The recovery of the UK housing market could be under threat with reports that the Bank of England may restrict mortgage lending. The Bank’s deputy governor, Charlie Bean, has apparently indicated that new measures aimed at stabilising the economy could set deposit levels for UK mortgage borrowers at between 10% and 25%. The deputy governor [...]
First-time buyers accounted for only 35% of all house purchase loans in April 2010, the lowest proportion since September 2007. According to the Council of Mortgage Lenders (CML), the low market share is linked to the need for substantial deposits. The lenders’ body comments: “Although there has been some increase this year in the number [...]
Home buyers with a zero to 40% deposit currently have 1,798 mortgage deals to choose from, according to Moneyfacts.co.uk. Researchers at the financial website have registered a 6% rise in the number of home loans on offer in the past month, taking the total up 68% year-on-year. While those with 5% or less to put [...]
US President Barack Obama is proposing a severe crackdown on financial institutions in the US which has sent stock markets around the globe into decline. Yesterday, the Dow Jones closed down 2% – its worst decline since October, while Japan’s Nikkei lost 3.6% – the biggest weekly loss in three months and closing a three-week [...]
Mortgageforce reckons that the deposits demanded of first-time buyers have been falling at an average rate of 3% per month. According to the broker franchise, the typical deposit for a purchaser entering the housing market stood at 28.6% in June but came down to around 25% in July and just over 21% in August. The [...]
The anxiously awaited recovery of the UK housing market is still blighted by mortgage lenders’ demands for high deposits. Latest figures from financial website, Moneyfacts, show the number of home loans on offer increasing to 1,485, up from 1,398 in March. However, over two-thirds of the deals on the market require a deposit of at [...]
It has been confirmed this morning that the Nationwide is to buy the Dunfermline Building Society’s branches, good loans and deposits. It was reported over the weekend that Scotland’s largest Building Society had collapsed after last-minute rescue attempts failed. The institution, which was established in 1869, will see Nationwide take on its 500+ staff and [...]
First time buyers are paying record deposits as lenders make it even more difficult to take out a mortgage. Figures from the Council of Mortgage Lenders (CML) show that a typical first time buyer now has to put down a deposit of 24% – the highest percentage since records began in 1974. With the average [...]
The director general of the Council of Mortgage Lenders has described today’s cut in the Bank of England’s base rate to 1.5% as a double-edged sword for lenders who rely on savings deposits to fund their mortgage businesses. Michael Coogan comments that while lower mortgage rates can provide borrowers with the opportunity to repay their [...]
The Government has announced its intention to guarantee bank deposits up to £50,000. With the global credit crisis showing no signs of abating and banks collapsing or being nationalised, Prime Minister Gordon Brown told the BBC he will do whatever it takes to protect people’s savings. The announcement comes after the Government of Ireland said [...]
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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