Nationwide’s Virgin Money bid heralds new era for mutuals’ challenge to big banks March 18, 2024 Nationwide, the world's largest building society, is gearing up for the UK's biggest banking tie-up since the financial crisis as it looks to finalise a £2.9bn takeover deal for high street rival Virgin Money in the coming weeks.
OneSavings Bank shares tank as profit slumps on mortgage customers racing to refinance March 14, 2024 OneSavings Bank has posted a slump in annual profit after the bank took a £181.6m hit from changing customer behaviour, while it has softened the blow to investors by announcing a new £50m share buyback.
Metro Bank swings to first annual profit since 2018 while slashing 1,000 jobs March 13, 2024 Metro Bank has swung to its first annual profit since 2018 after the branch-focused lender was rescued from potential collapse by a major refinancing package and embarked on a restructuring set to involve 1,000 job cuts.
Mortgage arrears surge 50 per cent to seven-year high as Brits squeezed by higher rates March 12, 2024 The proportion of UK mortgages in arrears rose to its highest level since 2016 at the end of 2023, according to data from the Bank of England, as borrowers are squeezed by high interest rates and household costs.
Richard Branson ‘set for £650m payout’ from potential Nationwide takeover of Virgin Money March 10, 2024 Sir Richard Branson is set to receive upwards of £650m from a potential takeover of his challenger bank Virgin Money by Nationwide, it has been estimated.
Metro Bank’s costs in focus as lender embarks on major restructuring March 9, 2024 Investors will be looking for more clues on Metro Bank's revamped strategy next week as the lender prepares to draw a line under a year that saw it rescued from potential collapse.
House prices continue to rise despite higher rates says Halifax March 7, 2024 House prices rose by 0.4 per cent in February, marking the monthly rise in a row, a new report by Halifax has found.
Nationwide agrees terms for £2.9bn Virgin Money takeover to create second-largest UK mortgages and savings provider March 7, 2024 Nationwide, the UK’s largest building society, has struck a preliminary agreement to acquire Virgin Money, Britain’s sixth-biggest high street bank, valuing the latter at around £2.9bn.
LSL Property Services raises expectations as mortgage market improves March 6, 2024 LSL Property Services, one of the UK’s largest providers of mortgage and valuation services, appears to be on the up following an improvement in the UK housing market.
One in five first-time buyers take out 35-year mortgages or longer amid economic turmoil March 4, 2024 Personal savings and mortgage lending were battered by inflationary pressures and higher borrowing costs last year, according to new data, amid a surge in home buyers take out loans with terms of 35 years or longer.