Tag: Building Societies Association

Mortgage repayments rise as consumers cut debt

Mortgage repayments rise as consumers cut debt

New data from the Bank of England suggests that house owners are focusing on repaying their mortgages as part of their efforts to reduce debt. Consumers are concerned about the state of the economy and their incomes are under pressure from pay freezes, rising unemployment and high levels of inflation. These pressures, together with falling [...]

November 30, 2011 | 0 Comments More
Consumer borrowing surges in January

Consumer borrowing surges in January

Figures from the Bank of England today revealed that British consumers borrowed £500 million in January through credit cards, loans and overdrafts, once repayments were taken into account - the highest level since November 2008. According to the Bank, the increase was almost double the £265 million rise seen in the previous month December, and [...]

March 1, 2010 | 0 Comments More
Savings continue to fall as consumers opt to repay debt

Savings continue to fall as consumers opt to repay debt

Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment. According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November. The BSA said there was [...]

January 4, 2010 | 0 Comments More
New mortgage lending still nudging ahead

New mortgage lending still nudging ahead

Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to £8 billion. The total is up from £7.6 billion a month earlier and compares with a previous six month average of £6.7 billion. Volumes increased to 57,345, up from 56,205 in [...]

November 30, 2009 | 1 Comment More
Savings down as consumers opt to repay debt

Savings down as consumers opt to repay debt

Figures from the Building Societies Association (BSA) have revealed that consumers are opting to repay debt rather than save amid the historically low interest rate environment. According to the BSA, savings balances held by building societies fell by £-929 million in October compared to an increase of £545 million a year ago, when interest rates [...]

November 30, 2009 | 0 Comments More
BSA argues Northern Rock should return to mutual status

BSA argues Northern Rock should return to mutual status

The Building Societies Association (BSA) is urging the Government to return Northern Rock to the mutual sector, arguing that mutuals take less risk than banks owned by shareholders. Mutual building societies are owned by their members, not by shareholders, and are run for the benefit of those members. The BSA said a new report points [...]

September 28, 2009 | 0 Comments More
Mortgage borrowers quash arrears

Mortgage borrowers quash arrears

Research from the Building Societies Association (BSA) claims that over the last two years, the majority of borrowers who have fallen into arrears with their mortgage repayments have either caught up, or are in the process of catching up. According to the BSA, 97% of borrowers in financial difficulties have avoided repossession with thirty-three per [...]

September 15, 2009 | 0 Comments More
Building societies against new regulations

Building societies against new regulations

The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry. Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a “discriminatory and anti-competitive effect in the [...]

September 7, 2009 | 0 Comments More
BSA against Northern Rock split

BSA against Northern Rock split

The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions - a deposit bank and a mortgage platform. However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage. Northern Rock collapsed at the [...]

August 17, 2009 | 0 Comments More
Housing market confidence outweighed by unemployment fears

Housing market confidence outweighed by unemployment fears

The latest Property Tracker Index from the Building Societies Association demonstrates that Britons have become cautiously optimistic about the UK property market. In a survey of 2,242 adults conducted between 4th and 8th June 2009, the average prediction for house price changes in the coming year was for a rise of 1.4%. The result compares [...]

June 18, 2009 | 0 Comments More
FSA proposes new risk strategy for UK’s building societies

FSA proposes new risk strategy for UK’s building societies

Following the collapse of the Dunfermline building society and the rescue of other societies last year, the Financial Services Authority (FSA) is proposing to stop building societies expanding into risky types of lending and borrowing. The move comes after a senior FSA official accused some societies of taking far too many risks with their lending [...]

June 7, 2009 | 0 Comments More
BSA: Net receipts hit high in February

BSA: Net receipts hit high in February

Figures published by the Building Societies Association (BSA) revealed a record in net receipts for February after savers sought a safe haven for their cash. The BSA said net receipts into building societies were £1.6 billion in February 2009 - which represents an increase of 18% compared with February 2008. Brian Morris, Head of Savings [...]

March 31, 2009 | 0 Comments More
Dunfermline Building Society facing collapse

Dunfermline Building Society facing collapse

Scotland’s largest building society is set to be on the brink of collapse as the UK government has announced that it is preparing a £60 million bail-out. Scottish Secretary Jim Murphy said that the Government will do all that it can to protect people’s money in what has been nicknamed as the Scottish Northern Rock. [...]

March 23, 2009 | 0 Comments More
Building societies benefit as savers seek save haven

Building societies benefit as savers seek save haven

According to the Building Societies Association (BSA), over one million people opened a new building society savings account last year. Building societies have benefited since the collapse of Icelandic banks, Icesave and Kaupthing Edge, and the near collapse of Northern Rock, Bradford & Bingley, RBS, HBOS/Lloyds. The BSA said an additional 1.2 million accounts (net [...]

March 3, 2009 | 0 Comments More
Building Societies warn against January base rate cut

Building Societies warn against January base rate cut

The Bank of England has been cutting the base rate aggressively since the autumn of last year and homeowners on tracker rates are becoming used to an almost monthly drop in the cost of their mortgage repayments. The Bank’s Monetary Policy Committee meets again this week amid speculation that the base rate could fall to [...]

February 2, 2009 | 0 Comments More
Mylostaccount.org.uk proves popular with UK savers

Mylostaccount.org.uk proves popular with UK savers

An online tool that enables savers to locate forgotten or lost bank accounts is proving popular with Brits, according to National Savings and Investments (NS&I). Launched in January 2008 by the NS&I in conjunction with the Building Societies Association (BSA) and the British Bankers’ Association (BBA), mylostaccount.org.uk has received 180,000 applications to search for lost [...]

January 29, 2009 | 0 Comments More
BSA survey reveals shift in housing market sentiment

BSA survey reveals shift in housing market sentiment

The Building Societies Association (BSA) has published the results of its latest Property Tracker survey, which indicate that more people believe that now is a good time to buy a home. Forty-six per cent of those surveyed were, to some extent, positive about making a purchase, compared with 34% in September and 27% in July. [...]

December 18, 2008 | 0 Comments More
October new mortgage approvals fall to record low

October new mortgage approvals fall to record low

Mortgage approvals for house purchases fell during October, having seen a slight rise in September. Figures from the Bank of England show that 32,000 new home loans were approved during the month, despite the 0.5% cut in the base rate at the beginning of October. The decline takes the figure below the level seen in [...]

December 1, 2008 | 0 Comments More
Unfair lenders face FSA wrath

Unfair lenders face FSA wrath

The Financial Services Authority (FSA) is threatening to fine banks and building societies that are heavy handed with homeowners who fall into arrears with mortgage repayments. The regulator has written to the chief executives of mortgage lenders, giving them until 31st January to review their policies. The FSA’s managing director of retail, Jon Pain, explains [...]

November 30, 2008 | 0 Comments More
Confidence in UK housing market reflects mixed woes

Confidence in UK housing market reflects mixed woes

The Building Societies Association (BSA) has been investigating levels of confidence in the UK residential property market. Predictions for falls in house prices continue to grab the headlines but according to the BSA’s Property Tracker survey, 27% of Britons are convinced that now is a good time to buy. A more cautious 51% do not [...]

June 23, 2008 | 0 Comments More