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Mortgage approvals dip in December

The number of mortgage approvals for house purchase fell slightly last month from 60,045 in November to to 59,023, according to Bank of England data.

Yet although approvals fell over December the number is still up compared to the average for the past six months of 55,004.

Remortgage approvals rose last month to 27,276 from 25,619 in November, but remain below the previous six-month average of 28,417.

Total net lending to individuals rose by £1.2bn in December, while net lending secured on dwellings increased by £1.2bn.

Secured lending by banks excluding the effects of securitisations went up by £3bn.



Openwork says exodus was not due to dispute

Martin Davis, chief executive of Openwork, has rejected claims that internal disputes were behind the departure of three of the network’s directors last week. As Mortgage Strategy Online exclusively revealed last Thursday governance director Michael Burne and development director Gerard Moore have left the network. Sales director Andy Ferns is also leaving but will stay […]

Rebuild on strong foundations

Lenders must regain public confidence while getting themselves in shape to take advantage of the economic recovery, says Mikael Krohn, vice-president at IT specialist EDB Business Partner

SVR increase shows why they are called variable rate deals

Some comments posted on Mortgage Strategy Online on Nationwide’s SVR suggest not many readers understand the building society model. The base rate is at an all-time low and societies are having to lend at a rate of 2.5% but pay up to 5% for their funding. The clue is in the name of these deals […]

CML not bluffing over FSA review

From its inception four years ago, Mortgage Strategy’s sister title Lending Strategy ran a column called Coogan’s Bluff in which Michael Coogan, director general of the Council of Mortgage Lenders, penned an 800-word tongue-in-cheek piece on an issue of the day. It is rare to find a bureaucrat with a sense of humour, let alone […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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