CBI says pensions should fund house buying

Housing second child costs £60,000

While most families think that their first baby will require more financial outlay than subsequent children, new research suggests that the second child may be more expensive because the family may have to move to a larger house. Families with a second baby on the way are paying an average of £60,000 to move to [...]

Low base rate could cost savers £43bn

Campaign group Save our Savers today revealed the cost to savers of the Bank of England’s decision to hold the base rate at 0.5% for the 33rd successive month. The group estimates that the low interest rate combined with a retail price index at 5.6 per cent, its highest level for 20 years, and a [...]

CBI says pensions should fund house buying

The CBI is calling for a radical rethink in the way house purchases are funded including allowing buyers to dip into their pension pot for the deposit on their first home. The number of first-time buyers fell from a high of 167,400 in 2001 to 36,200 in 2011 with unaffordable deposits and financial insecurity making [...]

Eurozone crisis could push up mortgage cost

Brokers have noticed a rising trend on mortgage rates and are blaming it on the current crisis in the eurozone. Woolwich, Halifax and Santander, Nationwide, ING and the Chelsea Building Society have all increased tracker mortgage rates recently, reversing this summer’s trend for rates to become more competitive. The Chelsea Building Society has increased the [...]

Homeserve back in business

Homeserve, which provides emergency insurance and home repairs on boilers, plumbing and domestic appliances, has restarted its telesales operation. The company closed its call centre on 31 October following a review by Deloitte which highlighted problems with its sales processes. Homeserve initiated an immediate re-training programme for its call centre staff and has now started [...]

Interest rates held despite recession fears

The Bank of England’s Monetary Policy Committee is due to meet today, when it is expected to keep interest rates at a record low of 0.5 per cent, despite inflation soaring. It will be the 32nd consecutive month that the interest rate has been held at this level. According to the Consumer Price Index, inflation [...]

Co-op cuts mortgage fees

The Co-operative Banking Group has announced that rates on its five-year fixed rate mortgages are being reduced by up to 0.90 per cent. The group is also withdrawing the £999 arrangement fee on its five-year products available exclusively to current account customers. Following the changes the group offers five-year fixed rates mortgages with rates ranging [...]

Mixed news on home repossessions

The number of property repossessions increased slightly to 9,200 in the third quarter from 9,100 in the second quarter. However, the Council of Mortgage Lenders (CML) expects the total number of UK homes repossessed this year to be less than feared. The organisation believes that a number of factors are helping to minimise home repossessions [...]

HSBC could exit Britain under new rules

HSBC has re-iterated its threat to leave Britain if the government’s proposed banking reforms are introduced. The new capital rules, recommended by the Independent Commission on Banking, could cost HSBC $2.5 billion a year, a price which it may be unwilling to pay. HSBS has had its headquarters in the UK for the last 20 [...]

Debt Project wins £250,000 grant

Shelter Cymru has won a £250,000 lottery grant to fund a three-year project to offer debt advice to people in Wales. The Wrexham-based service is expected to help around 200 households a year, in an area where there are high levels of personal debt. The project is expected to open in autumn, providing a range [...]