Lloyds Banking Group is considering more job losses as the bank plans to close more than 300 “agency” counters run by its Halifax subsidiary in the offices of estate agents, solicitors or financial advisers. Agency counters are not Halifax branches and their staff are employed by the agent as part of their wider business and [...]
Banking giant Lloyds Banking Group has today announced it is shedding a further 200 jobs, bringing its total to 7,500 this year. The bank, which is 43% state-owned, said the latest job losses will affect the bank’s general insurance arm in Newport, South Wales and West Yorkshire. The latest round of job cuts will take [...]
It has been announced that banking giant Lloyds Banking Group is reviewing its decision to close down its Cheltenham & Gloucester (C&G) subsidiary. In June, the mega-bank said it was closing all of its 160 UK C&G branches with the loss of hundreds of jobs but the decision may now be reversed. The u-turn has [...]
The much forecast rise in fixed rates is well underway with Abbey announcing that it has put up the cost of its fixed-rate mortgages by between 0.25% and 0.5%. Lloyds banking group has also increased the cost of some fixed-rate deals via its Cheltenham & Gloucester and Halifax brands. The lenders are following a trend [...]
Lloyds Banking Group is announcing further job losses today with the closure of all its 160 UK Cheltenham & Gloucester (C&G) branches with the loss of 1,500 jobs. Since April, Lloyds has axed almost 3,000 jobs which resulted in the Unite union accusing the banking giant of a embarking on a strategy of “death by [...]
Eight major lenders yesterday confirmed plans to pass on the full 0.5% base rate cut to mortgage holders. Abbey, Barclays, Cheltenham & Gloucester, Halifax, HSBC, Lloyds TSB, Nationwide Building Society and Skipton Building Society have all announced interest rate cuts. Abbey said the full rate cut will be passed on to tracker mortgage holders, whilst [...]
Lloyds TSB and its mortgage lending arm, Cheltenham & Gloucester (C&G), have launched a range of new tracker deals, with rates starting at 3.69%. Two-year loans with a maximum 60% loan-to-value (LTV) ratio are available in the lender’s All Weather range as follows: 4.09% (base rate +2.09) £1995 fee applies; 4.19% (base rate +2.19) and [...]
Yesterday’s 1% cut in the Bank of England’s base rate, to 2%, has met with a mixed response from mortgage lenders. Despite pressure from Government Ministers, Halifax and Nationwide are opting not to pass on the full reduction to customers with standard variable rate (SVR) loans. So far, HSBC, Bristol & West, Lloyds TSB and [...]
Following the large-scale withdrawal of tracker mortgages last week, as the bank of England’s base rate fell to 3%, a number of lenders have now reintroduced tracker loans, some having increased their margins. Abbey is offering a two-year tracker deal for those with a 25% deposit, at 1.99% above base rate (4.99%) compared with an [...]
Lloyds TSB has confirmed that it will pass on today’s 1.5% cut in the base rate in full, to mortgage borrowers on its standard variable rate (SVR). The bank had previously pledged that its SVR will never be pitched more than 2% above the Bank of England’s base rate. Today’s reduction takes Lloyds TSB’s SVR [...]
Leading lenders withdrew tracker mortgages just hours before the Bank of England’s Monetary Policy Committee agreed an historic 1.5% cut in the base rate, to 3%. Lloyds TSB and its Cheltenham & Gloucester (C&G) unit, Northern Rock and Woolwich have all withdrawn tracker products today. Yesterday, the Council of Mortgage Lenders (CML) warned that lenders [...]
Cheltenham & Gloucester (C&G), the mortgage lending arm of Lloyds TSB, has withdrawn some of its most competitive mortgage deals, from today. The move follows yesterday’s emergency cut in the Bank of England’s base rate, to 4.5%, which prompted leading lenders, including Halifax and C&G, to cut their standard variable rates (SVR). However, C&G has [...]
Lloyds TSB and its Cheltenham & Gloucester subsidiary have increased rates on two and three-year fixed-rate loans by up to 0.26%. The bank’s two-year fixed-rate deal for those with a 75% deposit has risen to 6.44%; borrowers with only 10% of equity will pay 6.75%. Last week, Halifax, the UK’s biggest mortgage lender and part [...]
Lloyds TSB and its mortgage subsidiary, Cheltenham & Gloucester (C&G), are cutting interest rates on two-year fixed-rate and tracker loans. The lenders’ full-term tracker mortgages will see the maximum benefit, with rates reducing by 0.38%, to 5.95%. The maximum loan-to-value (LTV) ratio on these deals is 20%. Interest on two-year fixed-rate loans with a maximum [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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