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A group of influential MPs is demanding changes to the UK leasehold system and is asking for an investigation into mis-selling with possible compensation.
11:24 am Mortgages
Standard Variable Rate (SVR) mortgages – the new PPI?
Financial experts are beginning to suggest that standard variable rate mortgages may take over from PPI after the claims deadline of August 29th.
Treasury to sell off remaining B&B mortgages
The Treasury are preparing to sell off the remaining Bradford & Bingley mortgages to try to recover the last portion of the £20 billion bailout cost from the financial crash of 2008.
Interest rate rises could be sooner and higher
The Bank Of England has warned that interest rate rises could come sooner and be higher than expected.
For the time being the Monetary Policy Committee (MPC) has agreed to leave the rate unchanged at 0.5%, but said that rates would need to rise ‘earlier’ and by a ‘somewhat greater extent’ than they thought at their last review in November.Read More
Interest rates rise for first time in a decade
The Bank Of England has raised interest rates for the first time in a decade and governor Mark Carney has said the banks should pass the rate rise on to savers.
Base rate has been at a record low since August 2008 when it was slashed from 5.25% to the then record low of 0.5% as an emergency measure to stimulate the economy in the aftermath of the financial crisis.Read More
Virgin pull out of Co-op Bank sale
Virgin Money has become the latest potential buyer to pull out of the Co-operative Bank sale.
Lloyds sale makes £894 million profit
Lloyds Bank has finally been re-privatised and the sale of the last few shares made them a £894 million profit on the deal.
The government sold its last block of taxpayer-owned shares nine years after Lloyds Banking Group (LBG) was bailed out with £20.3 billion for a 43.4% stake in the bank.
Government to sell another £3 billion of B&B loans
The government is lining up the sale of another £3 billion worth of Bradford & Bingley loans after selling off a massive £11.8 billion worth in April.
The sale is the latest step in the government’s plan to recoup as much money as possible from the bail-outs they were forced into at the height of the financial crisis.Read More
Blackstone and Prudential close in on Bradford & Bingley sale
Blackstone and Prudential have been named as preferred bidders for the sale of the former Bradford & Bingley £12.5 billion mortgage book.
The two firms have won out against stiff competition from a number of other prospective buyers including private equity firm Cerberus, hedge funds Car Val, Elliott and Och-Ziff and specialist mortgage bank Paragon.Read More
Barclays sued in US over ‘craptacular’ loans
Barclays is being sued by the US Department Of Justice (DOJ) over the mis-selling of $31 billion worth of mortgage-backed securities after the regulator rejected a $2 billion offer of settlement in the case.