Europe’s markets were higher on Wednesday, with the FTSE Eurofirst 300 adding 1.65 percent to 1,302.78 while the CAC-40 was up 1.56 percent to 4,855.1 in Paris, the IBEX was 1.71 percent higher to 13,637.6 in Madrid, and the Dax gained 1.79 percent to 6,702.84 in Frankfurt. In London, the FTSE 100 added 2.36 percent [...]
Interest rates are not the only reason that mortgage costs in the UK are continuing to rise. According to a report by online mortgage broker, Mform, the average fee charged for the most competitive three-year fixed-rate deal has risen 96% in year. In March of last year borrowers could expect to pay a fee of [...]
Yesterday, Prime Minister Gordon Brown met with bank chiefs from Lloyds, Barclays, HSBC, Royal Bank of Scotland and Nationwide as the City struggles with fallout from the US sub-prime crisis and the credit squeeze. No. 10 said the talks were to discuss ways to improve confidence in the housing market and was not a crisis [...]
According to AA Insurance, where you park your car can have an impact on your car insurance premium, especially in a city. By keeping your car locked in a garage overnight, you can save between 7% (in a rural community) and 35% (in an inner city environment) on your car insurance. Research from AA Personal [...]
Figures from the Office for National Statistics (ONS) have established that half of all single pensioners receive an annual income of under £6,000. The ONS figures, which cover 2005/06, also revealed that 62% of pensioner couples had a total pension income of less than £10,000. The research is highlighting the need for a private pension [...]
Analysts at JPMorgan said as a result of the fallout from the US sub-prime mortgage crisis and the credit squeeze, job losses London’s City financial district could be around 40,000. This is double the figure first feared and amounts to one in 10 jobs. Some companies in the Square Mile and Canary Wharf are grinding [...]
A study by Saga has revealed that 10% of retirees are forced to move house once they stop working. Saga said as living costs continue to soar, retirees do not have sufficient funds to cover a settled and comfortable retirement. Consequently, retirees are forced to move home or downsize in order to achieve living costs [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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