Nationwide has reissued its Legal & General Portfolio Bond, offering savers the opportunity to invest in highly rated funds. Customers opening the bond can put together their own investment portfolio from a range of 21 funds. Savers who rely on their investments for an income can make regular withdrawals from the bond. The minimum investment [...]
Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month. From 6 October, the maximum ISA allowance for over 50s will increase from £7,200 to £10,200. A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance. A [...]
Yet again the financial services sector has been dealt a heavy blow with the news that Lloyds Banking Group is shedding 240 offshore banking jobs. Furthermore, Legal & General (L&G) has confirmed plans to axe 200 positions from its protection and annuities business in Hove, Cardiff and Kingswood in Surrey. Lloyds Banking Group, which is [...]
Insurance firm Legal & General (L&G) has announced it is to axe 560 jobs in its savings business with 300 full-time staff and 260 contractor and temporary worker positions to go. The cull is in addition to the 450 job losses among support staff announced in February. A spokesperson for L&G said: “Potential redundancies are [...]
Legal & General has cut its final dividend for the first time in living memory following a £1.5 billion pre-tax loss, compared to an £848 million profit in 2007. The UK’s fourth largest insurer slashed its dividend in half to 2.05p per share in a bid to preserve capital strength. The cut will save the [...]
Research from Legal & General (L&G) indicates that more homeowners are opting for fixed-rate mortgages. The insurer’s Mortgage Purchase Index for the first quarter of 2009 shows 72% of residential borrowers choosing a fix, compared to 65% in the last three months of 2008. Buy-to-let borrowers followed the trend with 68% of property investors choosing [...]
Legal & General (L&G) has launched a new five-year fixed-rate mortgage in co-operation with Chelsea Building Society. The 4.29% mortgage has a maximum loan to value (LTV) of 65%, and a maximum loan size of £500,000. Arrangement fee is £995, and no legal or valuation fees are included. It is only available through mortgage advisers [...]
Nationwide Building Society has launched a new issue of its Legal & General Guaranteed Multi-Index Equity Bond (GEB). The six year GEB offers 70% return on any growth in the value of three of the world’s top stock market indices – the FTSE 100 Index, S&P 500 Index, and DJ EuroSTOXX 50 Index. Nationwide guarantees [...]
Financial services provider Legal & General Mortgage Club (L&G) has launched an exclusive two-year 3.69% fixed-rate deal for remortgage customers, provided by Alliance & Leicester. Maximum loan to value (LTV) is 60%, and the arrangement fee is £1,499. Martyn Smith, L&G’s head of mortgages, said he expects the offer to be ‘snapped up’ by borrowers [...]
Legal & General Mortgage Club is launching a two-year tracker loan at 5.99% (base rate plus 0.99%) on 9th August. The new deal, which is available at up to 75% loan-to-value for new purchases and remortgages, is being provided by Scottish Widows Bank, in its first offering through the mortgage club. The loan carries a [...]
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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