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28th of August 2010
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News Tag: fees

June 24, 2010

Lloyds TSB reduces overdraft charges

by Kay Murchie
From 2 December, Lloyds TSB will reduce the overdraft fees on its current accounts. The move comes just a month after the new coalition Government said it would introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The banking industry was successful in a legal battle last year against the Office of Fair ...

March 18, 2010

Hundreds more jobs set to go at the Land Registry

by Kay Murchie
According to The Times, the Land Registry is to axe a further 800 jobs, on top of the 1,500 job losses it announced last October. The Registry, which has 20 offices across the country and covers England and Wales and records and guarantees the ownership of domestic and commercial property, said staff would fall further to 4,200 in ...

November 20, 2009

Santander entices mortgage borrowers with Zero current account

by Gill Montia
Mortgage borrowers with Santander will soon be able to take advantage of a bank current account that attaches no fees to overdrafts, whether authorised or unauthorised. The Spanish banking giant is launching a “Zero” current account on 11th January 2010 to coincide with its rebranding of Abbey, Bradford & Bingley and Alliance & Leicester to the group name. Customers going into ...

November 17, 2009

Wednesday 25 November is judgement day

by Kay Murchie
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair. Banks and building societies were ...

October 8, 2009

Lloyds mulls over £15bn rights issue to avoid APS

by Kay Murchie
In order to avoid participating in the Government’s Asset Protection Scheme (APS), Lloyds Banking Group is looking at ways to raise cash with one option being tapping investors for £15 billion - which would be the biggest ever rights issue in UK corporate history. The banking giant, which is 43% owned by the taxpayer, is understood to be in ...

September 7, 2009

RBS cuts overdraft charges ahead of Supreme Court decision

by Kay Murchie
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges - ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and will see the ...

Lenders convert to “percentage” arrangement fees

by Gill Montia
New research from MoneyExpert.com indicates that mortgage lenders are keener than ever to apply fees based on a percentage of the loan they are providing. Application fees have become something of a scandal in the credit crisis, with banks and building societies applying levels that make headline rates nonsensical. The charges have offered a convenient method of increasing margins for lenders, many ...

August 29, 2009

Arrangement fees dive on fixed and tracker deals

by Gill Montia
Borrowers seeking fixed and tracker rate mortgages are in for a pleasant surprise because arrangement fees have fallen by around 25% in the past 12 months. Research by moneysupermarket.com has revealed that the average two year fixed-rate deal now comes with a typical fee of £957, down 30% the £1,243 average charge this time last year. In addition, the average fee ...

August 21, 2009

University a “millstone” for many parents

by David Masters
The cost of putting their children through university is forcing some parents to remortgage their home, The Children's Mutual revealed this week. Students starting university this year will spend an average of £42,000 during their three-year course, and many parents will be expected to fund the majority of this bill. "University can be as much of a millstone as it is a milestone," ...

July 23, 2009

Advisers fail Which? equity release test

by Gill Montia
Which? has been investigating equity release advisers only to find that two-thirds failed to pass benchmarks for good advice. Researchers working for the consumer group visited 40 advisers, 12 of whom specialised in equity release. A disappointing five from this group passed the Which? test, compared with eight of the 28 independent financial advisers surveyed. Overall, 23 advisers failed to complete a fact-find and ...

July 15, 2009

Property Ombudsman sends warning shot over estate agents’ fees

by Gill Montia
In his latest quarterly review, Property Ombudsman Christopher Hamer has reported a fall of 30% in enquiries regarding house sales while lettings enquiries rose an annual 44%, reflecting the switch in emphasis in the property market slowdown. At the end of June, around 10,400 estate agents offices were registered under the Ombudsman's code of practice and of the 1,076 ...

July 6, 2009

Land Registry fees increase from today

by Gill Montia
The Land Registry, which records and guarantees the title of property in England and Wales, has increased certain of its fees from today, 6th July. The Government body needs the additional revenue to help reduce operating losses caused by the collapse of the UK housing market. The increases mean that the fee for registering a property worth £100,000 has risen from £100 ...

May 26, 2009

Holidaymakers spend £73m on unnecessary currency fees

by David Masters
Holidaymakers spend £73m on unnecessary currency fees
Brits taking their summer holiday abroad this year will spend £73 million on debit and credit card fees, it emerged this week. Research by Abbey Credit Cards found that British holidaymakers pay an average of 3% in conversion fees every time they use an overseas ATM or spend money on their card in a foreign shop. Seven in ten (69%) of those ...

April 15, 2009

Land Registry hikes fees to make ends meet

by Gill Montia
Land Registry hikes fees to make ends meet
A victim of the housing market downturn, the Land Registry is increasing its registration fees for properties in England and Wales. From 6th July the cost of registering an average first-time buyer property worth £100,000 will rise from £100 to £130. The fee for a home worth £150,000 is increasing from £150 to £200, while registration of a one million ...

April 7, 2009

Post Office and Nationwide cards best for international travel

by David Masters
International travellers are best to opt for the Post Office Platinum credit card, according to research by moneysupermarket.com. Debit card holders, meanwhile, are advised to choose the Nationwide FlexAccount. The price comparison website said the Post Office's card offers free purchase protection, no overseas charges, and zero percent on purchases for three months. "This is a far better prospect than other ...

July 23, 2008

Mortgage fees rise 20% in a year

by Gill Montia
Mortgage fees rise 20% in a year
Research from price comparison website, mform.co.uk, shows that the arrangement fees applied to the most competitive mortgages on the market have increased by an average of 20% during the past 12 months. The average fee paid buy borrowers for a best-buy product has risen from £738.33 in August 2007 to £889.69. For three-year fixed-rate deals the rise is even steeper, with the ...

June 24, 2008

Chancellor threatens FSA regulation of mortgage fees

by Gill Montia
Chancellor threatens FSA regulation of mortgage fees
Chancellor of the Exchequer, Alistair Darling, has warned the UK's mortgage providers that they must put their house in order over arrangement fees. The average fee paid is now over £800, up from £441 in 2005. Charges of around £1,000 are commonplace for a fixed-rate loan and some products, which carry arrangement fees based on a percentage of the loan, can ...

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