Aldermore becomes the latest challenger bank to shrug off Brexit with 50 per cent boost to profits August 11, 2016 Aldermore has today reported a huge boost to its bottom line, while revealing it feels it can keep on smiling throughout the Brexit uncertainty. The figures The challenger bank reported profit before tax of £59m for the first half of 2016, up 50 per cent from the prior year's £40m. Meanwhile, underlying profit before tax increased to £63m, [...]
First-time buyers secured more mortgages in June than at any other point since August 2007 August 10, 2016 First-time buyers boosted mortgage lending in June as tax changes designed to deter buy to let landlords took effect. June mortgage lending was up by 29 per cent month-on-month, according to lending data from the Council of Mortgage Lenders (CML). Mortgage lending was up by 12 per cent compared to the same month last year. First-time [...]
Rents continued to climb in July – but the rate of growth is slowing August 9, 2016 Rents kept climbing in July – but the rate of growth is cooling in the second half of the year. According to data from Homelet, rents agreed on new tenancies in the UK over the past three months increased by 2.3 per cent as compared to the same period last year – excluding London. Read [...]
Fintech founders choose their favourite business books August 8, 2016 Stuck for what to read this summer and want to use the time improving your business acumen? City A.M. has asked five of London’s leading fintech founders what they’d recommend. Hiroki Takeuchi, co-founder of GoCardless, the online direct debit provider Five dysfunctions of teams, by Patrick Lencioni I love books that introduce me to [...]
This bank has already passed on the interest rate cut to some of its mortgage customers August 5, 2016 There had been concern banks would take a while to pass yesterday's cut in interest rates on to customers – but it seems those fears were unfounded, after one major lender said it was cutting the rate of standard variable rate mortgages by 0.25 per cent. NatWest – which is owned by RBS – said [...]
Bank rate cut: Property investment crowned winner while savers lose out August 5, 2016 The Bank of England launched a massive stimulus package yesterday in a bid to save Britain from recession. The Bank’s monetary policy committee (MPC) voted unanimously to slash interest rates to an all-time low of 0.25 per cent. Take a look at the winners and losers of the rate cut: WINNER: Property investment The cut to interest rates is [...]
India’s largest mortgage lender issues world’s first “Masala bond” in London August 1, 2016 The world's first ever "masala" bond has been issued in London today, in what chancellor Philip Hammond described as a major win for the UK economy in the aftermath of the EU referendum. India's largest mortgage provider, Housing Development Finance Corporation (HDFC), became the first Indian company to list corporate rupee-denominated debt outside of India, with the [...]
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 [...]
As it says it’s in a “strong position to withstand uncertainty”, is Lloyds right to be so bullish after Brexit? July 28, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. It’s not a great time to be a bank, but the sector is in much better shape than it was going into the financial crisis. In particular Lloyds has simplified its structure to focus on key strengths in the UK retail and commercial banking market. There may [...]
Lloyds Banking Group to cull a further 3,000 jobs as lower for longer interest rates take their toll July 28, 2016 Lloyds Banking Group today revealed that it was slashing thousands of jobs and shutting down many branches, as ultra-low interest rates continue to play havoc on the sector's prospects. The bank announced an additional 3,000 role reductions and another 200 branch closures. These cuts will take place by the end of 2017 and are on top of [...]