Weaker mortgage lending in the first half of 2005 led to annual totals weaker than in 2004, but gross lending and loans approved for house purchase finished the year on an upward trend, after allowing for seasonal factors.

Behind these monthly fluctuations, mortgage lending is on a stable trend, though not as high as 2004 levels.

I've said to them they've done great but we should have done in the first half what we did in the second half.

The universe of mortgage lending has gotten to the point where there is a place in it for everybody.

Although mortgage rates have risen in the last two weeks, they are still below last year's annual average of about 7 percent and well below 2000's average of 8 percent. The current rising rates will dull the edge of the refinancing market, but there remain homeowners who have put off refinancing for one reason or another who may now rush to their lender to take advantage of current rates.

We are now in the middle of the centre of the first half