Brexit uncertainty putting off first-time buyers

Brexit uncertainty putting off first-time buyers

Uncertainty about the effect of Brexit on the housing market is putting off first-time buyers claims a new report. Financial services provider One Family says would-be home owners are postponing their purchase in the belief that house prices will drop following the UK’s departure from the European Union at the end of March. Price growth …

Pension mis-selling payouts doubled says regulator

Pension mis-selling payouts doubled says regulator

Concern is growing about an unfolding mis-selling scandal in pensions advice as compensation for successful claims has doubled between 2016 and 2018. Pensions expert Josephine Cumbo said payouts have been made to savers who were wrongly advised to give up ‘gold-plated’ company schemes. Problems She added that 19 firms have quit the pension transfer advice …

FTB mortgages at the highest in more than a decade

FTB mortgages at the highest in more than a decade

First-time buyer mortgage approvals have hit their highest level in more than a decade according to figures published by Yorkshire Building Society. Using data from UK Finance, the Yorkshire estimates 367,038 new mortgages were taken out in 2018 – the highest number since 2006. Almost double The number exceeded the 2007 figure of 359,000 and …

FCA probes SIPPs

FCA probes SIPPs

The Financial Conduct Authority (FCA) has started a probe into the advice given to savers with self-invested personal pensions (SIPPs) following high profile court cases against providers Berkeley Burke and Carey Pensions. In a letter the regulator has asked them for information about their business activities and their expectation of the way the providers handle …

Lenders offering ‘irresponsible’ super-size mortgages

Lenders offering ‘irresponsible’ super-size mortgages

As Britain’s house prices continue to soar it has emerged that some lenders are offering mortgages for up to six times buyers’ salaries – a level branded ‘irresponsible’ and ‘alarming’ just before the housing crash of 2008. Top financial journalist Louise Eccles said: “First-time buyers are saddling themselves with record levels of debt as banks …