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Call for Government to introduce lending targets as euro crisis worsens
18 May 2012 at 12:51am
Countrywide, the UK’s largest estate agent and mortgage broker, has called for the Government to introduce mortgage lending targets. The call, by financial services director Nigel Stockton, follows warnings from the Bank of England that mortgage rates are set to rise. The Eurozone crisis is one factor, helping to drive up costs...
Agent slapped for suggesting money better in property than a bank
18 May 2012 at 12:47am
An advert which suggested that people would do better to put their money into bricks and mortar than keep it in the bank has landed an estate agent in trouble. Aldermartin Baines & Cuthbert, of Bushey Heath, Hertfordshire, ran the advert on radio after getting clearance from the Commercial Radio Companies...
Just five sales so far under NewBuy scheme
18 May 2012 at 12:45am
Just five homes have been sold between six of the UK’s biggest house builders under the Government’s flagship NewBuy scheme. However, house builders remain upbeat, claiming that 400 sales are in the pipeline. The scheme was launched two months ago and allows first-time buyers and home movers to buy a new-build...
Banks set to lose millions on failed bridging firm
18 May 2012 at 12:44am
The banking syndicate led by Royal Bank of Scotland which financed asset lender Davenham Group stands to lose up to £46.8m. Davenham went into administration last autumn, and now a statement of affairs from its former directors shows that although the company owed its backers £69m at the time, only around...
Clydesdale and Yorkshire remove fees for FTBs
18 May 2012 at 12:43am
Clydesdale and Yorkshire Banks have launched new offers for first-time buyers. They have removed their £599 fees altogether from three-year fixes for 95% and 90% FTB deals, and cut rates from 6.19% to 5.99% and from 5.49% to 4.99% respectively.  The deals now have no fees attached to them. ...
Move by Google hits financial comparison website
17 May 2012 at 12:41am
Google’s decision to launch a financial comparison service through its search engine is being watched warily by existing sites. Shares in Moneysupermarket have been hit to the tune of about 10%, with a warning by analysts Numis Securities, which downgraded Moneysupermarket stock from ‘hold’ to ‘sell’. Numis Securities says about two-thirds...
Lending to FTBs soars 74% but 'violent' falls ahead
17 May 2012 at 12:39am
Lending to first-time buyers rocketed 74% in March as the ending of the Stamp Duty holiday loomed. In March, first-time buyers took out 24,000 loans, says the Council of Mortgage Lenders. This was not only 74% higher than February, but 57% higher than in March the year before. First-time buyers in March...
HSBC in U-turn over conveyancing row
17 May 2012 at 12:38am
HSBC has largely climbed down over its decision to restrict its choice of conveyancers, following widespread protests and complaints – plus a petition to the Government with over 2,000 signatures. However, with up to 4,000 law and conveyancing firms still excluded by HSBC, it remains to be seen whether the bank has...
Adviser jailed after conning client
17 May 2012 at 12:37am
An adviser who conned a widow out of £105,000 to help pay off his debts and set up a new mortgage firm has been given a 32-month jail sentence. Anthony Gough, 56, who had worked in the finance industry over 30 years, originally offered advice in life investments through his company,...
Angry advisers hit out at FSA over string of staff departures
16 May 2012 at 12:40am
An independent wealth management firm has hit out at the FSA, saying that it should be setting a better example. Addidi Wealth says that high-profile members of the FSA who have left, or are leaving, the regulator should be held to account. Meanwhile, another leading IFA has separately told the Treasury Select...
Banking on the move ? new app promises change
16 May 2012 at 12:39am
A new mobile phone app has been developed for banks and building societies which enables customers to use their mobiles to access their accounts and transfer money from one account to another. The app, from iState Systems, also allows customers to access up-to-date product information and send information and documents. This means...
FSA stings Swiss bank with fines over money laundering
16 May 2012 at 12:38am
The FSA has fined a bank and its former money laundering reporting officer over failing to take reasonable care, over a three-year period, to establish and maintain adequate anti-money laundering controls. The bank, Habib, is a privately owned Swiss bank with 12 UK branches and around 15,500 customers – almost half...
Appeals to lenders to support self-build projects
16 May 2012 at 12:37am
Housing minister Grant Shapps has launched a £30m fund to provide short-term finance for self-builders. He will also be writing to mainstream lenders asking them to provide finance for self-build projects. Shapps’ actions come after he and self-build champion Kevin McCloud went on a fact-finding trip in the Netherlands. Their visit took...
Association of Short Term Lenders swells its ranks
16 May 2012 at 12:35am
The Association of Short Term Lenders has a new associate member, NCI, bringing the total number to 20. NCI is a provider of field services to the short-term lending industry. Short-term lenders use NCI to check out loan applicants before granting them a loan and then commission them to contact the borrower towards...
Mortgage lending will hit new low this year, says MAB boss
15 May 2012 at 12:57am
Mortgage lending this year will fall to a new low, the head of Mortgage Advice Bureau has said. CEO Peter Brodnicki estimates that the total mortgage market in 2012 will be £125bn. He said: “We have not been that low before, but with Santander announcing that it will be lending £10bn...
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