Baoshan raises RMB 25.6 billion in Shanghai

Mortgage lending to first-time buyers up 74% in March

Mortgage lending to first-time buyers soared in March, as house-buyers rushed to buy their first home before the end of the stamp duty holiday. Properties below the value of £250,000, purchased before 24 March, were exempt from the 1 per cent tax. Twenty-four thousand mortgages were approved for first-time buyers in March, a 74 per [...]

Chancellor wins on banking regulations

Chancellor of the Exchequer George Osborne has secured a key agreement allowing the UK government to regulate its banks more strictly than other EU member states. The agreement was secured in Brussels between European Union finance ministers. It allows the UK to ring-fence retail banking operations from riskier investment banking operations in order to protect [...]

Sainsbury’s offers 6.9pc credit card

Retailer Sainsbury’s is offering a credit card with an interest rate of just 6.9 per cent on new purchases, but the card is only available to nectar card holders with good credit ratings. According to new research by the retailer, the number of cards offering a lower-rate APR over a long-term, with no introductory offer, [...]

Personal debt soared prior to credit crunch

Household borrowing soared in the decade leading up to the start of the financial crisis in 2008 according to a report by the National Institute for Economic and Social Research (NIESR) and the Resolution Foundation. Household spending, GDP and property prices all increased steadily between 1997 and 2007 but the report suggests that this growth [...]

Home insurance may not cover empty properties

Housing charity Empty Homes has highlighted a clause in many insurance policies which could leave homes uninsured if they are left unoccupied. It is estimated that there are 930,000 empty properties in the UK and while their owners may think they are covered by insurance, this clause could mean that many are actually uninsured The [...]

Government to cut disability benefit

Half a million people could lose their disability benefit under Government plans. The planned reforms will see the current disability living allowance replaced with Personal Independence Payment (PIP), a simpler allowance which is designed to be more focused. Speaking to The Telegraph, Work and Pensions Secretary Iain Duncan Smith said that the number of people [...]

Price of seaside houses doubles

Homes by the sea have shown a greater price increase than inland properties, according to the latest figures from the Halifax. The price of houses in seaside towns has increased by 97 per cent over the last decade, compared with a 95 per cent increase for the whole of England and Wales. In Seaham, County [...]

Sainsbury’s promises to offer cheapest loans

Supermarket retailer Sainsbury’s is leading the market at the moment with a 5.9 per cent loan rate, and it has also launched a Price Promise Guarantee. The 5.9 per cent rate is available on a £7,500 loan with a three-year term, while the same loan over five years would be available at 6.1 per cent. [...]

PPI compensation could produce tax windfall

People who have received compensation after being mis-sold payment protection insurance (PPI) must pay tax on any additional interest on their payout. It is believed that many victims of PPI mis-selling could be underpaying tax. PPI was routinely sold alongside loans and mortgages in order to cover borrowers’ repayments if a change in circumstances meant [...]

Savings levels soar

The average balance in an easy access savings account soared by 18 per cent to £1,858 in the first quarter of 2012, according to the ING Direct Consumer Savings Monitor. This is the highest level since the second quarter of 2010, when the typical balance in an easy access account was £2,050. It also represents [...]