Britain’s financial watchdog is proposing new rules to help so-called mortgage prisoners to switch to a cheaper deal. An estimated 150,000 householders across the country are currently stuck on expensive high interest rate mortgages with unregulated or inactive lenders and cannot switch to a cheaper alternative because of affordability rules. Cheaper deal But now the …
Chancellor Philip Hammond has announced government funding of £3 billion for more affordable homes in his Spring Statement. He said the guarantee scheme would support the delivery of around 30,000 new homes. He went on to pledge to ‘unlock’ a further £717 million from the Housing Infrastructure Fund to allow the building of up to …
There are just days left for 38 pension master trusts to either apply for regulation or leave the market. Under new rules The Pensions Regulator (TPR) has a duty to register master trusts if they want to continue operating and ensure that savers money will be safeguarded and the firm is financially sound. Auto enrolment …
Experts are predicting that SIPPs – Self Invested Personal Pensions – are set to become the next big mis-selling scandal in the UK. An investigation team from the Money team at the Sunday Times says pension firms are facing claims for millions of pounds from thousands of consumers who invested in high risk schemes and …
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Would-be homebuyers have been warned against inflating their income as they try to secure a mortgage deal. Research by consumer champion Which? has revealed it is one of the things which can lead to a refusal and make it harder to get a loan in the future. Refused The survey found that an average 1 …
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Two British pensioners have been robbed of more than £1 million each through a series of elaborate pension scams say Action Fraud. The identities of the two individuals is being protected by police, but it is known they lost their life savings over two years to June 2018. Devastating Pauline Smith, director of Action Fraud, …
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The number of households renting from private landlords has more than doubled in the last 10 years – up by 61%. The Office for National Statistics (ONS) says the number of private rentals has risen from 2.8 million just before the financial crash in 2007-8 to 4.5 million in 2017. Increase The numbers translate into …
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The government has pledged £500 million to housing associations across Britain so they can deliver 11,000 ‘affordable’ properties by the end of 2020. The scheme was unveiled by Communities Secretary James Brokenshire who revealed that part of the plan called for 78 special rooftop homes to be built off-site and then winched onto London rooftops. …
New figures from the Halifax show that the majority mortgages in the UK are now taken out by first-time buyers and the last time that happened was 1995. The report has been compiled with data from industry body UK Finance, the Office for National Statistics (ONS) and Halifax’s resources. Increase The overall increase in first-time …
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A new report has found that a dramatic fall in the number of annuities sold could cause problems for some pensioners’ incomes as their retirement goes on. The Institute for Fiscal Studies (IFS) has warned that many people are underestimating how long they are likely to live after retirement as annuity sales plummet from 90% …
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