Mortgage approval rates in the UK have plummeted, with growth in the market half the average for the first six months of the year, according to the British Bankers'' Association (BBA).
The association said that the number of approvals for first-time buyers and those remortgaging was low in August.
Mortgage approvals for house purchases remained 64 per cent lower than a year ago, according to the BBA, and the number of people remortgaging was 28 per cent lower than last year – the lowest rate since 2001.
Source
Monday, November 24, 2008
Monday, November 17, 2008
Alliance & Leicester fined record £7million over insurance sales
High street bank Alliance & Leicester has been fined a record £7million for 'serious failings' in insurance selling techniques.
The Financial Services Authority said telephone sales staff at the bank failed to make clear that the payment protection insurance for its loans was optional.
Staff were also trained to put pressure on customers when they queried the inclusion of the PPI.
The mis-sellings occurred between 2005 and 2007, the FSA said, when A&L sold 210,000 policies at an average price of £1,265.
FSA enforcement director Margaret Cole said: 'The failings at Alliance & Leicester are the most serious we have found. This is reflected in the record PPI fine.'
A&L has agreed to implement a substantial and comprehensive customer contact programme, overseen by third party accountants.
The bank said it would contact customers who took out policies by telephone between those dates and pay compensation where appropriate.
David Bennett, A&L's chief executive, apologised for the failings.
Source
The Financial Services Authority said telephone sales staff at the bank failed to make clear that the payment protection insurance for its loans was optional.
Staff were also trained to put pressure on customers when they queried the inclusion of the PPI.
The mis-sellings occurred between 2005 and 2007, the FSA said, when A&L sold 210,000 policies at an average price of £1,265.
FSA enforcement director Margaret Cole said: 'The failings at Alliance & Leicester are the most serious we have found. This is reflected in the record PPI fine.'
A&L has agreed to implement a substantial and comprehensive customer contact programme, overseen by third party accountants.
The bank said it would contact customers who took out policies by telephone between those dates and pay compensation where appropriate.
David Bennett, A&L's chief executive, apologised for the failings.
Source
Monday, November 10, 2008
Rates relief for hard hit families
Desperation turned to jubilation for cash-strapped Australian families after major lenders indicated they would pass on most of the Reserve Bank's interest rate cut.
Westpac was the first bank to announce the reduction, pledging to lower its standard variable home loan rate by 0.8 percentage points with the three other big banks delivering the same discount during the afternoon.
Mortgage broking network Aussie Home Loans also promised a cut of 0.75 points.
For families, the result represented a stunning -- and desperately-needed -- reversal of fortune, with the cut translating to a $273 reduction in monthly repayments on a $500,000 mortgage.
Mother-of-two Suzanne Andrews, from Lalor Park in Sydney's west, said her family's home loan repayments had increased by more than $65 a week over the past two years, with their bill now totalling more than $2000 a month.
Despite remortgaging two years ago, she and husband Mark had been forced to take drastic action to ensure the household budget balanced.
Source
Westpac was the first bank to announce the reduction, pledging to lower its standard variable home loan rate by 0.8 percentage points with the three other big banks delivering the same discount during the afternoon.
Mortgage broking network Aussie Home Loans also promised a cut of 0.75 points.
For families, the result represented a stunning -- and desperately-needed -- reversal of fortune, with the cut translating to a $273 reduction in monthly repayments on a $500,000 mortgage.
Mother-of-two Suzanne Andrews, from Lalor Park in Sydney's west, said her family's home loan repayments had increased by more than $65 a week over the past two years, with their bill now totalling more than $2000 a month.
Despite remortgaging two years ago, she and husband Mark had been forced to take drastic action to ensure the household budget balanced.
Source
Sunday, November 9, 2008
Kerygma Conference
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Please promote this event in your blog…
Thanks!
Anna
Monday, November 3, 2008
Equity releasers should consider remortgaging
Retired homeowners who have opted for equity release as a means of boosting their incomes are being advised to review the deal offered by their provider, and consider remortgaging.
According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to find a more competitive deal.
In the UK, the equity release sector is continuing to grow; Safe Home Income Plans, the body that fosters good practice in the market, reported a 14% rise in the amount of money withdrawn from private residences in the three months to the end of June, compared with the previous quarter.
Source
According to Key Retirement Solutions, a firm of independent financial advisers specialising in equity release, retirees who have raised cash from their homes over the last five years or more may be able to find a more competitive deal.
In the UK, the equity release sector is continuing to grow; Safe Home Income Plans, the body that fosters good practice in the market, reported a 14% rise in the amount of money withdrawn from private residences in the three months to the end of June, compared with the previous quarter.
Source
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