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Banks’ gross mortgage lending drops to £8.4bn in July

Gross mortgage lending at banks was £8.4bn in July, slightly below the previous six months’ average o f £8.6bn, reports the British Bankers’ Association.

High street banks net mortgage lending increased by £2bn in July compared to £2.1bn in June and £2.2bn in July 2009.

Annual growth in banks’ mortgage lending is 4.1%  which is 0.9% above the whole mortgage market in June.

The BBA statistic show that the abolition of home information packs has had no obvious impact on house purchase approvals which declined in July.

The average value of house price purchase approvals stands at £148,500, slightly down on June but 4.6% higher than a year ago.

Remortgaging approvals stood at 21,908 and equity release at 18.221, both at similar levels to June and the previous six months.

David Dooks, statistics director at the BBA, says: “Gross mortgage lending remains stable, although demand for

mortgages continues to be subdued. The greater availability of

properties for sale and slowing house price growth have not yet fed through to increased house purchase approvals.”



80% Of advisers do not buy leads, survey shows

Research from Mortgage Strategy’s first broker census has found that eight out of 10 brokers don’t buy leads. Some 296 brokers responded to the survey and out of those only 17% stated they bought leads. Of those that did buy leads, the majority bought 10 leads per month. Fahim Antoniades, group director at Mortgage Centre […]


My thoughts on the Policy Exchange forecast of Bank Rate at 8% in 2012

No doubt the reason Andrew Lilico, chief economist of Policy Exchange, which calls itself a think tank, chose to issue his paper forecasting Bank Rate would rise to 8% in 2012 this week is that in the August silly season when real political news is thin on the ground it is much easier to grab some headlines by publishing an outrageous forecast than when senior politicians are around to rubbish such forecasts. Policy Exchange must be desperate for some publicity.

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]


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