Nationwide: House prices rise in February

Pick up in UK house sales expected

House sales in the UK are expected to improve in the next three months, helped by the government’s funding for lending scheme, according to the Royal Institution of Chartered Surveyors (RICS). The Funding for Lending scheme, launched by the government and the Bank of England, makes £80bn of lower cost funding available to lenders to [...]

Barclays expands through ING Direct acquisition

Barclays is acquiring the UK operations of Dutch banking and insurance group ING Direct. Barclays will take on ING UK’s £10.9bn of deposits and its £5.6bn mortgage book, as well as 750 employees and 1.5 million customers. ING, which has its UK headquarters in Reading, is divesting its UK assets to help raise funds to [...]

Frodo Financial launches overdraft service

Frodo Financial, a new financial technology company, has launched an online overdraft system which provides an alternative to a bank overdraft. The new Frodo Flexi account provides a rolling cash-credit facility of between £1,000 and £10,000 that runs alongside a customer’s current account with their existing bank. It offers a 16.9% APR variable interest rate [...]

Security concerns over NatWest mobile banking app

NatWest bank has suspended its Get Cash app which allows customers to withdraw money from a cash machine without a debit card, according to a report by the BBC. Customers request the cash on their mobile and a 6 digit pin is generated which they then enter at the cash money to withdraw funds. However, [...]

UK consumer spending higher in September

Consumer spending increased by 3 per cent in September compared with August, as people spent more on clothes and in hotels and restaurants. The figures, from Visa Europe’s UK expenditure index which is compiled by Markit, represent the biggest increase since May 2009. The increased spending follows improvements in the job market which have boosted [...]

HSBC to close UK Islamic banking operations

HSBC Holdings is planning to stop offering Islamic financial services in the UK as part of a global restructuring strategy which will see non-core businesses shut down. Along with the UK, it is closing its Islamic banking operations in United Arab Emirates, Bahrain, Bangladesh, Singapore and Mauritius. HSBC will offer Islamic banking only in Malaysia, [...]

Nationwide stops offering interest-only mortgages

From 11 October new borrowers will no longer be able to take out an interest-only mortgage with Nationwide building society. Nationwide is following the Co-op bank, which pulled out of interest-only mortgages in May, while Santander and HSBC only offer this type of product to house-buyers with a 50 per cent deposit. Nationwide also previously [...]

PayPal resolves technical glitch

PayPal, the internet-based money transfer service, has resolved the technical issues that delayed transactions for UK customers. The problem started on 29 September when a new system was introduced to speed up transactions. Unfortunately it had the opposite effect, with large numbers of transactions being sent for security checks, causing substantial delays in funds being [...]

Insurers call for one-year minimum L-plates

With an 18-year-old driver three times more likely than a 48-year-old to be involved in an accident, the Association of British Insurers (ABI) says restrictions should be placed on new drivers in order to save lives. The ABI is calling for a number of changes to the way youngsters learn to drive in the UK, [...]

Business owners unable to save for pensions

Nearly half of business owners have no private pension savings, according to research by the Prudential. The insurer found that 46 per cent of one-person businesses have no private pension, representing 1.3 million people. Fifty-four per cent of this group said they were unable to afford to set money aside for a private pension, 18 [...]