News Archive

Mortgage market: 'improvement later this year' - 19 Jun 2008

An improvement in the mortgage market is anticipated but not until later this year, an industry body has said.The improved conditions will come only if the authorities manage to "free up the credit markets", according to a report from the Council of Mortgage Lenders (CML).Information from the body suggests the number of house purchases is running at around 40 per cent below last year's levels, while lending in May was about 20 per cent less than in the same month in 2007.CML director ... [read more]

Many homes 'using credit to meet mortgage or rent' - 19 Jun 2008

Over four million households used credit cards to help meet their housing costs in the past 12 months, according to a report.In excess of two million households are spending more than half their income on rent or mortgage payments, figures from housing charity Shelter suggest.It has called for mortgage-lenders to provide more active support to homeowners who find themselves in difficulty and to use repossession only as a last resort.The charity's chief executive Adam Sampson suggested that the ... [read more]

Fixed-rate mortgages 'cost more but remain popular' - 19 Jun 2008

The cost of fixed-rate mortgages has gone up in the last quarter, a study suggests.However, 75 per cent of new residential mortgages taken out during the same period were fixed-rate products, according to the latest data from Legal & General's Mortgage Purchase Index, based on over 24,000 mortgage applications.The survey found that 58 per cent of buy-to-let mortgages were fixed, representing a 23 per cent increase on the first quarter of the year.Director of housing at Legal & General ... [read more]

Majority not using financial advice - 18 Jun 2008

Most people have never sought financial advice, a new study suggests.One in five people claimed it is too expensive to use a financial adviser, according to the research conducted by Zurich Financial Services.Around half of people in cohabiting relationships said they have sought financial guidance - with only three out of ten single people saying they have seen a financial adviser.Tony Solomon, director of life marketing at Zurich, believes the survey reveals a "disturbing trend in ... [read more]

Brits 'look after pennies but not pounds' - 18 Jun 2008

British consumers like a bargain but are missing out on much bigger savings, a new study asserts.They are happy to re-use teabags or buy own-brand supermarket items but fail to seek out the best deal when it comes to major financial decisions, according to findings revealed today by Lloyds TSB.While 61 per cent of people admitted to visiting pound shops, only one in ten have changed their current accounts and a mere eight per cent have shopped around for the best mortgages, the research ... [read more]

Lloyds customers in line for £69m - 18 Jun 2008

Lloyds TSB will attempt to return around £69 million to customers who have accounts they no longer use.The bank says the average amount it hopes to return to affected clients is £575 - with one in ten accounts having a balance in excess of £1,000.Specialist search agency Tracesmart is tasked with tracking down the holders of approximately 120,000 savings accounts, current accounts and commercial accounts, which have been lying dormant for 15 years or more.Helen Weir, group ... [read more]

Average garden theft insurance claim is £291, study says - 17 Jun 2008

The average home insurance claim for the theft of garden property is £291, according to a study.It was the average amount Sainsbury's Home Insurance says it paid out on claims made between January 2007 and January 2008.The study also examined the value of items that were stolen from gardens, revealing that 11 per cent of stolen items were valued at between £401 and £1,000.Neil Laird, Sainsbury's home insurance manager, suggested that consumers should opt for a home insurance ... [read more]

One in five men "tight" with money, study says - 17 Jun 2008

One in five British men are careful with their money, a new study suggests.More than one in three men said they are "diligent" or "thrifty" with their finances, according to the research commissioned by Scottish Widows.When asked to name which TV soap character they most identify with in terms of their finances, frugal businessman Ian Beale from EastEnders was the most popular response.Mike Hoban, customer and brand marketing director at Scottish Widows, welcomed the news ... [read more]

Debt-ridden Brits ‘stashing cash in mattress’ - 17 Jun 2008

One in five people in debt would prefer to store their cash under a mattress rather than use traditional savings accounts, a new study suggests.However, the survey found that the majority of the overall population still prefers to store their money in traditional savings accounts.The survey, which covered 3,000 people of all ages, was commissioned by the retirement financial services company MGM Advantage.Interestingly, the research findings suggest a higher proportion of women than men favour ... [read more]

New private health plan for children - 16 Jun 2008

AXA Insurance has introduced a new private healthcare plan specifically for children.The First Healthcare scheme costs £9.99 a month and, among its benefits, offers to pay for in-patient or day-patient private hospital treatment "provided the NHS cannot see the child within six weeks of when treatment should take place".AXA states this helps to keep premiums low because it allows the NHS to take care of urgently-needed treatment while avoiding delays.Head of product management ... [read more]