Can’t afford your own house? Well, shared ownership and ‘staircasing’ could be the answer to your problem according to moneyfacts.co.uk Young people today are only too well aware of the difficulty of getting that first foot on the property ladder and with prices continually rising and wages in the doldrums many people have become resigned …
More than a million Britons are struggling to pay their mortgage and another 2.6 million think their monthly payments are too high claims a new report. The report from mortgage advisor L&C Mortgages adds that over half of them (58%) have never re-mortgaged for a better deal and 2.5 million say they are being forced …
Continue reading “1.4 million Brits struggling to pay their mortgage”
Lloyds Bank is writing to more than 7,000 customers who were mis-sold ‘low risk’ investment products which turned out to be high risk. Times banking editor Katherine Griffiths says the bank may have to pay out £80 million in compensation over the sale of the products according to estimates from the bank’s own union, LTU.
Recorded losses for pension scams climbed to a record high of more than £8 million in March. City of London police said losses had rocketed up from £779,000 reported by 12 individuals in February to an amazing £8.6 million reported by 24 victims in March.
The Pensions Regulator (TPR) has issued a strong warning of ‘an unacceptable risk to consumer protection’ of new ‘micro’ pension schemes. The regulator has made tackling the ‘sub-scale’ schemes a top priority in its three year corporate plan.
The number of homeowners finding they have no way of paying off their interest only mortgage is driving a boom in the equity release market it is claimed. A new report has revealed 1 in 5 people seeking equity release on their home is doing so because they have no plan in place to pay …
Continue reading “Interest only mortgages driving equity release boom”
The Bank Of Mum & Dad has become the 10th biggest mortgage lender in the UK – putting up an estimated £6.5 billion this year. Research by Legal & General has found parents are involved in 26% of all UK property transactions as their children increasingly turn to them for help in getting their first …
Could personal contract plans for car finance soon become the new PPI? The UK’s financial watchdog is sufficiently concerned about the way the finance is being sold that they have launched a special investigation.
The biggest question in Britain’s state pension revamp is the future of the triple lock – should it stay or should it go? A recent report by former CBI director John Cridland has suggested it be scrapped because it is too expensive to maintain and, speaking at Prime Minister’s Questions, Theresa May refused to say …
A new report has warned that UK pensioner mortgage debt will hit £40 billion by 2030 – double what it is now. The study says soaring house prices, slow wage growth and crippling student loans will combine to force many people to borrow into retirement.