Mortgage rates are at their lowest for seven years, according to new research. The study by Moneyfacts.co.uk found the average interest-rate on a two-year fixed rate mortgage is 4.52%, the lowest since September 2003. Interest rates on fixed rate mortgages have been dropping since September last year as lenders attempt to entice borrowers away from [...]
High inflation continues to diminish the value of money put aside into savings accounts, a financial expert has claimed. Michelle Slade of Moneyfacts.co.uk said that with the Consumer Price Index at 3%, basic rate taxpayers need to find a savings account paying 3.75% interest to ensure their savings pot retains its full value. However, only [...]
New research from Moneyfacts.co.uk claims there has been a 70% rise in the number of mortgage products available in just under a year. According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out. Furthermore, a significant boost has occurred since the [...]
The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs). According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky. The [...]
Low interest rates throughout 2009 have helped some people put more money aside into savings, a financial expert has claimed. Darren Cook, spokesperson for Moneyfacts.co.uk, said low interest rates have decreased mortgage payments for homeowners, increasing their disposable income, which can be used for savings. “If you look at people that had existing mortgages before [...]
Moneyfacts.co.uk has revealed that the average interest rate on a two-year fix has fallen below 5% for the first time since June. Rates peaked at 5.21% in July but despite declining swap rates have only now come down to a typical 4.99% because banks and building societies, fearful of risk, have been upping their margins. [...]
Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks. According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and [...]
Potential first-time buyers continue to be excluded from the best mortgage deals, with risk the overriding factor in setting rates. According to Moneyfacts.co.uk, competition among lenders is still taking a back seat with rates on home loans dipping a mere 0.12% on average for those with a 10% deposit, despite the cost of funding to [...]
The UK mortgage market is showing signs of recovery with the number of products increasing slowly. However, only borrowers with a minimum deposit of 25% are likely to feel any real benefit, according to Moneyfacts.co.uk. Research from the financial website shows that since the beginning of April, the number of deals on the market has [...]
Homeowners are gradually being offered a larger choice of mortgage products, although lenders remain cagey about attracting too much business, MoneyFacts.co.uk claimed this week The number of mortgage products available dropped to a record low of 1,209 at the beginning of April, down from a peak of 11,951 products that were available in July 2007. [...]
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 [...]
Nearly half the current accounts at UK banks are paying customers an interest rate of 0%. Research by moneyfacts.co.uk found 49% of current accounts offer consumers no return on their money. This is compared to fewer in one in five (19%) of current accounts that paid no interest 12 months ago. More than four in [...]
Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week. According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%. Meanwhile, five-year fixes increased by an average 0.21% over the same period, to [...]
Loan interest rates have seen a ‘staggering jump’ over the past 24 months, according to Moneyfacts.co.uk. The average interest rate charged on unsecured personal loans has increased by up to 44% in two years, Moneyfacts said. According to the price comparison site, the average APR on a £5,000 has jumped from 8.6% in May 2007 [...]
Moneyfacts.co.uk has revealed the top performing cash ISAs during 2008-09. “Unsurprisingly it was fixed rate cash ISAs that yielded some of the top returns,” said Michelle Slade, Moneyfacts.co.uk analyst. Alliance and Leicester’s (A&L) Premier ISA took first place, adding £327.37 to a £3,600 investment made on 6 April 2008. However, to qualify for the Premier [...]
Interest rates paid to savers are on the road to recovery following months of gloom, Moneyfacts.co.uk said this week. A number of providers have increased rates or launched new competitive accounts, the price comparison website said. “Savers have received nothing but bad news of late and it looks like things have finally turned a corner,” [...]
Pensioners have been the hardest hit by the interest rate on savings accounts entering ‘freefall’, Moneyfacts.co.uk said this week. The price comparison site said an average interest rate of just 0.64% on no notice savings accounts has left pensioners – many of whom rely on savings for a regular income – out of pocket. Darren [...]
The resistance of mortgage lenders to pass on cuts in the base rate is illustrated by new research from Moneyfacts.co.uk. The financial website found that Standard Variable Rates (SVRs) are down by an average one-third of the total amount shaved off the base rate in recent months. The firm’s analyst, Michelle Slade, points out that [...]
NatWest has launched two new ISAs paying interest at up to 3.51%. Its online e-ISA, which accepts balance transfers from ISA savings in previous tax years, pays an AER of 3.25% on balances up to £9,999, and 3.51% on balances over £10,000. The bank asserts that this top rate makes it the most competitive online-only [...]
Buildings societies offer the most consistent interest rate on savings accounts, new research has revealed. A study by Moneyfacts.co.uk found that 79% of the most consistent savings account interest rates are at building societies, rather than banks. Since the Bank of England started cutting interest rates in December 2007 – and especially since the recent [...]
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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