Nearly half of car insurance providers do not provide a courtesy car as standard, research by Defaqto found. The study found 49% of car insurance policies would not provide a replacement car following an accident. A further 28% only offer a replacement car if it was selected as an optional extra when the insurance policy [...]
Only a quarter of travel insurance policies offer cover if the policy holder is stranded because their airline has gone bust, according to a new study. The research by Defaqto found 77% of travel insurance policies do not cover airline failure. Even insurers that cover airline failure may only offer a refund for the missed [...]
New research from financial analyst, Defaqto, shows that the number of mortgages on offer in the UK has increased to 2,948, up from 1,686 in July 2009. However, there is a snag because lenders are restricting over 25% of their home loans to existing customers. Some offerings exclude all but existing mortgage borrowers while others [...]
The Co-operative bank saw a 38% growth in bank accounts over the past 12 months. Despite the recession, the ethical bank reported double digit growth in bank account sales for the third year running. Current account balances in 2009 were 21% higher than in 2008, the bank said. The company also reported a “marked increase” [...]
With inflation now above 3.5% it has become close to impossible for savers to get a real return on their savings. Instant access accounts pay an average interest rate of 0.86% gross, equivalent to 0.69% for a basic rate taxpayer and 0.52% for a higher rate taxpayer. This is compared to inflation of 3.7% according [...]
Consumers should forget about being loyal to their credit card provider because those who shop around will save money, a financial expert has claimed. “If you have a good credit rating you’re much better off not being loyal to anyone, because of all the introductory offers around,” said David Black of Defaqto. Customers who frequently [...]
Banks are increasingly tempting their current account holders with mortgage offers, as they seek to become “one-stop shops” in financial services. Research from financial products analyst, Defaqto, suggests the number of mortgage offers available exclusively to current account customers is on the rise. According to the firm, Abbey offers free valuations and cash back on [...]
Britain will drag itself out of recession and into economic recovery within months, a financial expert claimed this week. Michael Baxter, economist at financial data research firm Defaqto, said recent research by the Chartered Institute of Purchasing and Supply (CIPS) shows the green shoots of economic growth will begin to emerge in the near future. [...]
Britain’s recession may already have ended, according to a new report. Economic output in the UK re-entered growth during April and May, a government funded thinktank has revealed. Gross Domestic Product (GDP) grew 0.2% in April and 0.1% in May, the National Institute for Economic and Social Research (NIESR) claimed. If this growth continues through [...]
Good deals on personal credit continue despite the credit crunch, research by Defaqto has discovered. Although personal loan rates remain high, with the best interest rates available at around 8%, credit with 0% interest is available on overdrafts and credit cards. Seven in ten (69%) credit cards offer a 0% introductory interest rate on balance [...]
According to Defaqto’s latest assessment of the banking market, supermarkets are well placed to take on High Street banks by offering a range of banking services. Defaqto’s report, titled “Retail Banking: Challenging Times”, has established that the reputation of supermarkets means they are in a strong position to compete with High Street banks. The report’s [...]
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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