Abbey and Alliance & Leicester has become the second biggest mortgage bank in the UK by claiming a 16.3% share of gross mortgage lending in the first half of 2009.

Banks, building societies and credit unions will be asked to pay £406m as their initial contribution to the costs of the five bank defaults of 2008.

Mortgage approvals for house purchase and remortgaging in June have risen above the previous six-month average.

Gross mortgage lending by building societies hit the highest level seen this year in June although it remains 40% lower than last year.

House prices have experienced their first monthly rise since January 2008, according to the latest figures from the Land Registry.

Equity release specialists In Retirement Services has gone into administration.

The equity release market must adapt products, advice and pricing to cater for a changing market, according to Safe Home Income Plans (SHIP), which has called for a Government-led debate on the issue.

Global commercial property rents experienced the biggest decline in Q2 for five years with surveyor sentiment remaining depressed, according to Q2 2009 RICS Global Commercial Property Survey.

Alistair Darling will today grill the chairmen and chief executives of Britain's largest banks over concerns that lenders are still failing to provide adequate capital to businesses, according to the Times.

The Association of Mortgage Intermediaries (AMI) has formed a working party of its members to consider the major issues facing the mortgage market.