Metro Bank in talks to sell £500m of loans back to US hedge fund July 21, 2019 Struggling lender Metro Bank is set to sell £500m of mortgages back to US hedge fund Cerberus in a bid to shore up its capital position, according to Sky News. Read more: Metro Bank shares fall further amid boardroom bust-up In February 2018 Metro Bank bought £523m of buy-to-let mortgages, mainly made up of London [...]
Outgoing RBS boss Ross McEwan to take top role at National Australia Bank July 19, 2019 The outgoing head of the Royal Bank of Scotland (RBS) is taking the reigns as new chief executive of the National Australia Bank (NAB). Ross McEwan, a banking veteran who is set to step down from RBS by April next year, has been poached by the NAB as it looks to recover from a financial [...]
London house prices suffer worst plunge in 10 years July 17, 2019 London house prices suffered a staggering 4.4 per cent annual drop in May, their worst annual drop since the financial crisis, public data revealed today. While UK house prices rose 1.2 per cent compared to May 2018, London house prices sank, the Office for National Statistics (ONS) revealed. Read more: UK house prices slip for [...]
A share in a housing nightmare? The problems with leasehold contracts and shared ownership July 10, 2019 The saga around leasehold contracts gets more complicated for buyers using the shared ownership scheme
City Moves for 9 July – Who’s switching jobs? July 9, 2019 Today’s City Moves includes Baird, Glenhawk and Astarte Capital Partners. Baird Baird has announced that Simon Pearson and Justin Prichard (pictured) have joined its European investment banking group as managing directors, continuing the expansion of Baird’s global technology & services practice. The duo will focus on the technology, media and telecoms space, and will be [...]
UK house prices surge 5.7 per cent in June July 5, 2019 UK house prices shrank by 0.3 per cent in June compared to the previous month, according to data released today. But the growth rate rocketed 5.7 per cent on an annual basis last month, according to Halifax’s latest house price index, to take the average UK house price to £237,110. Read more: UK house price [...]
Mortgage lending grows in solid start to the year June 11, 2019 The UK mortgage market enjoyed a solid start to the year as residential lending and new mortgage commitments both rose. The outstanding value of all residential mortgage loans rose to £1.45bn in the first quarter, a 3.4 per cent rise on a year earlier. Read more: Mortgage approvals rebound after delay on Brexit deadline The [...]
Competition watchdog to probe £1.6bn One Savings Bank and Charter Court merger June 5, 2019 The competition watchdog has announced it is investigating the potential £1.6bn merger between One Savings Bank and Charter Court. The Competition and Markets Authority (CMA) said it would assess whether the deal would lead to a “substantial lessening of competition” in the market. Read more: One Savings Bank and Charter Court announce terms of £1.6bn [...]
Crisis-era ‘bad bank’ repays last of government loan June 5, 2019 The so-called bad bank created to take on the debts of Northern Rock and Bradford & Bingley (B&B) after the financial crisis has paid back the last of the almost £50bn used to fund the bailouts. Read more: Rothesay life buys £860m of UK ‘bad bank’ mortgage loans Treasury-owned UK Asset Resolution (UKAR) today said [...]
FCA pushes ahead with P2P lender investment cap June 4, 2019 The City watchdog will implement a cap for first time peer-to-peer (P2P) investors as it clamps down on the sector. The Financial Conduct Authority (FCA) confirmed today that it will introduce a 10 per cent investment cap. Read more: Top business leaders back UK-based P2P property lender Investors must pass a test to prove they [...]