The number of mortgages approved for house purchases remained all but static in May, compared with April, at 49,815, according to Bank of England data. The figure was down on the previous six month average and well behind the November 2009 peak of 59,338. The result has disappointed analysts who were hoping to see a [...]
The 10-year search and advertising deal between Microsoft and Yahoo has been approved today by both the US Department of Justice and the European Commission. Both companies said they plan to begin the tie-up in the next few days and the deal will be finalised by early 2012. The deal, which was agreed in July [...]
Gross mortgage lending in November showed a slight monthly rise, according to the British Bankers’ Association (BBA). The figure stood £9.2 billion but was still 12% down on a year earlier. However, banks approved £6.6 billion in house purchase loans, up from £6.1 billion in October and a 200% increase on November of last year. [...]
More good news on the housing market front with latest figures from the Council of Mortgage Lenders (CML) showing the number of loans approved for house purchases rising 16% in April, compared with March. Loans to first-time buyers increased by 11% on March and the average deposit required stood at 25% (unchanged from February). Those [...]
Australia’s AUS$42 billion (£19 billion) stimulus package designed to help the country weather the economic downturn has now been approved after it was blocked yesterday by the Australian Senate who called it “financially irresponsible”. Kevin Rudd, Australia’s Prime Minister, vowed to fight for the package saying it is “crucial for the economy“. In response to [...]
President Barack Obama’s $819 billion (£572 billion) economic stimulus package has been approved by the US House of Representatives. The President hopes to sign the package into law in February and said the package includes $275 billion in tax cuts, including a credit worth $500 dollars for each worker and $1,000 for couples. However, the [...]
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 [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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