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News Tag: Britannia

May 26, 2010

Co-operative 3.99% mortgage blows away competition

by David Masters
Co-operative 3.99% mortgage blows away competition
The Co-operative Bank and Britannia today launched a new five-year mortgage at a fixed-rate of 3.99%. The mortgage is available to homeowners with a deposit of at least 25%. Borrowers taking out the mortgage are required to pay a £999 fee. The two providers, which merged last year, also announced a two-year fixed rate mortgage at 2.95%, also requiring a 25% deposit and with ...




March 18, 2010

Co-op profits boosted by Somerfield takeover

by Kay Mitchell
?Co-op
Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted "record sales and profits" for the 2009 year after its acquisition of Somerfield and its merger with the Britannia building society. The group said underlying operating profits before significant items soared 20% to £473 million over the year, while revenue was £13.7 billion. Meanwhile, the Co-operative group's grocery division, which is ...




March 7, 2010

Coventry Building Society in merger talks with Stroud & Swindon

by Kay Mitchell
”Coventry
According to reports this weekend, Coventry Building Society is in merger talks with its smaller rival, the Stroud & Swindon. The talks follow a series of recent mergers between Britain’s building societies and, should a deal be successful, will bring more consolidation to the mutual sector. The news comes as Coventry, which is the country's third largest building society, ...




October 12, 2009

Co-operative Group gains market share, profits up 17%

by Kay Mitchell
”Co-operative
Britain's largest mutually-owned retailer, the Co-operative Group, has today posted a 17% increase in profits for the six months to 25 July of £228.8 million. The retailer, which is the UK’s fifth largest following its acquisition of Somerfield, said sales of its re-launched and extended 'Simply Value' range were up almost 80% on the year. Excluding fuel and VAT, like-for-like food ...




October 9, 2009

Britannia pulls 10%-LTV mortgages

by David Masters
Britannia pulls 10%-LTV mortgages
First time buyers are being further squeezed out of the mortgage market with one of the UK's biggest lenders pulling its 10% deposit products. Britannia, which merged with Co-operative Bank earlier this year, said it will no longer offer mortgages to borrowers with a 10% deposit. The news further diminishes the tiny number of lenders willing to offer loans to buyers with small deposits. Over the ...




September 11, 2009

CFS declares vision for ethical future

by David Masters
”CFS
The Co-operative Financial Services (CFS) plans to build on its credentials as a "principled" and "ethical" organisation, chief executive Neville Richardson said today as he announced the firm's first half-year results. “We are at the start of creating something quite special within UK financial services, a business which is member-owned, customer-led and ethically guided," Richardson said. Profits for the first half dropped only ...




August 24, 2009

Co-op and Britannia shrink conveyancing panel

by Gill Montia
”Co-op
The merger of Britannia building society with Co-operative Financial Services has resulted in 3,600 of the mutuals' conveyancing panel members being dropped. Typically, solicitors on a lender's approved panel act for the buyer and the lender. However, the system is open to abuse and could facilitate mortgage fraud because the solicitor involved is responsible for ensuring that money reaches the right party and ...




August 3, 2009

Ethical savings boost with Co-op-Britannia merger

by David Masters
Ethical savings boost with Co-op-Britannia merger
Savers who care about whether their savings are used to fund arms companies or renewable energy received welcome news today with the merger of Britannia Building Society and The Co-operative Bank. The merger aims to create a "trusted and ethical alternative to shareholder-owned bank." All three million Britannia members have joined or been given to opportunity to join the Co-operative Group, where they ...




July 22, 2009

Long-term fixed-rates disappear

by Gill Montia
”Long-term
In a further reshaping of the UK mortgage market, the maximum length of a fixed-rate deal is down to 15 years, following Manchester Building Society's withdrawal its 30-year fix. Prior to the credit crisis, the Government was proposing to help lenders offer more affordable long-term fixed-rate products, which at the time were common in the US, Germany and Denmark. Lenders were sceptical and pointed out that ...




February 27, 2009

Britannia cuts fixed-rates

by Gill Montia
Britannia cuts fixed-rates
Britannia Building Society has reduced rates on its two, three and five-year fixed deals by up to 0.95%. The new home loans are available from today (27th February) and the range includes a five-year fix with a rate of 4.24% for a 60% loan-to-value ratio. An arrangement fee of £999 applies. The lender is also offering remortgagers a one-year fixed-rate starting at 3.99% and says it ...




September 18, 2008

New mortgage deals from Standard Life and Britannia

by Gill Montia
New mortgage deals from Standard Life and Britannia
Standard Life Bank has cut rates and fees on certain products in its Freestyle range. From today, the rate on its three-year fixed home loan is down to 5.95% for up to 50% loan-to-value (LTV); five-year fixed residential rates are available from 5.99% (up to 75% LTV) and ten-year from 6.19% (up to 75% LTV). Term tracker rates start from ...




July 17, 2008

Britannia launches five-year fix at 5.99%

by Gill Montia
Britannia launches five-year fix at 5.99%
Britannia Building Society is launching a new five-year fixed-rate mortgage on Friday 18th July. The loan will be available at a rate of 5.99% on loan-to-values (LTVs) of up to 75% and 6.39% on LTVs up to 90%. A £999 arrangement fee applies in both cases. The lender is still offering its existing five-year fixed-rate mortgages, one of which has an arrangement fee ...