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. [...]
The Financial Services Authority (FSA) has today announced that it has fined the Norwich and Peterborough Building Society (N&P) £1.4 million for giving unsuitable advice on its Keydata products. The Watchdog said the group failed to properly assess the financial circumstances of many of its customers and often designated them as having a higher tolerance [...]
The Norwich and Peterborough Building Society (N&P) is to repay £57 million in compensation to customers who were sold its Keydata product. N&P sold Keydata products from 2005 but it was placed into administration in 2009, with 30,000 UK investors facing the loss of £450 million. The collapse of Keydata represents the largest investment failure [...]
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the [...]
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 [...]
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, has today announced its Savings Certificates have been withdrawn from the market. These saving products, which are linked to the inflation rate, have been withdrawn because sales “far exceeded” the level anticipated, said NS&I. In the meantime, NS&I said [...]
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the [...]
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, has unveiled a rise in the interest rates on some of its policies. The news will be welcomed by savers who have been suffering amid the historically low interest rate environment. NS&I said rates on its guaranteed growth bonds [...]
New research from moneysupermarket.com shows that the number of mortgage products available in the UK has plummeted to a record low. According to the price comparison website, borrowers have just 2,282 deals to choose from, or less than half the number of loans available a year ago. Compared to the height of the property boom [...]
Wolseley, which is one of the UK’s largest suppliers to builders, has reported a massive drop in profits today sending its shares plummeting by 15%. The company, which owns the Plumb Center and Build Center chains, said that in the nine months to 30 April, pre-tax profits fell by 80% compared with the same period [...]
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 [...]
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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