FM News:
FM Main:
FM Features:
|
November 30, 2007
by Gill Montia
Abbey Mortgages has conducted a survey of homeowners which shows that nearly one-in-three, or 5.1 million people, would prefer to fix the interest rate on their mortgage for five years or more.
The survey participants were asked about their preferences on the basis that they were renewing their mortgage at the current time.
With the Bank of England base rate expected to be cut ...
by Kay Murchie
Bryan Sanderson, Chairman of Northern Rock, has been slammed by its biggest shareholder of 'not knowing what he is talking about' and of 'scaring people' into accepting a takeover by Sir Richard Branson's Virgin Group.
The tirade came from Jon Wood, SRM hedge fund boss, who owns 9.1% of the bank. Together with RAB Capital, another hedge fund, Mr Wood could oppose any ...
by Kay Murchie
Shocking figures have revealed that 22,300 pensioners died of the cold last winter. The main reason is that rocketing energy bills mean the elderly cannot afford to keep warm. Yet they're missing out on unclaimed benefits worth £4.5 billion a year.
Research by the London School of Economics for British Gas and Help the Aged showed that the £4.5 billion is sitting ...
by Gill Montia
The publication of new figures from Nationwide, showing that in November house prices fell at their sharpest rate in more than 12 years, was followed yesterday by a warning from Mervyn King, the Governor of the Bank of England.
Referring to the difficulties in the global financial markets, Mr King told the Commons Treasury Committee: “In the UK, the consequences ...
November 29, 2007
by Kay Murchie
The Co-operative Bank has altered the way in which it charges for unauthorised overdrafts. Campaigners say those struggling on low incomes will be affected most by the changes, which are due to implemented in December. The move has been criticised and said it will push customers into debt more quickly.
The changes seem to be in breach of guidelines agreed by the ...
by Kay Murchie
Northern Rock is again in crisis as its largest shareholder threatened to block Sir Richard Branson's takeover of the crisis-torn bank. Jon Wood, hedge fund manager, has insisted that the board of Northern Rock reviews alternative bids. Jon Wood has built up an 8.5% stake through his vehicle SRM Capital.
Together with RAB Capital, Mr Wood owns more than ...
by Kay Murchie
Almost a quarter of adults in Britain are unable to manage increasing mortgage repayments and other debts and are consequently, on the verge of debt. Furthermore, in the last 6 months, 12% have missed payments on debts and bills. Approximately 10% had a direct debit, cheque or payment bounced by their bank over the same period and 3% fear ...
by Gill Montia
Analysts at HSBC have issued a report putting forward the case that UK house prices are overvalued by around 30%.
The suggestion has raised fears that in 2008, the property market could suffer a similar slump to that experienced in the US.
The report goes on to suggest that the impending property downturn would cause sterling to plummet and force the Bank of England ...
by Gill Montia
Nationwide, the UK's largest building society, has published a report on house prices in November, showing that they fell at their sharpest rate in more than twelve years.
The price of an average UK home decreased 0.8% this month, representing the first decline since February 2006, and the largest drop since June 1995.
The average cost of a home is now £184,099 and the ...
November 28, 2007
by Gill Montia
MoneyExpert.com is alerting borrowers to the fact that the number of mortgages with uncapped upfront fees has increased dramatically over the past 12 months.
The price comparison website points out that in November of 2006 only 110 mortgage products included uncapped application fees, that is fees calculated on the amount borrowed.
Today the figure stands at 506 and MoneyExpert.com is warning homeowners and first time buyers that ...
by Gill Montia
The latest survey from Mintel, the consumer research group, states that 5.5 million (or one-third) of UK mortgage borrowers are facing severe financial difficulties because of increased costs.
The Mintel survey found that nearly 1.5 million borrowers have fallen behind with their monthly mortgage repayments and could therefore be categorised as sub-prime by future lenders.
Others in what the report describes as ...
by Gill Montia
The buy-to-let sector has been rocked by the possibility that Paragon, the leading buy-to-let loan specialist, may cease trading in its current form or be sold.
In addition, rentals yields (rent as a percentage of a property's value) have now fallen to an average of 5% in England, and higher interest rates are also eating into landlords' profits.
The Royal Institution of Chartered Surveyors (RICS) ...
by Gill Montia
Mortgage borrowers who are joyfully anticipating a New Year cut in the base rate are being warned that lenders may not follow suit.
Brokers are pointing out that some borrowers on variable-rate loans may be disappointed because there is a major difference between "trackers" and "discounts", the two main types of variable-rate loan.
Tracker-rate mortgages "track" the Bank of England base rate for an ...
by Kay Murchie
The Insurance Partnership's expansion continues with the appointment of Chartered Insurance Institute associate, Mike Ratcliffe. He will take on the role of new commercial account executive and be responsible for some of the company's most valuable client accounts.
Mr Ratcliffe has over 25 years of experience within the financial services industry and said he is delighted to be joining the firm ...
by Kay Murchie
Citigroup, the world's largest bank, is planning thousands more job losses but has not divulged a figure ahead of the appointment of a new chief executive. This is the second round of redundancies this year as the struggling bank aims to improve profitability following billions of dollars of investment losses.
The bank is looking to replace former chairman and chief executive, Charles ...
November 27, 2007
by Elaine Frei
Europe’s markets were lower again on Tuesday. The pan-European FTSE Eurofirst 300 was down 0.33 percent to 1,462.77. In Madrid, the IBEX was 0.1 percent lower to 15,315.6 while the Paris CAC-40 fell 0.44 percent to 5,434.17 and the Dax dropped 0.48 percent to 7,531.35. In London, The FTSE 100 was 0.64 percent lower to 6,140.7 while the FTSE 250 ...
by Kay Murchie
Bank account holders who have paid a cheque into their account will benefit from faster withdrawal times and more interest from 30 November.
The problem of cheques never clearing was first exposed by the BBC Moneybox programme a few years ago and since then, the Office of Fair Trading has been putting pressure on the banking industry to clarify the clearing system.
Under new ...
by Kay Murchie
International accountancy firm, PricewaterhouseCoopers, have said the average Briton currently owes £33,000, compared with £17,000 in 2000, meaning families are now nearly twice as deeply in debt as they were just 7 years ago.
The rise is primarily due to escalating property prices and huge monthly mortgage repayments and experts are warning that the global credit squeeze means tough times ...
by Kay Murchie
The consortium led by Sir Richard Branson's Virgin Group was yesterday confirmed as the preferred buyer for crisis-torn Northern Rock. Bryan Sanderson, Northern Rock’s chairman, described the proposed deal as 'very good news' for the bank.
However, the investment group, Olivant, run by Luqman Arnold, the City stalwart and former Abbey chief executive, is to enter formal talks in ...
|
|
Abbey Mortgages has conducted a survey of homeowners which shows that nearly one-in-three, or 5.1 million people, would prefer to fix the interest rate on their mortgage for five years or more.
The survey participants were asked about their preferences on the basis that they were renewing their mortgage at the current time.
With the Bank of England base rate expected to be cut ...
The Co-operative Bank has altered the way in which it charges for unauthorised overdrafts. Campaigners say those struggling on low incomes will be affected most by the changes, which are due to implemented in December. The move has been criticised and said it will push customers into debt more quickly.
The changes seem to be in breach of guidelines agreed by the ...
MoneyExpert.com is alerting borrowers to the fact that the number of mortgages with uncapped upfront fees has increased dramatically over the past 12 months.
The price comparison website points out that in November of 2006 only 110 mortgage products included uncapped application fees, that is fees calculated on the amount borrowed.
Today the figure stands at 506 and MoneyExpert.com is warning homeowners and first time buyers that ...
Europe’s markets were lower again on Tuesday. The pan-European FTSE Eurofirst 300 was down 0.33 percent to 1,462.77. In Madrid, the IBEX was 0.1 percent lower to 15,315.6 while the Paris CAC-40 fell 0.44 percent to 5,434.17 and the Dax dropped 0.48 percent to 7,531.35. In London, The FTSE 100 was 0.64 percent lower to 6,140.7 while the FTSE 250 ...