UK house price growth slowed again in November December 1, 2016 House prices grew by 0.1 per cent in November, with the rate of growth slowing to 4.4 per cent from 4.6 per cent in October, and analysts pointed to market uncertainty and cautious buyers and sellers having a cooling effect on the sector. The Nationwide House Prices Index showed the average price of a house [...]
RBS on renewed drive to cut costs and shed assets after Bank of England stress test flop November 30, 2016 The Royal Bank of Scotland will now renew efforts to slash costs and shed assets, as it tries to bolster its balance sheet after flunking the Bank of England's most recent stress test. The worst performer of the seven lenders tested, RBS will now be monitored by the Bank's prudential regulation authority and has had to [...]
The City watchdog might be about to relax rules on mortgage lending that are tripping up smaller lenders November 30, 2016 The City watchdog has today launched a consultation to further pick over the rules on how it checks firms are not allowing people to borrow too much on a mortgage compared to their income. The Financial Conduct Authority (FCA) is asking for feedback on proposed amendments to its previous 2014 guidance based on recommendations from the Bank of [...]
The reality of starting out as a landlord: Four months of no tenants and £2,000 set-up costs November 29, 2016 It may be regarded as a money-spinning idea by some, but a new study has laid bare the challenges of being a landlord. A fifth of new property owners said they had endured four months without tenants after they bought their first properties, according to a study by the Nottingham Building Society – while 53 per cent [...]
There was a surprise jump in mortgage approvals in October – but it’s not necessarily good news November 24, 2016 House price growth may be suffering, but that hasn't had any effect on mortgage borrowing: figures published today showed the number of mortgages approved jumped to 40,900 in October. That figure is above September's figure of 38,700 – and, crucially, above expectations of 39,000. But the British Bankers' Association, which published the figures, said mortgage [...]
TSB moves to snap up £16bn Bradford & Bingley portfolio November 20, 2016 TSB has put an offer on the table for a £16bn mortgage loan portfolio which belonged to Bradford & Bingley. The government has been slowly but surely selling the assets it picked up in the fallout of the financial crisis, which includes parts of Bradford & Bingley's business. Now, the Sunday Times has reported UK [...]
Mortgage lending falls more than £1bn in October November 17, 2016 Mortgage lending in the UK dipped by £1.2bn in October compared with the previous year, according to data from the Council of Mortgage Lenders (CML). But despite the five per cent year-on-year decline, the figures were slightly above the trend for the last six months, in which mortgage lending averaged £20.1bn. They held on to post [...]
US mega fine looms over sale of RBS November 17, 2016 A possible US fine of $5bn-$12bn or more has hit the pause button on any further sale of the government’s huge holding in embattled lender RBS, two top officials told MPs yesterday. The boss of UKFI – the organisation charged with advising government on the sale of assets picked up during the financial crisis – [...]
Why new rules for your buy to let mortgage could be in the pipeline, as Bank of England handed new powers by Treasury November 16, 2016 The government is to hand the Bank of England’s Financial Policy Committee (FPC) new powers to better regulate the buy to let market. The new abilities, which are intended to help better protect the financial system from any wobbles in the buy to let market, will allow the FPC to direct the Prudential Regulation Authority and Financial [...]
Thanks Carney: Aldermore’s results boosted by Bank of England scheme November 10, 2016 Aldermore revealed today that it has boosted its new lending during the first nine months of the year, with a little help from a recently introduced Bank of England funding scheme. The figures The challenger bank announced it had generated £2.3bn in new lending during the first nine months of 2016, up 20 per cent [...]