Britain’s Prudential Regulation Authority (PRA) says it is ‘watching like a hawk’ as a summer mortgage war continues among Britain’s lenders. PRA chief executive Sam Woods said he was becoming concerned that banks and building societies are offering ever more risky home loans as they try to attract customers ahead of a possible interest rate …
A government change to the way pension credits are paid out could mean more than 60,000 mixed age couples could lose up to £10,000 a year. Research by the Pensions Policy Institute (PPI) has revealed that the income for mixed age couples on low incomes could be slashed by up to 45%. Pension credits Pension …
Continue reading “Mixed age couples could lose £10,000 a year in pension credits”
The Competition and Markets Authority (CMA) is to investigate the sale of leasehold properties amid growing fears that unsuspecting homeowners have been ‘locked in’ to agreements which expose them to demands for extortionate charges. It is to probe the circumstances surrounding the sale of new properties which included unfair terms, excessive fees and inadequate information …
New rules proposed by the Financial Conduct Authority (FCA) could mean cheaper loans being recommended to mortgage hunters. As part of their Mortgages Market Study, the regulator has asked mortgage advisors to tell their clients why the cheapest available deal has not been recommended to them. In a statement it said: “Where a mortgage adviser …
Ten million people have now been auto-enrolled in a workplace pension since the scheme started in October 2012. The government initiative was introduced to encourage people to start saving for their retirement at an early age. Previously it had been up to the employee to decide whether or not to start a pension, but the …
Continue reading “Ten million now auto-enrolled in workplace pensions”
A new bill, designed to set mortgage prisoners free, has been presented to the House Of Commons by Tory MP Charlie Elphicke. Presented as a 10 minute rule bill, it is seen as the first step to releasing more than 200,000 consumers who have been trapped for years in high rate mortgages because they are …
Continue reading “Mortgage prisoners could soon be set free”
Increasing numbers of mortgage borrowers are electing to go for a 40 year mortgage term instead of the traditional 25 – but is it a good or bad idea? Latest figures show the cost of buying your own home is cheaper in the long run than renting and, of course, you have a very valuable …
Continue reading “Are 40 year mortgages a good or bad idea?”
More than half the mortgage products available in the UK can now be taken out for 40 years instead of the historic lifespan of 25 years. The financial website Moneyfacts says 51% of all mortgages are now offered over 40 years, up from just 37% five years ago. Affordable It blames higher house prices for …
In a move seen to protect vulnerable tenants from unethical landlords, the government has announced plans to ban ‘no fault’ evictions. Under the plans, private landlords will no longer be able to evict tenants at short notice without good reason. Terminate Using the current Section 21 system, a landlord can terminate a tenancy with as …
New research has revealed that first-time buyers need to save for 10 years before being able to buy their first home. If a single would-be homeowner can’t rely on help from the Bank Of Mum & Dad, research by Hamptons estate agents reveals it could take them a whole decade to save enough for a …