Britain limped out of its longest ever recession in the fourth quarter of 2009, official data showed on Tuesday, but massive debt is set to stunt recovery beyond a looming general election. » Read more…
Category Archives: British Economy
British economy crawls free of record recession
Posted by MORTGAGE BLOG NEWS on March 5, 2011
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British, German regulators to probe Goldman’s sale of mortgage securities
Posted by MORTGAGE BLOG NEWS on March 4, 2011
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Financial regulators in Britain and Germany said Monday that they will open investigations to see whether Goldman Sachs’s sale of mortgage securities broke any local laws after the disclosure that two European banks lost money on what U.S. officials allege were fraudulent deals. » Read more…
Mortgage lending still subdued, UK lenders say
Posted by admin on February 23, 2011
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UK mortgage lending remains subdued, according to the Council of Mortgage Lenders (CML).
Its comments came as it said the amount lent in new home loans rose by 7% in May from the previous month to £11.3bn.
Although that was up 10% from a year ago, the level of new lending this year has been low by historical standards.
The CML said higher taxes and public spending cuts to be announced in next week’s Budget would probably subdue mortgage lending further.
“The market will inevitably be affected by how policy impacts on the wider economy – particularly on household finances and confidence,” said the CML’s economist Paul Samter.
First-time buyers
In the latest edition of its monthly publication “Trends in Lending”, the Bank of England said that lenders expected mortgage borrowing to remain “broadly flat” in the next few months. » Read more…