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June 24, 2008
by Gill Montia
Chancellor of the Exchequer, Alistair Darling, has warned the UK's mortgage providers that they must put their house in order over arrangement fees.
The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on a percentage of the loan, can ...
by Gill Montia
Mortgage approvals for home movers slumped by 20% during May.
The British Bankers' Association (BBA) has reported that total loans approved during the month stood at 27,968 or 56% less than a year earlier.
The decline puts lending for house purchases at its lowest level since the association's records began in 1997.
The total value of loans approved during the month amounted to £4.3 ...
by Kay Murchie
Resolution is in discussions with leading investors at Bradford & Bingley (B&B) about injecting £400 million ($787 million) into the troubled UK lender.
B&B shares were up 15% in early trading today following the news.
B&B is subject to criticism with its 4 biggest shareholders, Prudential’s M&G, Standard Life, Legal & General and Insight and has invited Clive Cowdery, who runs ...
June 23, 2008
by Kay Murchie
As the economy grinds to a virtual standstill, up to 350,000 people will lose their jobs according to a survey by the Centre for Economic and Business Research (CEBR) and the Hay Group, a management consultant.
This estimate was based on interviews with 120 bosses in charge of companies who generate annual sales of at ...
by Kay Murchie
Consumers looking to purchase payment protection insurance (PPI) can now get advice from the Financial Services Authority (FSA).
The watchdog’s website now has free, impartial comparison tables which are designed to help consumers compare the policies on offer and their cost.
PPI has been the result of bad press lately after a report revealed that 2 million customers have ...
by Kay Murchie
More job losses in the financial industry have been revealed as Wall Street giants, Citigroup and Goldman Sachs, announce staff cuts.
Citigroup, which is America’s largest bank, is believed to be axing up to 6,500 investment banking jobs. It is understood that trading desks in New York, London and other cities will be eliminated.
Sources close to ...
by Gill Montia
HM Revenue & Customs (HMRC) has been adding up its stamp duty receipts and has concluded that the number of house sales in the UK fell by 13% in May, compared with April.
The month's sales totalled around 100,000 while in April, the figure stood at 115,000.
Transactions were 37% down on May of 2007 marking the sharpest monthly decline in ...
by Gill Montia
Rightmove has calculated that there are now over one million homes for sale in England and Wales.
According to the property website, the record number of homeowners eager to move include those anxious to make a sale before prices drop further and others who are keen to capitalise on the downturn by selling up and bartering with a ...
by Kay Murchie
Over a quarter of consumers are looking to save money by cutting back on their insurance policies following the credit crunch.
As a result, the insurance industry is facing a £1.5 billion according to a survey by business analysts, Deloitte.
The survey, which was carried out last month by YouGov on 2286 adults, established that 26% of respondents plan ...
by Kay Murchie
Swiss investment bank, Credit Suisse, has announced plans to axe 75 jobs in in its investment bank and support services division in the UK.
Switzerland’s second largest bank said challenging market conditions and projected staffing levels needed to meet client requirements has resulted in a reduction in headcount.
The bank, which has its UK operations headquartered in London’s Canary Wharf, has already ...
by Gill Montia
The Building Societies Association (BSA) has been investigating levels of confidence in the UK residential property market.
Predictions for falls in house prices continue to grab the headlines but according to the BSA's Property Tracker survey, 27% of Britons are convinced that now is a good time to buy.
A more cautious 51% do not consider it a good time to ...
by Gill Montia
The Office of Fair Trading (OFT) has given the Ombudsman for Estate Agents Company Limited (OEA) approval for its estate agents' redress scheme.
The move follows the passing of the Consumer Estate Agents and Redress Act 2007, which will take effect from 1st October, when all estate agents have to be members of an approved ombudsman service.
The scheme provides ...
June 22, 2008
by Kay Murchie
Struggling sub-prime lender London Scottish Bank (LSB) has received an informal approach from Gibraltar-based financier, Gregory King.
Mr King’s plans are to purchase a majority stake in the crisis-torn bank. Last month, he approached Robin Ashton, LSB’s chief executive, with a proposal to underwrite a rescue rights issue in exchange for control of the business.
However, the proposal was dismissed ...
by Kay Murchie
Lloyds TSB is in discussions with insurance company Allianz to buy its Dresdner Bank unit.
Lloyds is understood to have commenced work on a potential deal and has submitted an unbinding offer for the unit.
Lloyds has come out of the global credit crisis relative unscathed and has a market value of £19 billion.
When it emerged that Northern Rock ...
by Kay Murchie
One year on from last summer’s devastating floods, the Department for Environment, Food and Rural Affairs (Defra) is proposing to assist homeowners and businesses to better protect their premises from the affects of flooding.
Defra is to commit £125,000 to setting up a website and phone line together with the Environment Agency.
The aim is to provide people with the guidance ...
June 20, 2008
by Elaine Frei
The FTSE 100 was down 1.53 percent on the session to 5,620.8 and the FTSE 250 dropped 0.91 percent to 9,361.1.
These declines came even though some homebuilders saw gains despite predictions of lower house prices, led by Barratt Developments (LSE: BEDV), which added 12 percent on the session on rumors that it is talks to arrange to refinance some ...
by Gill Montia
The National Housing Association (NHA), which represents 1,300 not-for-profit housing associations in England, is asking the Government to use up to £1 billion to buy new homes from housing developers who cannot sell the properties they have built.
The sale of new homes has plummeted since the beginning of the year and many developers have mothballed new projects.
It ...
by Kay Murchie
It is believed that Barclays is close to securing a huge bailout from Japan as it looks to Asia to improve its finances.
Barclays is set to receive a 100 billion yen (£473.4 million) capital injection from Sumitomo Mitsui Financial Group (SMFG). This would give Japan’s largest financial group’s a stake in Barclays.
It is expected that the capital injection will be ...
June 19, 2008
by Kay Murchie
Consumers have shrugged off the current economic climate and rushed out to the shops after a record level of retail spending was recorded last month.
Figures from the Office for National Statistics showed that British retail sales soared in May, increasing at the fastest pace of growth since the series began in 1986. The news has stunned economists and has heightened fears ...
by Kay Murchie
A report from the homeless charity, Shelter, has revealed that in the last year, over 4 million families have paid their mortgage or rent on their credit card.
The report, called Breaking Point, reveals the extraordinary lengths some are going to during the current economic climate.
The report also established that one in six is worried about losing their ...
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Chancellor of the Exchequer, Alistair Darling, has warned the UK's mortgage providers that they must put their house in order over arrangement fees.
The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on a percentage of the loan, can ...
As the economy grinds to a virtual standstill, up to 350,000 people will lose their jobs according to a survey by the Centre for Economic and Business Research (CEBR) and the Hay Group, a management consultant.
This estimate was based on interviews with 120 bosses in charge of companies who generate annual sales of at ...
The FTSE 100 was down 1.53 percent on the session to 5,620.8 and the FTSE 250 dropped 0.91 percent to 9,361.1.
These declines came even though some homebuilders saw gains despite predictions of lower house prices, led by Barratt Developments (LSE: BEDV), which added 12 percent on the session on rumors that it is talks to arrange to refinance some ...
