Mortgage approvals in the UK fell to a year low in June July 29, 2016 Mortgage approvals in the UK fell to their lowest point since May 2015 in the period leading up to the country's referendum on EU membership. According to the Bank of England, 64,766 mortgages were approved in June – down from the 66,722 approved in May. Read more: Everything you need to know about the UK's housing [...]
Mortgage lending fell in June but has “bounced back” since the stamp duty hike according to the British Bankers’ Association July 26, 2016 Mortgage lending dropped in June as banks approved the fewest mortgages since March last year and cut business lending. House purchase approval numbers were 11 per cent lower than in June 2015, but have "bounced back a little" from the numbers seen after the introduction of a stamp duty hike on second homes, the British [...]
Biotech, robots, Fangs – what’s the hottest tech to invest in? July 26, 2016 The sudden craze for mobile game Pokémon Go has brought the spotlight back onto the potential for investors in technology. The game became the fastest-adopted in history following its release two weeks ago, and shares in co-owner Nintendo rose a massive 70 per cent. The share price has since been tempered with a 17 per cent [...]
General Electric has offloaded its French consumer-credit unit to private equity firm Cerberus June 23, 2016 US conglomerate General Electric has moved a step further away from financial services after finding a buyer for its French consumer-credit unit. Private equity firm Cerberus Capital Management has made a binding offer for the business. The sale would represent ending net investment of approximately $4.6bn (£3.1bn) as of the end of the first quarter of 2016. It excludes the platform’s $2bn prime [...]
British Bankers’ Association set to merge with rival trade associations June 9, 2016 British Bankers' Association (BBA), the trade body that was heavily criticised for its role as the administrator of the Libor interest rate benchmark, is expected to be merged with its rival associations. According to Sky News, BBA members are reportedly set to vote in favour of plans to merge the banking trade bodies to form a [...]
Home lending slowed in May as the EU referendum cast a shadow over the property market June 9, 2016 Home lending slowed in May ahead of the EU referendum as political uncertainty cast a shadow over the property market. There were 65,113 house purchase approvals in May, down 1.7 per cent from 66,250 in April – a 12-month low. This decline means house purchased approvals have fallen by more than 10 per cent over [...]
Four of the best bank accounts: Get paid £100 just to change your current account June 8, 2016 Banks are offering customers free cash for switching their current accounts. The UK’s big four – Barclays, HSBC, Lloyds and RBS – have been shaken up by the arrival of newcomers, from online-only “challenger” banks to European giants. Banks are working harder to draw customers, with several offering between £100-£200 to newcomers. “It appears free-in-credit accounts [...]
Why the mortgage market is due to be shaken up by the tech revolution June 3, 2016 Scaling the housing ladder can feel like climbing Everest and nowhere more so than in the capital. From saving every penny for a first deposit, to scouring the tube map for the next undiscovered, reasonably priced gem, the affordability challenges are well documented. But there are other unnecessary challenges driven by an outdated industry that [...]
Homemover loan applications had the highest success rate for mortgage approvals in the first quarter June 2, 2016 Homemover loan applications registered the highest success rate for converting mortgage applications into completed deals in the first quarter, according to the Intermediary Mortgage Lenders Association (IMLA). The IMLA data shows that 80 per cent of homemover applications resulted in an offer and the same percentage of offers led to a deal. Read more: Nearly two out [...]
UK mortgage lending dropped to its lowest level since the height of the eurozone crisis in April June 1, 2016 Mortgage approvals have hit their lowest level since the height of the Eurozone crisis, according to the Bank of England. Mortgage loans totaled just £281m in April, their lowest level since August 2012, after the hike in stamp duty came into effect at the beginning of the month and buy to let landlords fled the [...]