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 [...]
Mortgage customers with two of the UK’s rescued banks are less than happy with the service they receive, according to new research from Which? Money. The 41% state-owned Lloyds Banking Group has the furthest to go: only 41% of Bank of Scotland borrowers surveyed expressed satisfaction, while the group’s Halifax unit impressed 44% of home [...]
The Co-operative Bank has reported that the number of borrowers paying off their mortgages ahead of schedule has soared 56% in the past year. The trend is at its strongest among variable rate customers who are taking advantage of the record low base rate, at 0.5%. The benefits can be twofold as early repayment reduces [...]
Homeowners get the itch to move house every seven years, new research has discovered. Co-operative Bank found the main reason people move house is to make room for a growing family. Other popular reasons homeowners cited for moving included wanting to live closer to work, and getting bored of their current home. One in six [...]
The Co-operative Bank and Ecology Building Society are two of the best institutions for ethically minded mortgage holders, it emerged this week. Virginia Wallis, money expert at the Guardian newspaper, recommended the two lenders to homeowners with “ethical ideals”. Co-operative’s tracker mortgage charges 2.49% above the base rate, and is available at up to 75% [...]
Britons are regaining their confidence in the UK housing market, with 35% of vendors currently prepared to stick with their asking price, rather than drop to secure a sale. According to new research from The Co-operative Bank, a change in attitude is taking place among sellers, although home buyers are holding back, with only 12% [...]
The Which? Awards, which names ‘the best of the best’ in products and services, has named the Co-operative Bank as the Best Financial Services Provider. The bank has been performing well amid the recession and its customer numbers have increased significantly in recent years because of its ethical investment policy. Since 1992, the bank’s commercial [...]
Home repossessions by the Co-operative Bank halved during the last 16 months, the lender revealed this week. The ethical financial provider said since the start of 2008, it has only carried out 8 home repossessions, compared to 16 home repossessions in the 16 months leading up to 2008. The announcement comes as the Council of [...]
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative. The bank this week revealed that 123% more people have signed up for its current account this year compared to last year. Customers are coming to the Co-operative, which has an ethical screening policy on [...]
The Co-operative Bank yesterday announced updates to two of its mortgage products. Interest charged on Co-operative’s 3 Year Discount Mortgage was reduced to 3.24%, whilst the bank’s 3 Year Fixed Rate Guarantor Mortgage was reissued at a rate of 5.99%. The Discount mortgage has a maximum loan-to-value (LTV) of 75%, and a £995 application fee. [...]
The Co-operative Bank has increased profits by 70 percent (for the year to 10 January) as depositors fled to what has always been seen as the “boring bank” but in troubled times, many savers have warmed to its security. In a period where its competitors struggled, retail deposits increased by 17 percent whilst corporate deposits [...]
The number of mortgage holders making overpayments has increased by half, research by the Co-operative Bank has discovered. Low return on savings, because of recent falls in interest rates, is the main reason for the overpayments, with 80% of overpayers citing this as the key motivation for their decision. In addition, the Bank of England’s [...]
The Co-operative Bank and Places for People, the property management and development group, have been researching potential first-time buyers and have discovered that on average, those hoping to get a foot on the property ladder think they need to save £19,100 before they can buy their first home. The research involved 1,500 potential first-time buyers, [...]
Nationwide and Co-operative Bank are cutting mortgage rates. In the case of Nationwide, interest on certain fixed-rate and tracker deals is falling by up to 0.3%. The building society is also introducing a new two-year fixed-rate home loan, available from 5.58% and with a £999 fee. The lender says it is waiving some reservation fees [...]
Banks are giving themselves a pat on the back as the 2008 UK Retail Banking Customer Satisfaction Study reveals that consumers are happier with their banks than a year ago, despite the challenging economic climate. The report is compiled by J D Power and Associates, the marketing information services firm. It measures customer satisfaction with [...]
Three leading lenders have announced yet another round of interest rate rises. Bradford & Bingley (B&B), First Direct and the Co-operative Bank have all increased the cost of their fixed-rate loans, as the rates at which lenders borrow on the money markets continue to rise. B&B has hiked rates on its residential fixed-rate mortgages by [...]
The Co-operative Bank has launched a fee free three-year tracker mortgage that is being made available to Co-operative Bank current account holders only. The loan comes with an interest rate of 5.99% (BoEBR (Bank of England Base Rate) + 0.99%) and a loan-to-value (LTV) ratio of up to 75%. Those will less equity in their [...]
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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