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News Tag: Loan News

December 17, 2012

Wonga launches Paylater loans on retailer website

by Jan Harris
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 spokesman for Wonga said: ...




September 26, 2012

M&S Bank launches current accounts

by Jan Harris
M&S Bank launches current accounts
M&S Bank which opened its first branch in July, launched its first current accounts today. The accounts are available from the bank’s 13 in-store branches. The retailer hopes to attract customers by capitalising on its reputation as a trusted brand. A marketing campaign, launched to promote the new accounts, uses the strapline 'new fashioned banking' and states that the current accounts offer the ‘same ...




June 24, 2010

Mortgage lending continues to make headway

by Gill Montia
”Mortgage
In May, net mortgage lending by Britain's High Street banks grew to £2.6 billion, compared with £1.9 billion in April. Annual growth in net lending (gross lending with repayments and redemptions stripped out) stood at 4.3%, unchanged from April, according to the British Bankers' Association, while May's gross mortgage lending of £9 billion was in line with the previous six month average. Repayments ...




May 5, 2010

Mortgage lenders pursue estate agents and surveyors over losses

by Gill Montia
”Mortgage
The credit crunch has resulted in a "dramatic jump" in the number of professional negligence claims brought against surveyors and estate agents, according to a City law firm. Research from Reynolds Porter Chamberlain (RPC) reveals that there were 25 commercial and residential High Court cases against estate agents or surveyors in 2009, compared with one case over the previous ...




April 23, 2010

Microfinance loan rates to be published online

by David Masters
Microfinance loan rates to be published online
The interest rates charged on microfinance loans given to the rural and urban poor in India will soon be available online. The decision by the newly-formed Microfinance Institutions Network (MFIN), a self-regulatory body, comes after criticism of the excessive rates charged by some microfinance providers. Microfinance institutions (MFIs) in India charge interest rates upward of 24%, significantly more than the rates on ...




April 7, 2010

Mortgage brokers see 51% rise in loan availability

by Gill Montia
”Mortgage
The number of home loans accessible by mortgages brokers has increased 51%, to 4,665, since this time last year. However, April saw a 4% drop in products available, compared with March, according to sourcing software specialist, Mortgage Brain. The choice of tracker deals took an 11% dive to 1,441, and the availability of fixed-rate loans declined slightly to 2,840, whereas intermediaries ...




February 13, 2010

First-time buyer loans hit two-year high

by Gill Montia
”First-time
First-time buyer mortgage approvals hit a two-year high in December as those buying properties costing up to £175,000 rushed their purchases through before the end of the stamp duty holiday. According to the Council of Mortgage Lenders (CML), 24,900 first-time buyer loans were sanctioned worth £2.9 billion, leaving both figures up 26% on November. In December, house purchase approvals in general totalled ...




December 7, 2009

Iceland’s economy shrinks at record pace

by Kay Mitchell
Iceland's economy shrinks at record pace
Iceland's economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter. However, on an annual basis the economy contracted by 7.2% - the biggest fall on record. The news comes as many economies throughout the world are now recovering as they emerge from recession. However, Iceland was severely hit by the financial crisis last ...




October 2, 2009

Triodos to raise €90m for ethical lending

by David Masters
Triodos to raise €90m for ethical lending
Triodos Bank has announced plans to issue €90 million of new shares. Money raised from the shares will be used to provide loans to sustainable projects. Set up in 1980, Netherlands-based Triodos provides loans to environmentally-friendly projects such as wind farms and organic agriculture. Since the credit crunch, the company has seen an upsurge in interest in its sustainable approach to banking. Customer numbers ...




September 19, 2009

Dragons’ Den entrepreneur to kick-start UK property market

by Gill Montia
Dragons' Den entrepreneur to kick-start UK property market
Entrepreneur, James Caan, has launched an attempt to kick-start the UK property market in conjunction with property portal, Look4AProperty.com. Look4AProperty Money is offering interest-free loans to cover costs such as stamp duty and legal fees, with access to the scheme through a UK-wide network of selected estate agents. According to Mr Caan, who is best known for his appearance on Dragons' ...




September 10, 2009

Consumers see few benefits from low base rate

by David Masters
”Consumers
Consumers have seen very little benefit from the Bank of England holding its base rate at a record low of 0.5% for six months, a consumer advice site pointed out this week. Interest rates on savings accounts have dropped, while rates on mortgages, credit cards, and personal loans have continued to rise, said Moneyfacts.co.uk. Research by the site found interest rates ...




June 9, 2009

Reckless card applicants risk “fouled” credit record

by David Masters
Reckless card applicants risk “fouled” credit record
Consumers should carefully check credit providers' criteria before applying for a credit card or risk finding their “ credit records fouled with a litany of failed attempts to secure credit,” a price comparison site warned this week. With a number of providers, including MBNA, Barclaycard, and RBS, now openly publishing their eligibility criteria, potential applicants have little excuse for not making ...




April 14, 2009

New mortgage lending up 4%

by Gill Montia
New mortgage lending up 4%
The Council of Mortgage Lenders (CML) has reported a 4% rise in mortgage approvals for house purchases in February. During the month 24,300 loans were sanctioned worth a combined £3.1 billion. The figure compares with 23,400 loans in January worth £3.1 billion but is around one-third of the average February total of 76,000 between 2002 and 2007. Remortgaging approvals fell by 20% to 35,000 ...




April 8, 2009

HSBC launches new home loans for first-time buyers

by Gill Montia
HSBC launches new home loans for first-time buyers
HSBC is launching a range of home loans with first-time buyers in mind. The new mortgage offering includes a two-year fixed-rate with a maximum 90% loan-to-value ratio, at 4.99% and with a fee of £1,499. Also likely to be of interest to house purchasers with a 10% deposit is the lender's two-year fixed-rate loan at 5.49%, with a smaller fee of ...




March 24, 2009

Banks approve more house purchases mortgages

by Gill Montia
Banks approve more house purchases mortgages
Figures from the British Bankers' Association (BBA) show a rise in the number of mortgages approved for house purchase in February, signalling the third consecutive monthly increase. Last month 28,179 loans for house purchases were sanctioned, up from 24,278 in January and significantly ahead of November's record low rate of 17,878. However, February's figure is still 31% down year-on-year and ...




February 12, 2009

Homeowners keen to make improvements

by Gill Montia
Homeowners keen to make improvements
The enthusiasm held by millions of Britons for investing in property has been finding an outlet even as the market collapses. Those who cannot move are busy undertaking home improvements, according to Sainsbury's Finance. The personal loan provider estimates that last year, around 425,000 loans worth over £4 billion were taken out solely to pay for such work, representing a 24% increase in volume ...




January 27, 2009

Payday loans deemed most expensive forms of loan

by Kay Mitchell
”Payday
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%. According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 if they defer repayments for ...




December 30, 2008

Sainsbury’s Bank cuts loan interest rate

by David Masters
...




November 6, 2008

Tracker loans whisked away as base rate cut to 3%

by Gill Montia
Tracker loans whisked away as base rate cut to 3%
Leading lenders withdrew tracker mortgages just hours before the Bank of England's Monetary Policy Committee agreed an historic 1.5% cut in the base rate, to 3%. Lloyds TSB and its Cheltenham & Gloucester (C&G) unit, Northern Rock and Woolwich have all withdrawn tracker products today. Yesterday, the Council of Mortgage Lenders (CML) warned that lenders would not necessarily ...




October 14, 2008

Mortgage volumes and lending at all time lows

by Gill Montia
Mortgage volumes and lending at all time lows
The Council of Mortgage Lenders (CML) has reported a further fall in mortgage lending, in August. During the month, 42,200 loans were agreed for house purchases, with first-time buyers making up 15,600 of that number. Total lending for house purchases declined to £6 billion, 63% down on the same period in 2007. During the month, both the volume and value of house ...