Tag: Moneyfacts.co.uk

Mortgage fees reach record high

Mortgage fees reach record high

Mortgage fees have soared by 70 per cent in the past four years to reach their highest ever level of £1,514, according to comparison site Moneyfacts. In 2008 the average fee paid on a mortgage was just £899. The figures have led to banks being accused of profiteering. A study by Moneyfacts has shown that [...]

September 6, 2012 | 0 Comments More
Mortgage fees and energy costs soar

Mortgage fees and energy costs soar

Mortgage fees have increased by 27 per cent in just three years, according to new data from independent comparison site Moneyfacts. The average mortgage arrangement fee is now £1.502, which is £321 more expensive than it was in 2009. While residential mortgage rates have fallen over the same period, helped by a record low Bank [...]

April 11, 2012 | 0 Comments More
Mortgage rates drop to seven year low

Mortgage rates drop to seven year low

Mortgage rates are at their lowest for seven years, according to new research. The study by Moneyfacts.co.uk found the average interest-rate on a two-year fixed rate mortgage is 4.52%, the lowest since September 2003. Interest rates on fixed rate mortgages have been dropping since September last year as lenders attempt to entice borrowers away from [...]

June 23, 2010 | 0 Comments More
High inflation gnaws at savings

High inflation gnaws at savings

High inflation continues to diminish the value of money put aside into savings accounts, a financial expert has claimed. Michelle Slade of Moneyfacts.co.uk said that with the Consumer Price Index at 3%, basic rate taxpayers need to find a savings account paying 3.75% interest to ensure their savings pot retains its full value. However, only [...]

March 25, 2010 | 0 Comments More
Mortgage deals up 70% in under a year

Mortgage deals up 70% in under a year

New research from Moneyfacts.co.uk claims there has been a 70% rise in the number of mortgage products available in just under a year. According to the financial website, borrowers now have 2,053 deals to choose from, compared with 1,209 in April 2009, when the figure bottomed out. Furthermore, a significant boost has occurred since the [...]

March 16, 2010 | 0 Comments More
Many SVRs “disjointed” from base rate

Many SVRs “disjointed” from base rate

The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs). According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky. The [...]

January 27, 2010 | 0 Comments More
Low interest rates encourage saving, claims expert

Low interest rates encourage saving, claims expert

Low interest rates throughout 2009 have helped some people put more money aside into savings, a financial expert has claimed. Darren Cook, spokesperson for Moneyfacts.co.uk, said low interest rates have decreased mortgage payments for homeowners, increasing their disposable income, which can be used for savings. “If you look at people that had existing mortgages before [...]

December 11, 2009 | 0 Comments More
Average two-year fixed rate falls below 5%

Average two-year fixed rate falls below 5%

Moneyfacts.co.uk has revealed that the average interest rate on a two-year fix has fallen below 5% for the first time since June. Rates peaked at 5.21% in July but despite declining swap rates have only now come down to a typical 4.99% because banks and building societies, fearful of risk, have been upping their margins. [...]

November 23, 2009 | 0 Comments More
Lenders extend shelf lives of mortgage offerings

Lenders extend shelf lives of mortgage offerings

Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks. According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and [...]

October 6, 2009 | 0 Comments More
Lenders deny competition to first-time buyers

Lenders deny competition to first-time buyers

Potential first-time buyers continue to be excluded from the best mortgage deals, with risk the overriding factor in setting rates. According to Moneyfacts.co.uk, competition among lenders is still taking a back seat with rates on home loans dipping a mere 0.12% on average for those with a 10% deposit, despite the cost of funding to [...]

September 22, 2009 | 0 Comments More
Mortgage market stages gradual recovery

Mortgage market stages gradual recovery

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 [...]

September 17, 2009 | 0 Comments More
Lenders reluctant to cut mortgage rates

Lenders reluctant to cut mortgage rates

Homeowners are gradually being offered a larger choice of mortgage products, although lenders remain cagey about attracting too much business, MoneyFacts.co.uk claimed this week The number of mortgage products available dropped to a record low of 1,209 at the beginning of April, down from a peak of 11,951 products that were available in July 2007. [...]

September 16, 2009 | 0 Comments More
Consumers see few benefits from low base rate

Consumers see few benefits from low base rate

Consumers have seen very little benefit from the Bank of England holding its base rate at a record low of 0.5% for six months, a consumer advice site pointed out this week. Interest rates on savings accounts have dropped, while rates on mortgages, credit cards, and personal loans have continued to rise, said Moneyfacts.co.uk. Research [...]

September 10, 2009 | 0 Comments More
Half of current accounts are interest-free

Half of current accounts are interest-free

Nearly half the current accounts at UK banks are paying customers an interest rate of 0%. Research by moneyfacts.co.uk found 49% of current accounts offer consumers no return on their money. This is compared to fewer in one in five (19%) of current accounts that paid no interest 12 months ago. More than four in [...]

August 6, 2009 | 0 Comments More
No turning back for fixed rates

No turning back for fixed rates

Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week. According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%. Meanwhile, five-year fixes increased by an average 0.21% over the same period, to [...]

June 21, 2009 | 0 Comments More
‘Staggering’ loan rates up 44% in two years

‘Staggering’ loan rates up 44% in two years

Loan interest rates have seen a ‘staggering jump’ over the past 24 months, according to Moneyfacts.co.uk. The average interest rate charged on unsecured personal loans has increased by up to 44% in two years, Moneyfacts said. According to the price comparison site, the average APR on a £5,000 has jumped from 8.6% in May 2007 [...]

May 8, 2009 | 0 Comments More
Moneyfacts reveals best performing ISAs

Moneyfacts reveals best performing ISAs

Moneyfacts.co.uk has revealed the top performing cash ISAs during 2008-09. “Unsurprisingly it was fixed rate cash ISAs that yielded some of the top returns,” said Michelle Slade, Moneyfacts.co.uk analyst. Alliance and Leicester’s (A&L) Premier ISA took first place, adding £327.37 to a £3,600 investment made on 6 April 2008. However, to qualify for the Premier [...]

April 27, 2009 | 0 Comments More
Interest rates on savings begin recovery

Interest rates on savings begin recovery

Interest rates paid to savers are on the road to recovery following months of gloom, Moneyfacts.co.uk said this week. A number of providers have increased rates or launched new competitive accounts, the price comparison website said. “Savers have received nothing but bad news of late and it looks like things have finally turned a corner,” [...]

Elderly losing out from low interest rates

Elderly losing out from low interest rates

Pensioners have been the hardest hit by the interest rate on savings accounts entering ‘freefall’, Moneyfacts.co.uk said this week. The price comparison site said an average interest rate of just 0.64% on no notice savings accounts has left pensioners - many of whom rely on savings for a regular income - out of pocket. Darren [...]

April 23, 2009 | 0 Comments More
Lenders’ SVRs reflect one-third of base rate cuts

Lenders’ SVRs reflect one-third of base rate cuts

The resistance of mortgage lenders to pass on cuts in the base rate is illustrated by new research from Moneyfacts.co.uk. The financial website found that Standard Variable Rates (SVRs) are down by an average one-third of the total amount shaved off the base rate in recent months. The firm’s analyst, Michelle Slade, points out that [...]

February 20, 2009 | 0 Comments More