Britain’s largest building society, Nationwide, has today posted a surge in first half profits. Nationwide said pre-tax profits for the six months to September 30 were £147 million, up from £117 million in the same period a year ago. The company, which is the country’s second-biggest mortgage lender, added that bad debts dropped by 44% [...]
Britain’s largest building society, Nationwide, posted a slump in first half profits and provided a gloomy assessment of the housing market as it unveiled its results. Nationwide said pre-tax profits for the six months to September 30 were £143 million, a fall of 62% compared with the £374 million posted a year earlier. The company [...]
Nationwide has increased the interest rates on a range of its one-year savings bonds. The building society now pays interest at up to 4.25% on the bonds. Savers with a one year fixed-rate bond or e-Bond will now be paid 3.25% interest for balances above £10,000, and 3% for balances below £10,000. Meanwhile, customers with [...]
The Nottingham has announced plans to provide pensions, investments, and insurance products in its 32 branches across the East Midlands. Branch-based financial advisers will advise customers on the best products to meet their needs. The building society said the new products are part of its plans to expand and evolve, and will help it to [...]
Nationwide this week unveiled a new members’ zone on its website, exclusively available to all customers of the Nationwide Group. Accessible from the Nationwide homepage, the portal provides a one-stop-shop for news updates, member events, and information about what it means to be part of the Nationwide Group. Podcasts and videos are available on the [...]
Nationwide has launched a £3.2 million programme of charitable grants to help the most vulnerable and excluded in society. The Nationwide Foundation said the money is to help those facing financial difficulty or homelessness because of the recession. Housing, homelessness, and financial exclusion charities can all apply to the new fund. In particular, the fund [...]
Nationwide has announced that it has cut the interest rate on its personal loans to 8.2% APR typical. Nationwide said this rate is the most competitive available from a high street provider. The rate is available to Nationwide customers with a FlexAccount debit card or mortgage taking out a loan of between £7,500 and £14,999. [...]
Nationwide has unveiled two new five year fixed-rate bonds, paying interest at up to 4.15% gross p.a./AER. The building society yesterday launched both the Five Year Fixed Rate Bond and the Five Year e-Bond to new and existing customers. Andy McQueen, Nationwide’s savings and mortgages director, said: “I’m delighted to announce the launch of our [...]
New government legislation on Home Information Packs (HIPs) will cause home sellers ‘significant delays’ in getting their property to market, The Nottingham warned this week. The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’. From 6 April, all home sellers will be required to [...]
Skipton Building Society has reported a staggering 86% drop in yearly pre-tax profit, down to £22.5 million in 2008 compared to £163.9 million in 2007. The steep drop was blamed on a ‘whirlwind year’ that saw the worst housing crisis in a generation coupled with the cost of compensating savers at failed banks. The UK’s [...]
Nationwide Building Society has announced interest rate cuts on the majority of its current accounts. Nationwide said the change follows the Bank of England’s base rate cut last month. The building society assured savers that none of the cuts will be more than 0.5%, and that some of the cuts will be less. On average, [...]
Leeds Building Society is introducing a new range of fixed-rate mortgages. Rates start at 5.95% and a maximum loan-to-value (LTV) ratio of 90% can be accommodated in the offering of two and three-year fixed-rate home loans. No fees are applied to three-year fixed-rate deals and the building society is offering in-house legal services for remortgages, [...]
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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