Economists have warned that interest rates could rise sooner than expected – and the warning came hot on the heels of a double dose of good news for the UK economy. Yesterday, the Office for National Statistics (ONS) revealed UK economic growth for the third quarter slowed to 0.8%, albeit double the rate analysts had [...]
Ben Bernanke, the chairman of the US Federal Reserve, has emphasised the importance of central banks to be free of political meddling and to keep their independence. Mr Bernanke believes central banks throughout the world should be able to make key economic decisions about monetary policy without Government interference. His statement comes as some Governments [...]
Business group the Confederation of British Industry (CBI) has warned of a “fragile” recovery this year but the group is predicting that the economy will have exited recession in the fourth quarter. The economy, which has now contracted for six consecutive quarters, has been lagging behind other economies and is now the last major economy [...]
Northern Rock mortgage borrowers will not all receive the full benefit of last week’s cut in the base rate. The nationalised lender’s tracker rate customers will see the full 1% reduction but for those on its standard variable rate (SVR) the reduction will be 0.5% taking the rate down to 5.34%, from 1st January. Mortgage [...]
The Financial Services Authority (FSA) has warned banks and building societies not to use the small print in mortgage agreements to avoid passing on cuts in the Bank of England’s base rate. The Bank is widely expected to cut the base rate again this week, by up to 1%. However, some lenders have included “collars” [...]
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 [...]
Consumer group, Which?, is warning pensioners that using equity release as a quick-fix for financial pressures in retirement can be dangerous. Equity release schemes can provide a lump sum or regular payments in return for taking out a mortgage on a property, which does not have to be repaid until plan holders die or sell [...]
Government proposals to kick-start the housing market have prompted a warning from the Law Society. The measures announced this week include help for families who are struggling with their mortgage repayments. Those facing repossession may be eligible for a shared equity or shared ownership scheme, which would allow people to remain in their homes by [...]
The Financial Services Authority (FSA) is reminding mortgage lenders of their obligation to treat customers fairly. In a recent review, the regulator found weaknesses in the way some lenders have been dealing with arrears and repossessions, particularly for consumers with impaired credit histories. Specialist lenders raised particular concerns for the regulator, which described some firms [...]
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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