Relief for mortgage prisoners: Six banks to begin lending on flats with unsafe cladding December 20, 2022 A handful of the country’s biggest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for people trapped in unsellable properties. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster, when 72 people were killed in a fire at a high-rise block in [...]
Blockchains are changing the way you buy your home December 19, 2022 Blockchains are changing the way you buy your home – blockchain technology has already been successfully used for a number of years in Australia by a company called PEXA, which has recorded over 11million property transactions. The same firm has recently set its sights on the UK to revolutionise the way that mortgages are handled [...]
Liz Truss, Bill Hwang and Elon Musk: The 2022 awards you don’t want to win December 18, 2022 We started the year with Boris Johnson in Downing Street and optimism for a Covid-19 rebound. It didn’t quite turn out that way – and here’s our pick of the best of the best (or worst of the worst) of 2022… THE MUM OF THE YEAR AWARD This year hasn’t been smooth sailing for e-commerce retail [...]
Buy-to-let landlords in shock as mortgages skyrocket by record 286 per cent December 6, 2022 Buy-to-let landlords are facing a tougher time securing finance due to a significant reduction in product choice and rising mortgage rates, it has emerged. The debate around rising mortgage rates has so far been centred around the strife facing homeowners and families, but it’s also had an impact on buy-to-let landlords, to the detriment of [...]
Truss budget fallout will drag on growth, LendInvest warns November 30, 2022 Property fintech LendInvest has warned that the fallout of Liz Truss’s disastrous mini-budget in September will drag on growth in the second half of the year, as borrowing slows amid sharp interest rate hikes.
Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
Crypto collapse: FTX launches review of assets and seeks court relief to pay key vendors November 21, 2022 Collapsed crypto exchange FTX said it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some of its businesses, just a week after it filed for bankruptcy. FTX said the review of its global assets would “begin to maximize recoverable value for stakeholders”. In a filing this [...]
FTX’s new bankruptcy boss slams ‘complete failure of corporate controls’ November 17, 2022 The new chief of collapsed crypto exchange FTX has slammed a “complete failure of corporate controls” and “absence of trustworthy financial information” at the firm, in court filings published today.
Co-operative Bank eyes acquisitions as profits top £103m November 10, 2022 The Co-operative Bank said it was eyeing up potential acquisitions today after it posted a 75 per cent surge in pre-tax profit to £103.1m in the first nine months of the year. The high street lender said profits had more than tripled from £29m on the same period last year as it became the latest [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]