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’ [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
The rescue of Bradford & Bingley (B&B) has prompted a mass withdrawal of mortgage products from the already depleted UK market. According to financial website, Moneyfacts, around 500 home loans have been withdrawn since the beginning of this week. The number of mortgages available for residential and buy-to-let borrowers fell 11% in 24 hours to [...]
A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive [...]
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the [...]
Bonfire Night worst day for burglaries warns Aviva
Insurance group Aviva is warning households to be vigilant over security at this time of the year, as burglaries tend to increase signficantly between Halloween and Bonfire Night. On Bonfire Night the number of burglaries increases by around 25 per cent compared with an average day, according to the company’s research. Aviva also reported a [...]
Consumer confidence hits six-month low
Although the UK has officially emerged from recession, consumer confidence fell to -30 in October from -28 in September, according to market researcher company GfK NOP. This is the lowest level of consumer confidence since April when the UK was in an economic slump. Analysts had expected the index to remain stable at -28. Respondents [...]
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small [...]
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This [...]
Mortgage approvals increased in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 [...]
Five million paid less than living wage
Five million people in the UK are paid less than the ‘living wage’ of £7.20, or £8.30 in London, according to a new report by KPMG. In Northern Ireland, 24 per cent of workers receive less than they require in order to pay for essentials and the situation is little better in Wales where 23 [...]
Commission calls for radical change in housing market
A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the [...]
The UK economy emerged from recession yesterday and now leads the way in Europe according to research group Capital Economics. Gross Domestic Product (GDP) grew by one per cent in the third quarter from July to September, the biggest rise for five years, the latest official figures from the Office for National Statistics (ONS) show. [...]
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