City Moves for 7 July 2016 | Who’s switching jobs July 7, 2016 Marsh Insurance broker Marsh has appointed Jeremy Cooke as vice chairman of global placement. In his new role, Jeremy will focus on critical growth areas including complex market negotiations on facilities, quota shares and key accounts. He was previously head of placement for Marsh’s international division. Prior to joining Marsh in 2003, he held senior executive positions at insurers in the US and [...]
Experts are not impressed by HSBC’s new 0.99 per cent fixed rate mortgage June 21, 2016 Money experts have slammed HSBC's latest mortgage offering as a marketing move that shuts out most borrowers. The bank has launched a mortgage with a rate fixed at a record low of just 0.99 per cent for two years. The next lowest available is a two-year deal at 1.14 per cent from the Yorkshire Building Society. [...]
Brexit and the pound: How hard will battered sterling hit our economy? June 21, 2016 The pound has strengthened as the latest polls show public feeling has swung towards a remain vote this Thursday. Sterling rose 2.3 per cent to $1.4693, the biggest one day gain in over seven years. The last time it rose this sharply was 12 September 2008, days before Lehman Brothers filed for bankruptcy. “Three polls over [...]
These are the top concerns for UK landlords (Brexit is pretty low down) June 13, 2016 As everyone else bites their nails over the EU referendum, the outcome of the big vote has only just made it into the list of the top concerns of UK landlords. Instead, their top worry is the exemption of residential property from the new capital gains tax cuts, according to a survey by Amicus Property Finance. Read more: Brits [...]
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 [...]
Sadiq Khan won’t improve life for London’s renters by wrapping buy-to-let landlords in red tape June 8, 2016 A “referendum on housing.” That was how Sadiq Khan described the London mayoral contest. Access to housing that Londoners can afford is certainly critical to the future success of the capital, and at the heart of the mayor’s plans are substantial reforms to private rented property. As the voice of private landlords, we welcome debate about [...]
The CMA’s retail banking recommendations have been slammed by experts addressing parliament’s Treasury Select Committee June 7, 2016 The Competition and Markets Authority's (CMA) work on the retail banking market is a failed opportunity, MPs have been told. One challenger bank boss said that the concentration risk in the market will take “decades” to unwind, speaking at a Treasury Select Committee hearing earlier today. Meanwhile, a former Competition Commission member said that the provisional recommendations issued [...]
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 [...]