,791 seen in January and also up from the average over the last six months of 31,495.

But remortgage approvals fell in February to 32,633, a drop from the previous six month average of 52,780.

Total net lending to individuals rose by £1.3bn, a higher increase than January’s £1.2bn but lower than the six month average of £1.5bn.

Consumer credit declined by a net £200m, while net credit card lending increased by the same amount.


Income multiples don’t show true affordability

The news that Lord Turner is weighing up whether to cap LTVs and income multiples is a typical knee-jerk reaction by a government which clearly does not consider or understand the wider ramifications of such a move.

Nationwide bails out Dunfermline

Nationwide has taken on collapsed mutual Dunfermline’s 34 branch retail network, its £1bn mortgage book and £2.3bn deposit book.

Calls for Stamp Duty to be abolished

Ray Boulger, senior technical manager at John Charcol is calling for Chancellor Alistair Darling to suspend residential Stamp Duty in the April Budget. He says total suspension would cost less than £2bn per annum. Although the Chancellor has indicated that there will be no further major fiscal stimulus in the budget on April 22, John […]

PMS partners with London & European

PMS members can now access London & European’s online conveyancing service and earn up to £100 commission for each completed case.

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Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.


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