Nationwide Building Society lent £2.5 billion to 20,000 first time buyers in the first six months of 2012-13. This is double the amount it lent in the first half of the 2011-12 financial year and nearly as much as it lent to 24,000 first time buyers in the whole of the year. In proportion to […]
There is growing speculation that Nationwide building society may be considering a bid for the 316 branches being sold by RBS group under EU rules. RBS was ordered to sell the branches under the terms of the £45 billion bailout it received from the UK government during the financial crisis. It had planned to sell […]
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 […]
House prices increased by 0.2 per cent across the UK in March, according to property analytics business Hometrack, representing the first price rise in 20 months. The increase was helped by increased demand from first time buyers, a scarcity of homes on the market and strong interest in properties in London from overseas buyers. First […]
The Nationwide Building Society has become the latest lender to tighten lending criteria on interest-only mortgages, which are estimated to account for around 40 per cent of mortgages in Britain. The building society currently offers interest-only mortgages to residential customers with 25 per cent equity in their property. From tomorrow, only customers with 50 per […]
Nationwide has re-launched its Select Visa credit card which offers 0%-on-purchases for 18 months – the longest period currently available on the market for a 0% deal. Cardholders also benefit from commission-free purchases while they are abroad and 0.5% cashback. Balance transfers are eligible for the 0% interest deal, but for 17 months rather than […]
Halifax has improved its ISA offering with a better return on its five year fixed rate product. The ISA now pays 4.4 per cent, strengthening its position as the market leading long term fixed rate ISA. The product is an excellent option for savers who do not mind their savings being tied up for the […]
As part of its ‘On Your Side’ campaign Nationwide Building Society has launched a credit card reward scheme which should make shopping more enjoyable for its customers. The scheme, which is available to the building society’s Visa debit and credit card customers, is designed to help their money go further. It offers discounts at several […]
The latest house price index from the Nationwide Building Society has revealed prices rose by 0.4% in October on a monthly basis. On an annual basis, house prices are now 0.8% higher than this time last year – representing the first yearly rise in six months – with the average UK home costing £165,650. However, […]
The Halifax has today revealed UK house prices fell by 0.5% in September on a monthly basis and follows a 1.2% fall in August. The latest fall takes the average cost of a UK home to £161,132, the Halifax said. On an annual basis, meanwhile, prices are 2.3% lower, said the lender, which is now […]
The Halifax has today revealed UK house prices fell by 1.2% in August on a monthly basis – reversing the gains noted in the previous three months. The latest fall takes the average cost of a UK home to £161,743, the Halifax said. However, on an annual basis, prices are 2.6% lower, said the lender, […]
The latest house price index from the Nationwide Building Society has revealed prices fell by 0.6% in August on a monthly basis – the fastest pace since October 2010. On an annual basis, house prices are now 0.4% lower than this time last year with the average UK home costing £165,914. The latest figures suggest […]
Consumer confidence slipped by two points in July, according to Nationwide’s index, returning to a level seen in the post-Christmas gloom of January. At 49 points, the lender’s main confidence index remains well below its long-run average of 79, and the building society is not expecting a substantial improvement during the remainder of this year. […]
The Halifax has today revealed UK house prices rose by just 0.3% in July on a monthly basis – the third consecutive monthly rise. The latest rise takes the average cost of a UK home to £163,981, the Halifax said. However, on an annual basis, prices are 2.6% lower. When comparing prices in the three […]
The latest house price index from the Nationwide Building Society has revealed house prices crept up by 0.2% in July. On an annual basis, house prices are now just 0.4% lower than this time last year with the average UK home costing £168,731. The housing market remains subdued as a lack of buyers, together with […]
The Halifax has today revealed UK house prices rose by 1.2% in June on a monthly basis. The rise represented the biggest month-on-month gain since October and takes the average cost of a UK home to £163,049, the Halifax said. However, on an annual basis, prices are 3.5% lower. When comparing prices in the three […]
The latest house price index from the Nationwide Building Society has revealed house prices remained unchanged in June after a 0.3% rise in May – in line with expectations. On an annual basis, house prices are now 1.1% lower than this time last year with the average UK home costing £167,208. The housing market remains […]
According to housing intelligence group, Hometrack, house prices in England and Wales fell at their fastest annual pace since October 2009 last month. According to Hometrack, house prices fell by 0.1% on the month and are 3.7% lower on the year. House prices have now fallen for 10 consecutive months, according to the group. Hometrack […]
The latest house price index from the Nationwide Building Society has revealed a 0.3% rise for the month of May compared with April. The latest fall means house prices are now 1.2% lower than this time last year with the average UK home costing £167,208. Despite the rise, the housing market remains subdued as a […]
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of April. The building society’s consumer confidence index dipped to 43 last month, from March’s upwardly revised figure of 45. The index remains just 4 points above February’s all-time low and is way below the index […]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than […]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. […]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees […]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages […]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit […]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE […]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings […]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though […]
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 […]
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