Small increase in the availability of credit in Q2
Story by: Catherine Couch, Financial Adviser
A modest expansion in the number of higher loan-to-value (LTV) mortgages is expected in coming months, according to the Council of Mortgage Lenders (CML).
Northern Rock could be in breach of European Commission state aid rules if it goes ahead with its plans to split the bank into two parts, according to documents published last week.
Credit rating agencies and the FSA's stress-tests are putting lenders off offering high loan-to-value mortgages, according to the Building Societies Association.
Northern Rock has revealed that it requires another £3bn to shore up the troubled bank's finances.
Sir Win Bischoff, the former chairman of Citigroup, has been tipped to become the next chairman of Lloyds Banking Group.
Tesco has emerged as a potential bidder for Northern Rock, after further details of how the troubled lender is to be split into two emerged late last week.
Higher loan-to-value (LTV) mortgages will come back slowly, according to the Intermediary Mortgage Lenders Association (IMLA).
Lloyds Banking Group has announced that it is to cut a further 2,100 jobs over the next three years.
Banks need to structure themselves so that an orderly resolution can be executed if required, according to the Bank of England (BoE).
Gross mortgage lending by building societies stabilised in May, but at extremely low and depressed levels that were 57 per cent less than a year ago.
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