Tag: lending

CML: Mortgage lending up in June

CML: Mortgage lending up in June

The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in June. According to the Council, there were 46,700 loans advanced for house purchase in the month – a rise of 22% compared with the previous month but 11% lower on an annual basis. However, despite the annual [...]

August 10, 2011 | 0 Comments More
UK banks on track to meet Project Merlin targets

UK banks on track to meet Project Merlin targets

Provisional figures released today have revealed that the UK’s five biggest banks are on track to meet their lending targets under the Project Merlin deal. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all committed to lend £190 billion to all businesses this year. Of this figure, around £76 [...]

August 5, 2011 | 0 Comments More
RBS H1 profits hit by Greek crisis and PPI costs

RBS H1 profits hit by Greek crisis and PPI costs

The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a [...]

August 5, 2011 | 0 Comments More
Northern Rock losses narrow

Northern Rock losses narrow

Nationalised lender Northern Rock Plc has today unveiled its results for the half-year. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the six months to 30 June totalled £68.5 million, against a loss of £142.6 million in the same period a year ago. However, lending was lower [...]

August 3, 2011 | 0 Comments More
CML: Mortgage lending up 16% month-on-month

CML: Mortgage lending up 16% month-on-month

The Council of Mortgage Lenders (CML) has today reported a pick up in mortgage lending for the month of June. According to the Council, gross mortgage lending last month totalled £12.9 billion – this represented a 16% rise on a monthly basis but was 3% lower compared with June 2010. Meanwhile, the CML said mortgage [...]

July 20, 2011 | 0 Comments More
Persimmon encouraged by improved sales

Persimmon encouraged by improved sales

Persimmon, which is the UK’s largest housebuilder by market value, has today said it is encouraged by improved sales and a “modest improvement” in lending. It said it expects to market to pick up over the latter half of 2011 and expects prices to rise over the year. The company said it completed 4,439 homes [...]

July 5, 2011 | 0 Comments More
HMRC: House sales continue to fall in May

HMRC: House sales continue to fall in May

HM Revenue & Customs (HMRC) has today revealed a further fall in the number of homes sold in May in the UK. According to HMRC, 68,000 homes worth at least £40,000 or more were sold in the month – 2,000 lower than the revised total of April and 3,000 lower when compared with May 2010. [...]

June 21, 2011 | 0 Comments More
CML: Mortgage lending rebounds in May

CML: Mortgage lending rebounds in May

The Council of Mortgage Lenders (CML) today reported a rise in mortgage lending for the month of May. According to the Council, mortgage lending rose 12% in May compared with April as demand was boosted by the public bank holidays. Gross mortgage lending in the month totalled £11.3 billion, said the CML. The figure was [...]

June 20, 2011 | 0 Comments More
Vince Cable applies pressure to banks over lending commitments

Vince Cable applies pressure to banks over lending commitments

Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the [...]

June 8, 2011 | 0 Comments More
Survey reveals first-time buyer fears

Survey reveals first-time buyer fears

A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder. The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable. Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey. Almost [...]

May 31, 2011 | 0 Comments More
Big five banks miss SME lending target

Big five banks miss SME lending target

Figures published by the Bank of England today have revealed that the “big five” banks loaned £16.8 billion to SMEs in the first quarter – around £2 billion short of the £19 billion target – agreed under the “Project Merlin”. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all [...]

May 23, 2011 | 0 Comments More
CML: Mortgage lending down 5% on year in April

CML: Mortgage lending down 5% on year in April

The Council of Mortgage Lenders (CML) today reported a fall in mortgage lending for the month of April. According to the Council, mortgage lending fell to £9.8 billion last month, down 14% from £11.4 billion the previous month and 5% lower than the £10.3 billion a year earlier. The CML attributed the fall to the [...]

May 20, 2011 | 0 Comments More
CML reports 2% fall in mortgage lending in March

CML reports 2% fall in mortgage lending in March

The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year. According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis. However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared [...]

April 20, 2011 | 0 Comments More
Survey reveals mortgage availability set to improve

Survey reveals mortgage availability set to improve

There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months. The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit [...]

April 2, 2011 | 0 Comments More
Mortgage lending stuck at low levels

Mortgage lending stuck at low levels

The Council of Mortgage Lenders (CML) has today said mortgage lending continues to hover at low levels as the housing market remains subdued. According to the Council, gross mortgage lending for February totalled £9.5 billion - relatively unchanged from January’s figure. The CML said the housing market remained “stuck in a rut” and is likely [...]

March 18, 2011 | 0 Comments More
CML: Mortgage lending down 29% in January

CML: Mortgage lending down 29% in January

The Council of Mortgage Lenders (CML) has today reported mortgage lending plunged in January. Mortgage lending fell by 29% in January on a monthly basis, while lending was also 12% down on the year. There were just 28,500 approvals during the month - the lowest level since February 2009. The Council highlights that traditionally December [...]

March 11, 2011 | 0 Comments More
CML: Mortgage lending down 13% in December

CML: Mortgage lending down 13% in December

The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in January. Mortgage lending fell by 13% in January compared with December to £9.2 billion - the lowest level for a year, according to the CML. However, it was a 5% rise on January 2010 levels - the first year-on-year increase since [...]

February 18, 2011 | 0 Comments More
Ministers threaten banks over lending targets

Ministers threaten banks over lending targets

A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to [...]

January 24, 2011 | 0 Comments More
CML: Mortgage lending down 18% on year in December

CML: Mortgage lending down 18% on year in December

The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. Mortgage lending fell by 6% in December compared with November, said the Council. According to the CML, mortgage lending totalled £11 billion - this was 18% lower compared with December 2009 - when buyers were rushing to beat the end [...]

January 21, 2011 | 0 Comments More
Barclays chief under fire for bonus payout

Barclays chief under fire for bonus payout

Barclays chief executive, Bob Diamond, faced a grilling from MPs today over his reported £8 million bonus. The Treasury Select Committee, who questioned Mr Diamond, asked whether he would waive his bonus for a third year. Mr Diamond responded: “I haven’t been offered a bonus, that’s a decision that will be taken by the remuneration [...]

January 11, 2011 | 0 Comments More