The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in January. Mortgage lending fell by 13% in January compared with December to £9.2 billion – the lowest level for a year, according to the CML. However, it was a 5% rise on January 2010 levels – the first year-on-year increase since [...]
A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. Mortgage lending fell by 6% in December compared with November, said the Council. According to the CML, mortgage lending totalled £11 billion – this was 18% lower compared with December 2009 – when buyers were rushing to beat the end [...]
Barclays chief executive, Bob Diamond, faced a grilling from MPs today over his reported £8 million bonus. The Treasury Select Committee, who questioned Mr Diamond, asked whether he would waive his bonus for a third year. Mr Diamond responded: “I haven’t been offered a bonus, that’s a decision that will be taken by the remuneration [...]
The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in November. Mortgage lending last month fell by 5% when compared with October, said the Council. According to the CML, mortgage lending totalled £11.1 billion – lower than October’s £11.6 billion and the weakest monthly amount since April. CML chief economist Bob [...]
Business Secretary Vince Cable and Chancellor George Osborne are meeting with the bosses of the top banks today to discuss the controversial issue of bonuses. Mr Cable is keen to set a limit on bonuses and a commitment to increase lending to SMEs. Yesterday, Mr Cable warned banks that the Government will remain determined and [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in October. According to the BBA, the number of new mortgages approved in the month fell to 30,766, down from 31,058 in September – representing the lowest level since March 2009 – when [...]
Britain’s largest building society, Nationwide, has today posted a surge in first half profits. Nationwide said pre-tax profits for the six months to September 30 were £147 million, up from £117 million in the same period a year ago. The company, which is the country’s second-biggest mortgage lender, added that bad debts dropped by 44% [...]
Mitsubishi UFJ Financial Group (MUFG), which is Japan’s largest bank by assets, is to buy project-finance assets from Royal Bank of Scotland (RBS) in a deal valued at £3.8 billion. The deal comes as RBS, which is 84% owned by the taxpayer, continues to dispose of legacy assets. Meanwhile, the deal will see MUFG strengthen [...]
Figures published by the Insolvency Service have revealed bankruptcies and personal insolvencies fell in the third quarter but nevertheless remained above pre-credit crunch levels. According to the Insolvency Service, there were 33,935 personal insolvencies in the July to September period – a fall of 3.7% compared with the same period a year earlier. Meanwhile, there [...]
A “mortgage famine” could be on the way, according to lenders and housebuilders, that’s if new proposals to prevent reckless borrowing are implemented. The Financial Services Authority (FSA) has outlined plans to encourage responsible lending, which could mean even more buyers are locked out of the market. The FSA has already proposed affordability tests for [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, has today provided an upbeat statement as it continues its recovery from the global financial crisis. The bank, which had to be bailed out in autumn 2008, said it remains on track to deliver a “good financial performance” for 2010 as it continues with its [...]
The Bank of England has revealed mortgage approvals fell for the fifth consecutive month in September. According to the Bank, there were 47,474 loans granted in the month – the lowest level since February. The figure continues to be well below the 60,000 reached in November 2009 as buyers took advantage of the stamp duty [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in September. Mortgage lending slumped to its lowest level in a decade in September, while mortgage approvals dived to an 18-month low, said the BBA. Net mortgage lending by the major banks totalled [...]
David Cameron is to deliver a speech today at the CBI’s annual conference and is expected to defend the recent spending cuts, while pledging to create a “new economic dynamism” in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: “This is an incredible opportunity for Britain – [...]
The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]
The Council of Mortgage Lenders (CML) has today warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, could mean even more buyers are locked out of the market. City Watchdog, the FSA, has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already [...]
Figures from the Bank of England today revealed that British households opted to repay loans and overdrafts last month. The figures are evidence that consumers are concerned about the uncertainty surrounding the economy and massive spending cuts, opting not to go further into debt. According to the Bank of England, consumers repaid a net £120 [...]
The Council of Mortgage Lenders (CML) has warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, will cause house price falls. The City Watchdog has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already proposed affordability tests for all mortgages to ensure [...]
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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