UK: Mortgage lending levels fall
Article Abstract:
Mortgage lending levels fell in September 2001, with gross advances falling to GBu 1928mn from GBu 2265mn in August 2001, according to the Building Societies' Association (BSA). However, seasonally-adjusted data indicates gross lending fell to GBu 1957mn in September from GBu 1999mn in August, while loan approvals rose by GBu 6mn. Net receipts from building society savings increased to GBu 656mn from GBu 543mn, with receipts into cash mini Isas reaching GBu 328mn. Cuts in the base rate by the Bank of England are helping the mortgage market, claims BSA director-general Adrian Coles. Mortgage lending by high street banks increased by GBu 3667mn in September to GBu 373,161mn.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: INCREASE IN SALE OF EQUITY RELEASE PLANS
Article Abstract:
Sales of equity release plans rose to GB[pound] 229mn in the 1st half of 2000. Safe Home Income Plans (SHIP), a group comprising eight companies, anticipates sales of nearly GB[pound] 500mn by end 2000. Mortgage and annuity schemes accounted for GB[pound] 146.1mn and reversionary schemes accounted for over GB[pound] 83mn. SHIP is made up of all the major companies in the equity release sector, BPT Bridgewater, Allchurches Life Assurance, Carlyle Life, GE Life, Home & Capital Trust, Northern Rock, Northern Union Equity Release and NPI In-Retirement Service.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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UK: HOME OWNERS RELEASING EQUITY VIA REMORTGAGES
Article Abstract:
Home owners are increasingly releasing equity via remortgages, says the Bank of England and Council of Mortgage Lenders. Around 20% of those who withdrew equity used the funds to repay debts, with almost 70% spending some of the funds within the first six months. Over half withdrew under GBu 15,000, with the average at around GBu 24,000. Some 22% of people spent some of the funds on new items and 76% spent some money on home improvements.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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