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News Tag: lending

October 31, 2011

Cost-cutting boosts Barclays profits

by Kay Mitchell
”Cost-cutting
In an interim management statement today, banking giant Barclays said profits climbed 5% in the third quarter – boosted by cost-cutting measures. For the three months to the end of September, the bank said pre-tax profits were £1.34 billion, versus £1.27 billion for the same period a year earlier. However, revenues for the three month period were down 3% at £7 billion, as a ...




October 25, 2011

BoE Governor: QE may not boost lending

by Kay Mitchell
”BoE
Mervyn King, the Bank of England’s Governor, has confessed that the latest round of stimulus is not guaranteed to boost lending to SMEs. The ongoing lack of credit to SMEs has been a major concern for the Government as these companies are the key to job creation in the UK and are expected to be one of the main drivers of ...




October 11, 2011

CML: Mortgage lending increases in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in August. According to the Council, there were 52,000 loans advanced for house purchase (worth £7.9 billion) in the month – up from 48,700 (£7.2 billion) in July. The Council described today’s figures as "welcome signs of life" as the mortgage market has been struggling since ...




September 20, 2011

CML: Mortgage lending higher in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML), which represents lenders who offer around 94% of all residential mortgage lending in the UK, has today reported UK mortgage lending grew in August. According to the Council, lending was 6% higher in August on a monthly basis, attributed to seasonal factors. The figures come after July saw a slump of 6% in mortgage lending compared ...




August 10, 2011

CML: Mortgage lending up in June

by Kay Mitchell
”CML:
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 fall, the CML said it was encouraged by ...




August 5, 2011

UK banks on track to meet Project Merlin targets

by Kay Mitchell
”UK
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 billion of credit should be ...




RBS H1 profits hit by Greek crisis and PPI costs

by Kay Mitchell
”RBS
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 loss. RBS lent money ...




August 3, 2011

Northern Rock losses narrow

by Kay Mitchell
”Northern
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 at £1.5 billion, compared with £2 billion the previous ...




July 20, 2011

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

by Kay Mitchell
”CML:
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 lending for the first half of 2011 was ...




July 5, 2011

Persimmon encouraged by improved sales

by Kay Mitchell
”Persimmon
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 in the first half of the year against 4,657 ...




June 21, 2011

HMRC: House sales continue to fall in May

by Kay Mitchell
”HMRC:
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. Today’s figures, along with other recent ...




June 20, 2011

CML: Mortgage lending rebounds in May

by Kay Mitchell
”CML:
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 also 1% higher on an annual basis but despite ...




June 8, 2011

Vince Cable applies pressure to banks over lending commitments

by Kay Mitchell
”Vince
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 agreement, Barclays, Royal Bank of ...




May 31, 2011

Survey reveals first-time buyer fears

by Kay Mitchell
”Survey
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 half of those questioned said they would like to save ...




May 23, 2011

Big five banks miss SME lending target

by Kay Mitchell
”Big
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 committed to lend £190 billion to ...




May 20, 2011

CML: Mortgage lending down 5% on year in April

by Kay Mitchell
”CML:
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 late Easter holiday and the ...




April 20, 2011

CML reports 2% fall in mortgage lending in March

by Kay Mitchell
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 with £9.3 billion in February. The ...




April 2, 2011

Survey reveals mortgage availability set to improve

by Kay Mitchell
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 crunch more than three years ago, lending ...




March 18, 2011

Mortgage lending stuck at low levels

by Kay Mitchell
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 to remain subdued for some time as people ...




March 11, 2011

CML: Mortgage lending down 29% in January

by Kay Mitchell
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 and January are quiet months but this slump ...