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Nearly 6,000 PPI claims totally bogus
22 May 2012 at 1:27am
Nearly 6,000 claims last year to the Financial Ombudsman for mise-selling of Payment Protection Insurance were bogus. They were from people who had never had a PPI policy.
Most of the bogus claims were submitted by claims management companies.
The false complaints made up less than 4% of the PPI claims received,...
Buy-to-let fund Hearthstone gets go-ahead from FSA
22 May 2012 at 12:42am
Hearthstone Investments, the buy-to-let fund quarter-owned by the estate agency chain Connells, is to launch this summer after receiving FSA approval.
The UK’s first regulated residential property fund, it will give investors with as little as £1,000 access to the residential property market without having to directly own any property themselves.
Although...
Mortgage lending falls 19% after Stamp Duty break ends
22 May 2012 at 12:41am
Gross mortgage lending tumbled by 19% in April, its downward trajectory propelled by the ending of the first-time buyers’ Stamp Duty holiday.
Lending fell from £12.6bn in March to an estimated £10.2bn in April, says the Council of Mortgage Lenders, which warned that worse could follow if the eurozone crisis deepens.
CML...
Building Societies Association launches hub for social housing
22 May 2012 at 12:40am
The Building Societies Association, together with Nationwide, has launched a shared home ownership website called The Housing Hub to bring together lenders and housing associations.
It was launched at the Commons at an event hosted by MP Clive Betts.
The Hub’s aim is to promote information sharing about alternative home ownership models,...
Sesame does five year deal with Mortgage Brain
22 May 2012 at 12:39am
Sesame Bankhall Group has done a long-term deal with Mortgage Brain.
As a result, the All New MortgageBrain sourcing and Key point-of-sale systems will be available to members of the AR network for the next five years.
John Cupis, managing director for mortgages at Sesame, said: “Sesame has a strong commitment to...
Young couples feel 'stuck' renting
22 May 2012 at 12:37am
A discount search website which noticed an increasing number of searches for mortgages requiring 5% deposits was prompted to do research among its younger users.
MyVoucherCodes found as a result that most young co-habiting couples feel stuck in rental accommodation, spending an average of £6,900 a year on rent.
A total of...
Asking prices stay flat as market loses momentum
21 May 2012 at 12:46am
Asking prices of properties new to the market have not risen in May – and this is the first time in a decade that this has happened.
Rightmove says it is unique in the ten years that it has been in existence that new sellers in May have not raised their...
NewBuy mortgage 25% more expensive than renting
21 May 2012 at 12:45am
The cost of a NewBuy mortgage is 25% more expensive than the cost of renting.
A new research paper from the property analyst firm Hometrack, says that the repayment costs are higher than those of an equity scheme such as FirstBuy, as well as being more expensive nationwide than renting.
Richard Donnell,...
New insurance launches to protect against planning breaches
21 May 2012 at 12:44am
A new insurance policy has been launched to protect home buyers and owners from breaches of planning regulations that may have been committed in the past without their knowledge.
The initiative, by First Title, comes in the wake of the Localism Act 2011, which has created new powers for enforcement...
House building falls as funding dries up
21 May 2012 at 12:43am
Building of new housing has fallen sharply this year. According to the Office for National Statistics, there were 24,140 house-building starts in the first quarter, down 11% on the previous quarter.
Private house-building starts were 8% lower and social housing starts were 21% lower.
Simon Rubinsohn, RICS chief economist, said: “The data...
Ex-Countrywide boss Hill snaps up conveyancing firm
21 May 2012 at 12:41am
Former Countrywide boss Harry Hill’s company In-Deed has bought one of the country’s top ten firms of licensed conveyancers for up to £4m after admitting that it had failed to make headway in its original ambitions.
It had originally hoped to cut out introducers, such as estate agents, and deal with...
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...
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