Gross mortgage lending by building societies was £1,515m in May, compared to £3,530m for the same period last year.
Gross mortgage lending by building societies was still 57% lower than gross lending in May last year. Building society mortgage approvals were also at similar levels to recent months.
However, the £1,607m of approvals in May were still about 35% lower than the value of mortgages approved in May last year. Therefore, while the mortgage market appears to have recovered slightly from the start of the year, levels of activity remain depressed.
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07-Jul-2009
Rate hikes hit market confidence
Public confidence in the housing market dipped slightly in June as rate hikes led to consumer fury, according to the June housing market confidence survey from Propertyfinder.
Over half, (53%), of the 2,462 respondents said house prices would increase by June 2010. Only a quarter (26%) predicted that prices would fall and one in five respondents believed there would be no change in house prices in a year. The survey showed a slight dip on May when 60% believed house prices would rise in the next twelve months.
Rising mortgage rates caused anger among respondents. Over half (57%) said mortgage finance was too expensive and a further 51% felt lenders were not playing fair. Only 6% believed lenders were not to blame. The survey showed housing transactions are stabilising and rising confidence is likely to improve the situation further.
To view the full article please click here.
Over half, (53%), of the 2,462 respondents said house prices would increase by June 2010. Only a quarter (26%) predicted that prices would fall and one in five respondents believed there would be no change in house prices in a year. The survey showed a slight dip on May when 60% believed house prices would rise in the next twelve months.
Rising mortgage rates caused anger among respondents. Over half (57%) said mortgage finance was too expensive and a further 51% felt lenders were not playing fair. Only 6% believed lenders were not to blame. The survey showed housing transactions are stabilising and rising confidence is likely to improve the situation further.
To view the full article please click here.
Sesame in talks to buy PMS
Sesame has confirmed that it is in talks with Skandia UK over the potential acquisition of Bankhall and PMS.
A combination of Sesame and Bankhall would result in the largest appointed representative network with around 3,000 advisers.
It would also form the largest directly regulated service business supporting over 1,500 firms, as well as the largest mortgage distributor with over £45bn in applications generated in 2008.
Click here to view the full article.
A combination of Sesame and Bankhall would result in the largest appointed representative network with around 3,000 advisers.
It would also form the largest directly regulated service business supporting over 1,500 firms, as well as the largest mortgage distributor with over £45bn in applications generated in 2008.
Click here to view the full article.
03-Jul-2009
Mortgage schemes hit all time low
The number of live mortgage schemes available to intermediaries has dropped to an all time low, according to figures released today by Mortgage Brain's Monthly Product Analysis.
Following a 14% drop in May, the total number of live mortgage schemes listed on Mortgage Brain's market leading sourcing system dropped by a further 16% in the past month. Current figures (as of 29 June 2009) list a total of 2,413 live mortgage schemes, down from 2,867 on 1st June.
The significant fall in numbers can clearly be attributed to the reduction in the amount of fixed rate products during June, which fell by 23% - down from 1,905 to 1,477.
To view the full article please click here.
Following a 14% drop in May, the total number of live mortgage schemes listed on Mortgage Brain's market leading sourcing system dropped by a further 16% in the past month. Current figures (as of 29 June 2009) list a total of 2,413 live mortgage schemes, down from 2,867 on 1st June.
The significant fall in numbers can clearly be attributed to the reduction in the amount of fixed rate products during June, which fell by 23% - down from 1,905 to 1,477.
To view the full article please click here.
30-Jun-2009
Over 1,500 brokers switch to Mortgage Brain
Mortgage Brain, the market leading mortgage technology solutions provider, has seen a dramatic growth of over 1,500 new customers during the past three months.
A string of companies including Ingard, Exclusive Connections, SimplyBiz, The Mortgage Alliance, Stirling & Law and Genesis Home Loans, as well as Mortgage 2000 'Encore' users, have contributed to the rapid growth by selecting Mortgage Brain as their preferred solution for mortgage sourcing.
Click here to view the full article.
A string of companies including Ingard, Exclusive Connections, SimplyBiz, The Mortgage Alliance, Stirling & Law and Genesis Home Loans, as well as Mortgage 2000 'Encore' users, have contributed to the rapid growth by selecting Mortgage Brain as their preferred solution for mortgage sourcing.
Click here to view the full article.
25-Jun-2009
Economy & Job Losses
Whilst there are some green shoots appearing with the RICS Housing Market Survey for May 2009 showing positive signs for the housing market, the expert view is that unemployment will still be having a major impact during the remainder of 2009 and into 2010.
This is demonstrated by the recent announcement by Lloyds Banking Group that all of the Cheltenham & Gloucester branches are to close with possible job losses.
With unemployment still a concern don’t ignore the need of your clients to cover their mortgage payments with Mortgage Payment Protection Insurance. Berkeley Alexander can still offer Unemployment only and cover for existing mortgage borrowers.
To find out more please click here.
This is demonstrated by the recent announcement by Lloyds Banking Group that all of the Cheltenham & Gloucester branches are to close with possible job losses.
With unemployment still a concern don’t ignore the need of your clients to cover their mortgage payments with Mortgage Payment Protection Insurance. Berkeley Alexander can still offer Unemployment only and cover for existing mortgage borrowers.
To find out more please click here.
Advisers bemoan 'consultation happy' FSA
Advisers are voicing their frustrations on the way the FSA consults with the industry, just days before the RDR outcome is revealed.
Their concerns follow The Consulting Consortium's warning advisers will be in no position to blame the FSA for the outcomes of the RDR if they do not respond to its proposals.
However, Harry Katz, principal at Norwest Consultants, says the reason advisers do not repond is they have to wade through long, confusing documents littered with management speak.
Click here to view this article in full.
Their concerns follow The Consulting Consortium's warning advisers will be in no position to blame the FSA for the outcomes of the RDR if they do not respond to its proposals.
However, Harry Katz, principal at Norwest Consultants, says the reason advisers do not repond is they have to wade through long, confusing documents littered with management speak.
Click here to view this article in full.
