Mortgage lending and consumer credit in line with recent averages

Following last week’s release of MBBG net lending figures for April (subsequently revised), further information now available on lending to individuals shows that:
April’s gross mortgage lending of £15.5bn was 10% above April last year but 4% lower than April two years ago.
Seasonally adjusted underlying net mortgage lending (gross lending minus repayments and redemptions) rose by [...]

Consumer knowledge improving

Standard Life Bank research has indicated consumers are gaining a greater understanding of the mortgage market.
From the high-street to home-loans; the trend for “savvier shopping” has hit the mortgage industry and advisers should gear up for a more demanding breed of mortgage-hunter, according to Standard Life Bank.
Three months after the launch of its informative online [...]

Mortgage Next enhances range

Mortgage Next has launched a two-year flexible self-cert tracker mortgage.
It is available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.
The self-cert mortgage has a margin of 0.69% above bank base rate for 2 years from completion, giving an initial charge rate of 5.19%.
Early redemption charges are [...]

Beat the bank with bonds

BANKS and building societies have launched a stream of new fixed-rate bonds, with top deals now paying more than 5%
They offer savers a window of opportunity to fix in at top rates for one, two or three years.
Both Portman and Norwich & Peterborough building societies’ new bonds pay 4.2% after 20% savings tax (5.25%) for [...]

HSBC says results better than previous year

Europe’s biggest bank, HSBC Holdings , said on Friday its first-quarter results were better than those achieved in the same period last year.
The U.S., Hong Kong and the UK had all performed well and the bank’s overall credit experience remains good, John Bond, HSBC executive chairman, said at the bank’s annual shareholder meeting.
Bond retires [...]

Barclays hit by increasing bad debt levels

RISING levels of bad debt are continuing to trouble Barclays, after the banking group reported further growth in the number of customers in difficulty.
While Britain’s biggest credit card lender traded strongly in the first quarter, it said that provisions to cover UK bad debts grew at a similar level in 2005, when Barclaycard charges rose [...]

Insurers lose out in pensions shake-up

Ministers want to scrap rebates that are paid to people in money purchase pension schemes who have opted out of the state second pension - formerly known as the state earnings related pension, or Serps. They take the view that the existing scheme is far too complex and want the payouts scrapped by 2012.
But the [...]

Insurance discount for hybrid owners

Insurance company More Than is offering discounted premiums to owners of hybrid petrol-electric vehicles.
The company says: ‘Green motoring is going to be a massive growth area for the car industry as petrol prices continue to rise and concern over global warming grows. We want to financially reward drivers who are taking steps to do their [...]

Co-op launches ‘green’ car insurance policy

Co-operative Insurance (CIS) has launched what it claims is the UK’s first green motor insurance product. Its ‘eco-insurance’ policy offers discounts for fuel-efficient cars, an environmentally-sound claims service, and a partial carbon offset for vehicle emissions.
“Whilst many people accept that motoring is a necessary means of transport, many motorists now recognise the environmental impact driving [...]

Longer loan terms could spread a little happiness

We’ve already heard that the retirement age may rise to 68, but how will this impact on the standard term for a residential mortgage? As more companies scrap their final salary pension schemes, more of us will need to work longer, in order to build up a large enough retirement fund.
The mortgage industry has been [...]

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