Annual growth in banks’ gross mortgage lending stood at £7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers’ Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at [...]
The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime. According to the NFA, almost £144 billion was loaned in mortgages in [...]
Repossessions fell 13% to 10,200 in the final three months of 2009, compared to the previous quarter. The figure, which includes home-owner and buy-to-let mortgage borrowers, was also 2% down on the same period of 2008, according to the Council of Mortgage Lenders (CML). However, for 2009 as a whole, mortgage lenders possessed around 46,000 [...]
The Treasury has announced new measurers aimed at protecting UK mortgage borrowers. The move follows the Government’s analysis of the causes of the financial crisis, as set out in its Reforming Financial Markets paper published earlier this year. Under the proposals, borrowers whose mortgages are sold on to third parties will be protected by Financial [...]
Nationalised Bradford & Bingley (B&B) is reportedly considering splitting itself into two in order to raise money to repay its £18.4 billion loan from the Financial Services Compensation Scheme (FSCS). The troubled buy-to-let lender was nationalised over a year ago to prevent it from collapse which led to Spanish bank, Santander, acquiring B&B’s £20 billion [...]
An organisation set up to represent property owners and investors, is calling for the regulation of buy-to-let mortgages. In a new report entitled “Responsible Regulation”, the British Property Federation (BPF) says such a move would lessen the risk of another “black hole of irresponsible lending” occurring in the future. According to the BPF, the Financial [...]
The price of renting a home increased 2.2% over the past six months, according to new figures released this week. Buy-to-let advice site Property Hawk said the rise is “good news” for landlords. However, a recent poll by Direct Line found 20% of landlords are worried about their cash flow. A further 29% fear that [...]
Bank of China has relaunched its mortgage offering to UK customers, having previously focused on the British Chinese community. The world’s third-largest bank says it can provide “straightforward and very easy to understand” variable-rate loans to first-time buyers, home movers and customers who want to re-mortgage. Buy-to-let investors are also being targeted by the bank, [...]
Figures from the Council of Mortgage Lenders (CML) have revealed a sharp rise in the number of properties repossessed by mortgage lenders. The organisation said repossessions in the July to September period rose by 12%, while full year numbers are expected to escalate by 70% compared to 2007. Meanwhile, the number of borrowers in arrears [...]
Average property prices in some of the UK’s city centres are showing sharp falls as a result of the plummeting values of flats and apartments. According to research by property price website, mouseprice.com, the value of city centre flats in Birmingham have fallen more steeply than anywhere else in the UK. Some areas of the [...]
The British Bankers’ Association (BBA) has reported a 64% annual decline in mortgage approvals for house purchases, in August. In all, 21,086 new home loans were sanctioned during the month, compared with 58,564 in August 2007. The figure is 5% down on July 2008 and at its lowest since BBA records began in 1997. August [...]
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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