Household borrowing soared in the decade leading up to the start of the financial crisis in 2008 according to a report by the National Institute for Economic and Social Research (NIESR) and the Resolution Foundation. Household spending, GDP and property prices all increased steadily between 1997 and 2007 but the report suggests that this growth […]
The number of properties bought with buy-to-let mortgages increased by 84,000 in 2011 according to the Council of Mortgage Lendersa�� latest figures. In the final quarter, 34,800 buy-to-let mortgages totalling A?4 billion were approved, compared with 26,300 worth a total of A?2.9 billion, in the 2010 final quarter. Demand for rented accommodation has increased significantly […]
The government has announced the sale of Northern Rock to Virgin Money for A?747m, representing a loss of A?650m on the A?1.4bn of public money it injected into the Newcastle-based bank. The chancellor, George Osborne said that the deal was a�?an important first step in getting the taxpayer out of the business of owning banks”. […]
Figures from Moneyfacts have revealed in the number of mortgage products. The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit. However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition. […]
Swiss banking giant UBS has today reported a net profit of SwFr1.8 billion (A?1.2 billion) in the first quarter of the year. However, this represented an 18% fall on the same period a year ago but 7% higher than the final quarter of 2010. The bank, which is Switzerlanda��s largest, was among one of the […]
There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months. The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit […]
Crisis-torn Northern Rock has today unveiled an underlying loss of A?232.4 million for the 2010 year for its so-called a�?gooda�? bank. Despite the loss, the Newcastle-based bank will pay more than A?13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as “disappointing”. He comments: “2010 […]
Research from the Halifax has revealed first-time buyers are still struggling to get onto the property ladder unless they have a hefty deposit. The mortgage lender said a first-time buyer has to find at least A?29,000 in order to secure a mortgage, while those in London require almost double that (A?50,000). Since the credit crunch […]
Swiss banking giant UBS has today reported a net profit of SwFr1.66 billion (A?1.1 billion) for the July to September period a�� exceeding analystsa�� expectations. The figures compare with a loss of SwFr564 million for the third quarter a year ago. For the first time since the financial crisis, the bank said it restored client […]
Northern Rock Asset Management (NRAM), the so-called bad bank, has today reported it has returned to profit. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profit for the first six months to the end of June were A?349.7 million, compared with a loss of A?724.2 million a year earlier. […]
Swiss banking giant UBS has today reported a net profit of SwFr2.0 billion (A?1.2 billion, $1.9 billion) for the April to June period – exceeding analysts’ expectations. The news will be welcomed by many investors after the bank was among one of the worst hit victims of the credit crunch due to its exposure to […]
The era of debt-fuelled consumer spending is over, a financial expert has claimed, pointing out Britain’s consumer debts of nearly A?1.5 trillion. Tim Moss, head of loans at moneysupermarket.com, seemed to be talking himself out of a job by claiming consumers can no longer afford to fund purchases on borrowed money. Consumers must face up […]
Saving rather than borrowing has been the “major victim” of the credit crunch, according to new research published this week. The study by unbiased.co.uk found that savings levels dropped from A?38.7 billion between April and June 2008 to A?19.9 billion between July and September 2008 and haven’t recovered since. In the first three months of […]
Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the A?50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was […]
Consumers are being more careful about how much they borrow, a debt advice charity has claimed. The Money Advice Trust said many consumers are wary of credit because of the financial problems that can be caused by being in debt. “We think the general attitude to debt has changed,” said Joanna Elson, MAT chief executive. […]
Swiss banking giant UBS has today reported first-quarter net profit of SwFr2.2 billion boosted by a strong performance in its investment banking division. The earnings beat analysts forecasts of SwFr2.0 billion, according to a poll by economics newswire AWP. UBS is among one of the worst hit victims of the credit crunch due to its […]
The German Government has named Joachim Metternich as the countrya��s new credit mediator in a bid to boost business lending. Mr Metternich, who currently heads up the public investment bank for the western German state of Rhineland-Palatinate, will take up his role in March 2010. The appointment comes after Germany’s Economy Minister, Rainer Bruederle, and […]
Investment in ethical funds has recovered to pre-credit crunch levels, new research has discovered. During the third quarter, investments in ethical funds reached more than double the total of ethical investments in the same period last year. Net sales of ethical funds between July and September were A?59 million, compared to A?21 million in the […]
The financial crisis has not changed the attitude of investors towards green and ethical investments, new research has discovered. In a poll of financial advisers just 18% said the economic downturns has impacted on the attitude of clients towards green and ethical investment. This is compared to 85% of advisers who said the crisis has […]
One in three Brits are saving money by going out less often and socialising at home. In a poll by Friends Provident, 35% of respondents said they have been going out less frequently since the recession began. One in five (22%) have become ‘social-nesters’, bringing their nights out into their own living room. A third […]
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 A?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 A?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 a�?Mind the Credit Gapa�? report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than A?50,000 could have a credit […]
Monthly incomes A?22 lower in 2012
The average monthly income of UK households fell by A?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 A?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 Companya��s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailersa�� sites in the near future. Although the Paylater branding is similar to Wongaa��s, the Wonga name only appears in the small print. A […]
First-time buyers take a decade to save for a deposit
Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]
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