The Council of Mortgage Lenders (CML) is warning that new measures proposed by the Financial Services Authority (FSA) could result in the demise of the interest-only mortgage. The FSA is currently consulting with lenders and other interested parties on the future regulation of the UK mortgage market, and the CML claims that interest-only home loans [...]
Nationwide has noted significant changes in the UK mortgage market in the past two years. Attractive standard variable rates have meant fewer borrowers coming to the end of fixed-rate deals have remortgaged onto a new fix, with the proportion of mortgage balances on fixed rates falling from 48% to 36% between the final quarter of [...]
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 [...]
Nine out of ten leading mortgage products are available direct from lenders, moneysupermarket.com has reported. The comparison website suggests that the financial turmoil of the last couple of years has turned the UK mortgage market on its head and that the days when mortgage brokers had the pick of the best deals are gone. The [...]
First-time buyers and homemovers are flocking to mortgage advisers, according to unbiased.co.uk. In the first six months of the year, the financial website recorded a 24% rise in consumers looking for advice from a whole of market mortgage broker, compared with a year earlier. The website, received over 45,000 enquiries, with potential first-time buyers leading [...]
Mortgage brokers are feeling upbeat about 2010 and predicting a good year ahead for the UK mortgage market. Research carried out by Platform (part of Co-operative Financial Services) found that 66% of participants in its Intermediary Outlook Survey are expecting improvements. Seventy-four per cent of respondents believe UK house prices will rise by up to [...]
The chairman of the Council of Mortgage Lenders has accused regulators of depicting the UK’s mortgage lenders as “drug dealers at the school gates”. Addressing the CML conference last week, Matthew Wyles said he increasingly saw lenders and intermediaries cast in this role, “enticing innocent consumers in and then getting them hooked, for their own [...]
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 [...]
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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