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News Tag: Moneyfacts

December 12, 2012

Moneyfacts reports fall in number of savings accounts

by Jan Harris
Moneyfacts reports fall in number of savings accounts
The Funding for Lending Scheme (FLS), launched by the Bank of England and the Treasury this summer, has caused a sharp fall in the number of accounts available for savers, according to Moneyfacts, a leading provider of personal finance data. FLS is designed to increase the availability of mortgages and business loans by providing banks and building societies with ...




December 16, 2011

Accounts failing to inflation-proof savings

by Jan Harris
Accounts failing to inflation-proof savings
Research by comparison site Moneyfacts has found that there is not one single savings account currently available that will completely protect taxpayers’ savings from the effects of tax and inflation. The latest figures show that inflation fell slightly in November, from 5.0 per cent to 4.8 per cent, on the Consumer Prices Index. This means that basic rate taxpayers would need to ...




November 11, 2011

CBI says pensions should fund house buying

by Jan Harris
CBI says pensions should fund house buying
The CBI is calling for a radical rethink in the way house purchases are funded including allowing buyers to dip into their pension pot for the deposit on their first home. The number of first-time buyers fell from a high of 167,400 in 2001 to 36,200 in 2011 with unaffordable deposits and financial insecurity making it impossible for many people ...




July 5, 2011

Report reveals rise in mortgage availability

by Kay Mitchell
”Report
Figures from Moneyfacts have revealed in the number of mortgage products. The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit. However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition. In particular, mortgages offering just a 10% deposit are ...




December 2, 2010

Mortgage products increase but FTBs still struggling

by Kay Mitchell
Mortgage products increase but FTBs still struggling
First-time buyers (FTBs) are still struggling to get a foot on the ladder, despite a steep rise in the number of mortgage products available. Mortgage deals for those with a small deposit has doubled, according to Moneyfacts.co.uk, with more than 1,000 mortgages on the market for those with a 20% deposit or less. However, while those with lower deposits have seen an ...




August 3, 2010

Mortgage lenders hold out on large deposits

by Gill Montia
”Mortgage
Despite a rise in the number of mortgage deals on offer, a large deposit remains essential in securing a competitive loan, both for house purchasers and remortgagers. According to research by Moneyfacts Group for the BBC, the number of mortgage products available has risen 66% so far this year, to 2,351. However, the financial researcher found that 58% of deals demand ...




July 29, 2010

New High Street bank opens in London today

by Kay Mitchell
”New
Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, while keeping its call centre in ...




May 18, 2010

Nationwide’s football bond is “gimmicky”

by David Masters
Savings experts have warned that a new Football Bond from Nationwide is a World Cup "gimmick". Customers who take out the bond will he paid a bonus if England wins the World Cup trophy this summer. The four-year fixed rate bond pays 4.15% (AER) gross per year. If England win the World Cup, the interest rate will increase to 4.65% in May 2011. Robin Bailey, Nationwide's divisional director of savings and ...




March 8, 2010

Rise in house purchase mortgage deals

by Gill Montia
”Rise
Home buyers with a zero to 40% deposit currently have 1,798 mortgage deals to choose from, according to Moneyfacts.co.uk. Researchers at the financial website have registered a 6% rise in the number of home loans on offer in the past month, taking the total up 68% year-on-year. While those with 5% or less to put down continue to struggle, the number of mortgages ...




March 4, 2010

Savvy consumers look for best credit deals

by David Masters
Savvy consumers look for best credit deals
Consumers are increasingly taking the time to search out the best deals on personal loans and credit cards. Financial advice site Moneyfacts said since the onset of the credit crunch, Brits who need to borrow money are shopping around for the lowest interest rates. Darren Cook, Moneyfacts spokesperson, said: "The Bank base rate being maintained at a historical low for 12 months ...




February 21, 2010

Former Government adviser calls for credit card investigation

by Kay Mitchell
”Former
Dr Ros Altmann, a former Downing Street pensions adviser, believes there should be an inquiry into the profit margins of credit card companies. Dr Altmann, who is a former academic and independent expert on pensions policy and retirement, believes there might be a case for a regulator to oversee the rates they charge. Last week, research by financial advice ...




February 16, 2010

Credit card interest rates soar to 12-year high

by Kay Mitchell
”Credit
New research has revealed that millions of credit card holders could face severe debts after card providers have put interest rates up to a 12-year high. The Bank of England’s base rate has been at the historically low rate of 0.5% for almost a year but despite this, average credit card interest rates have risen to over 18% - the ...




February 11, 2010

Pensions income drops 70% in a decade

by David Masters
Pensions income drops 70% in a decade
The value of the average pensions pot has plummeted 60% over the past decade, according to research by Moneyfacts.co.uk. The financial advice site blamed a combination of poor stock market returns and plunging annuity rates. During the same period, the average pensions income has fallen by almost three quarters. The pensions income of a male who has contributed £100 per month for 20 ...




February 4, 2010

Twenty per cent rise in home loans on offer

by Gill Montia
”Twenty
The UK's mortgage market looks set to continue its recovery into 2010, with a 20% rise in the number of home loans available since the beginning of the year. According to Moneyfacts.co.uk, the surge has led to a 26% increase in deals offering up to 90% loan-to-value and therefore requiring the size of deposit accessible by first-time buyers. The financial ...




December 9, 2009

Pension annuity rates plummet 45%

by David Masters
Pension annuity rates plummet 45%
Newly retired pensioners on an annuity pension are receiving nearly half the income of those who retired 15 years ago, research has found. Annuity rates have hit record lows, plummeting by 45% since 1994. Annuities are used by people with defined contribution pensions, or personal pensions, to convert their savings into a retirement income. A 65-year-old man will now receive only £625 per year for ...




December 1, 2009

Lenders return to 90% LTV market

by Gill Montia
”Lenders
New research from Moneyfacts shows that the UK's mortgage lenders are becoming less scared of offering high loan-to-value (LTV) ratios. According to the price comparison website, the number of mortgages available to borrowers with a 10% deposit rose from 56 in August, to 114 in November. However, availability remains severely contracted when compared to the 509 home loans at 90% LTV being ...




November 7, 2009

Rates continue to plummet on savings accounts

by David Masters
Rates continue to plummet on savings accounts
One in ten savers have had interest rates cut on their accounts in the past six months despite the Bank of England's base rate being held, according to new research. A study by Moneyfacts found 10% of variable savings accounts are paying lower rates than they were in May. Only 3.5% of variable rate accounts have seen interest rates increase over the ...




October 2, 2009

Ecclesiastical wins ethical investment award

by David Masters
Ecclesiastical wins ethical investment award
Ecclesiastical Investment Management was named the Best Ethical Investment Provider at the 2009 Investment, Life & Pensions Moneyfacts Awards. Sue Round, EIM's head of investments, said the company was "thrilled" to be awarded the accolade. "Not only does it reflect the excellent fund performance and high levels of client service we have achieved over the year, but is also real validation of our decision ...




September 22, 2009

Consumers use spare cash to pay off debt

by David Masters
”Consumers
Consumers are using their spare cash to pay off debts rather than stashing it away in a savings account, Moneyfacts has observed. Michelle Slade, spokesperson for the consumer advice site, said many people are using money they're saving due to low interest rates on mortgages to pay off personal loans and credit cards. Slade believes low-interest rates on savings accounts are ...




September 18, 2009

Yorkshire Building Society launches 5.3% bond

by David Masters
”Yorkshire
Yorkshire Building Society has launched a new five-year fixed-rate savings bond paying interest at 5.3% gross/AER. The building society also launched a three-year bond paying a fixed-rate of 4.65% gross/AER. Both bonds require a minimum investment of £100 and can be opened in branch, over the telephone, or online. Financial advice site Moneyfacts.co.uk said the bonds are both "amongst the market leaders in their ...