The number of new buyers seeking 30 year + mortgages has more than doubled in the last year as they strive to keep repayments low before interest rates start to rise.
The traditional British mortgage term is 25 years, but buyers are becoming increasingly concerned to make sure their repayments are affordable even after the expected rise in interest rates predicted for early next year.Read More
A new mis-selling scandal could cost the UK’s banks millions of pounds after a redress scheme was agreed between the banks, credit card companies and insurance provider Affinion International.
An estimated 2 million card holders who were sold unnecessary card protection for fraudulent use of stolen or lost cards can now claim compensation for the useless cover which cost up to £25 a year.Read More
The Co-operative Bank has almost tripled its losses for the first half of the year – from £77 million in 2014 to £204 million this year – and says it could be another two years before it is back in the black.
The bank has been under siege since nearly going under two years ago when it had to be rescued by a consortium of investors after a £1.5 million ‘black hole’ was discovered in its balance sheet.Read More
The troubled Co-op Bank has dodged a possible £120 million fine for the failings which led up to its virtual collapse in 2013 after a £1.5 billion ‘black hole’ was found in its balance sheet.
The bank has been under intense scrutiny from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for the last two years after it had to be rescued by a consortium of investors led by American hedge funds. The Co-operative parent company now owns just 20% of the bank.Read More
Three of Britain’s top banks are involved in a £1.3 billion settlement of the FOREX rigging scandal.
The troubled Clydesdale/Yorkshire Bank has been given another £420 million by its Australian parent company to pay future successful PPI claims.
National Australia Bank (NAB) which owns the two British banks has also made a further £80 million available to pay compensation for mis-sold interest rate hedging products.Read More
Angry consumer groups are demanding that the UK financial regulator does not cave in to pressure from the banks to impose a deadline on future PPI claims.
Martin Lewis of moneysayingexpert.com and Richard Lloyd of Which? have written a joint letter to Tracey McDermott, acting chief executive of the Financial Conduct Authority (FCA), with a last ditch plea to prevent the deadline being agreed.Read More
Borrowers are being warned to fix their mortgage rates as soon as possible as Britain’s top lenders start to drop their best low rate deals ahead of the expected rise in interest rates.
Barclays, Santander and Yorkshire Building Society have all increased their rates and pulled cheap deals which will add hundreds of pounds to the cost of new loans.Read More
Former NHS project manager Froach MacLean took four years to decide whether or not she would try to make a claim for PPI because she wasn’t sure whether it had been attached to any of her agreements.
“I was undecided whether or not to do it,” she said. “Then I saw the Gladstone Brookes advert on the TV and decided to go for it.Read More
Adrian Derbyshire presents our cheque for £802 to Warrington Disability Partnership Chief Executive Dave Thompson with Community Engagement and Fund Raising Officer Janis Williams (left) and Deputy Chief Executive Derek Jones (right)
Gladstone Brookes charity of the month for July was the Warrington Disability Partnership – a local charity which actively promotes independent living for anyone with disabilities.
They are a voluntary organisation, run predominantly by disabled people, which also assists service providers by advising on providing the best quality service for disabled people and their families. They offer access audits and awareness training, plus a range of other services tailored to the needs of the organisation involved.Read More
