The British Retail Consortium (BRC) has today reported a fall in credit card usage as consumers look to cash and debit cards for their purchases. According to a survey by the BRC, which represents 90% of the UK’s stores, shoppers are opting to use their debit cards and cash to avoid borrowing. However, the number [...]
From 2 December, Lloyds TSB will reduce the overdraft fees on its current accounts. The move comes just a month after the new coalition Government said it would introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The banking industry was successful in a [...]
According to The Times, the Land Registry is to axe a further 800 jobs, on top of the 1,500 job losses it announced last October. The Registry, which has 20 offices across the country and covers England and Wales and records and guarantees the ownership of domestic and commercial property, said staff would fall further [...]
Mortgage borrowers with Santander will soon be able to take advantage of a bank current account that attaches no fees to overdrafts, whether authorised or unauthorised. The Spanish banking giant is launching a “Zero” current account on 11th January 2010 to coincide with its rebranding of Abbey, Bradford & Bingley and Alliance & Leicester to [...]
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank [...]
In order to avoid participating in the Government’s Asset Protection Scheme (APS), Lloyds Banking Group is looking at ways to raise cash with one option being tapping investors for £15 billion – which would be the biggest ever rights issue in UK corporate history. The banking giant, which is 43% owned by the taxpayer, is [...]
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges – ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and [...]
New research from MoneyExpert.com indicates that mortgage lenders are keener than ever to apply fees based on a percentage of the loan they are providing. Application fees have become something of a scandal in the credit crisis, with banks and building societies applying levels that make headline rates nonsensical. The charges have offered a convenient [...]
Borrowers seeking fixed and tracker rate mortgages are in for a pleasant surprise because arrangement fees have fallen by around 25% in the past 12 months. Research by moneysupermarket.com has revealed that the average two year fixed-rate deal now comes with a typical fee of £957, down 30% the £1,243 average charge this time last [...]
The cost of putting their children through university is forcing some parents to remortgage their home, The Children’s Mutual revealed this week. Students starting university this year will spend an average of £42,000 during their three-year course, and many parents will be expected to fund the majority of this bill. “University can be as much [...]
Which? has been investigating equity release advisers only to find that two-thirds failed to pass benchmarks for good advice. Researchers working for the consumer group visited 40 advisers, 12 of whom specialised in equity release. A disappointing five from this group passed the Which? test, compared with eight of the 28 independent financial advisers surveyed. [...]
In his latest quarterly review, Property Ombudsman Christopher Hamer has reported a fall of 30% in enquiries regarding house sales while lettings enquiries rose an annual 44%, reflecting the switch in emphasis in the property market slowdown. At the end of June, around 10,400 estate agents offices were registered under the Ombudsman’s code of practice [...]
The Land Registry, which records and guarantees the title of property in England and Wales, has increased certain of its fees from today, 6th July. The Government body needs the additional revenue to help reduce operating losses caused by the collapse of the UK housing market. The increases mean that the fee for registering a [...]
Brits taking their summer holiday abroad this year will spend £73 million on debit and credit card fees, it emerged this week. Research by Abbey Credit Cards found that British holidaymakers pay an average of 3% in conversion fees every time they use an overseas ATM or spend money on their card in a foreign [...]
A victim of the housing market downturn, the Land Registry is increasing its registration fees for properties in England and Wales. From 6th July the cost of registering an average first-time buyer property worth £100,000 will rise from £100 to £130. The fee for a home worth £150,000 is increasing from £150 to £200, while [...]
International travellers are best to opt for the Post Office Platinum credit card, according to research by moneysupermarket.com. Debit card holders, meanwhile, are advised to choose the Nationwide FlexAccount. The price comparison website said the Post Office’s card offers free purchase protection, no overseas charges, and zero percent on purchases for three months. “This is [...]
Research from price comparison website, mform.co.uk, shows that the arrangement fees applied to the most competitive mortgages on the market have increased by an average of 20% during the past 12 months. The average fee paid buy borrowers for a best-buy product has risen from £738.33 in August 2007 to £889.69. For three-year fixed-rate deals [...]
Chancellor of the Exchequer, Alistair Darling, has warned the UK’s mortgage providers that they must put their house in order over arrangement fees. The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on [...]
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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