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 [...]
It may seem a lifetime ago that politicians were advocating the 25-year fixed-rate mortgage but it was only in July of 2007 that Prime Minister Gordon Brown put forward a plan to provide more long-term fixed-rate loans as a means of controlling soaring house prices. Chancellor of the Exchequer Alistair Darling reinforced the value of [...]
Savings account interest rates continue to plummet following the Bank of England’s base rate cut to a new record low of 1%. In the 48 hours before the Bank of England announced its decision, 34 providers had already cut interest on their savings accounts, according to price comparison site uSwitch.com. Fixed rate accounts were the [...]
Moneysupermarket.com is warning homeowners that margins on tracker mortgages are rising. With the Bank of England base rate at an all-time low, tracker deals have become increasingly popular. However, lenders have been busy upping their margins on trackers; according to the price comparison website, margins have more than tripled in the past three months. Research [...]
Specialist motor insurance for women and older drivers is often more expensive than traditional insurance, claims moneysupermarket.com. Research by the price comparison site found that a 30-year-old woman driving a Ford Focus would pay an average of £622 with a women-only brand. This is 60% higher than the average cover price of £388 from traditional [...]
Homeowners should use the Bank of England’s recent rate cuts as an opportunity to overpay on mortgage payments, according to banking group HSBC. Thousands of pounds worth of interest can be saved by tracker customers if they choose to overpay, HSBC said. Tracker mortgages follow the Bank of England base rate. Consumers holding a tracker [...]
The Bank of England’s 0.5% base rate cut has proved unpopular with Brits, according to the results of a new survey. An online poll by moneysupermarket.com found that over two thirds of 16,000 respondents were angry with the Bank of England’s decision, which lowered the base rate to 1.5%, its lowest in over 300 years. [...]
Price comparison site Moneysupermarket.com has said that Brits should pile on the pounds in 2009 by switching their financial services suppliers. Research by the website found that people in the UK could save up to £2,500 in the next year if they search around for the best deals available on financial products. Remortgaging could save [...]
The Financial Services Authority (FSA) has introduced a rule which allows merged building societies to keep their separate compensation limit. In the past, anyone with money in two building societies that merge could find only the first £50,000 of their savings protected. It is hoped that the new level of protection will mean that people [...]
Moneysupermarket.com is cautioning homeowners struggling with their finances against switching from a repayment to an interest only mortgage. The idea will tempt many as on the average £150,000 loan, moving to an interest only deal could reduce monthly payments by up to £236. However, the price comparison website warns that such a move will dramatically [...]
A recent study by price comparison site, confused.com, has established that motorists with penalty points can pay up to 60% more for their car insurance than those with a clean licence, paying on average £370 more. Furthermore, the news is bad for younger motorists, as the research discovered that a 21-year-old female driving a 1.3 [...]
According to research from moneysupermarket.com, women get the best deal on car insurance while young male motorists are paying the most expensive premiums. A study by moneysupermarket.com has established that women pay 9% less for their car insurance than their male equivalents, with the average quote for a woman in her 20s being £320 compared [...]
Halifax is to launch a savings account today which offers a huge 12%. Those wanting to take advantage need to be quick as the Regular Saver account is available for a 6-week period. The account offers a relatively high maximum monthly deposit of £500 and promises better returns than some of the best-rated bond fund [...]
Moneysupermarket.com, the price comparison site, have discovered that Britons will turn down free cash. Yesterday, representatives from the company were placed in two busy streets, one in Tottenham Court Road in London and the other in the Deansgate area of Manchester, they were wearing sandwich boards offering free £5 notes to passers-by. However, despite coming [...]
A new study by price comparison website, moneysupermarket.com, has revealed that Kwik-Fit and Swiftcover are the most competitive car insurance providers. The biggest improver was Endsleigh, who went from 47th to the 6th most competitive provider. Over the last 12 months, moneysupermarket.com analysed 12 million quotes on their car insurance channel and established that Kwik-Fit [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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