Mortgage lending hits 2008 levels even before Help to Buy extension September 30, 2013 THE HOUSING market had begun picking up steam even before the government rushed forward the next stage of its Help to Buy scheme, Bank of England figures showed yesterday. In August, when lenders still believed that the latest set of mortgage guarantees would not be available until January, the number of mortgages approved rose to [...]
Cameron puts European rights law on notice September 29, 2013 DAVID Cameron yesterday indicated that he is ready to pledge to abolish the Human Rights Act in the Conservatives’ manifesto for the 2015 general election. The Prime Minister said he would do “whatever that takes” to ensure Britain can deport foreign criminals that the government believes pose a threat to national security, including replacing the [...]
Help to Buy isn’t the answer to the Conservative predicament September 29, 2013 WITH just 20 months to go before the general election, the Tories need to get their skates on. While many London-centric, private sector employed middle class professionals see Ed Miliband as an unelectable joke, the rest of the country disagrees. YouGov puts Labour 11 points ahead, suggesting a 100 seat majority for Miliband’s party, partly [...]
Borrowers set for small cut in interest rates September 29, 2013 MORTGAGE borrowers who use the government’s new guarantee scheme could see interest rates fall by up to one percentage point, City A.M. understands. Banks lending under the scheme will have to pay the government a fee for each mortgage given out, a cost that will be passed on to borrowers. But the fee will only [...]
London Report: UK data to show the economy in healthier state September 29, 2013 EXPECTED improvements in the purchasing managers’ index (PMI) data for manufacturing, construction and services this week should all point to further signs of the UK’s economic growth. “The purchasing managers’ surveys are expected to show further robust growth in September across the services, manufacturing and construction sectors which would bode well for hopes that GDP [...]
Osborne could finally be seeing sense over Help to Buy September 27, 2013 Analysts have welcomed reports that Osborne's Help to Buy mortgage backing scheme could be watered down, as data this morning shows house prices hitting a 2008 high. It was reported in City A.M. today that the programme's upper limit – providing mortgage support for homes worth as much as £600,000 could be reduced on recommendation [...]
Watchdog fines Clydesdale for account mix-up September 26, 2013 CLYDESDALE Bank is paying £42m in a fine and compensation to customers after a mix-up in the amount it charged more than 40,000 mortgage clients. The Financial Conduct Authority (FCA) fined Clydesdale, owned by National Australia Bank, £8.9m for the error, which dated back several years. Clydesdale discovered in April 2009 it had miscalculated the [...]
Regulator fines Clydesdale for botched mortgages September 26, 2013 Clydesdale Bank has been fined £8.9 million for failing to treat its mortgage customers fairly. The Financial conduct Authority (FCA) issued the fine after customers were not informed clearly their rights following the bank's miscalculation of repayments on over 42,500 mortgages. In April 2009, Clydesdale discovered an error in its repayment calculation method for customers [...]
What the other papers say this morning – 26 September 2013 September 25, 2013 FINANCIAL TIMES Nokia asked Elop to give back €18m Nokia’s chairman asked Stephen Elop, the Finnish group’s former chief executive, if he would forgo part or all of his €18.8m pay-off several days ago as the furore over it grew. People close to Nokia said that as pressure mounted over the weekend from Finnish politicians, [...]
Top regulator to keep its eye on hedgie rate risk September 25, 2013 THE BANK of England’s new superregulator will keep a close eye on potential vulnerabilities at hedge funds and in the UK housing market, it said yesterday, despite playing down the risk of a housing bubble. Hedge funds may be particularly vulnerable to sharp upward movements in long-term interest rates, the Bank’s financial policy committee (FPC) [...]