UK government made £2.4bn from ‘mortgage prisoner’ loan sales, says Martin Lewis
Tens of thousands of borrowers had their loans sold on to providers at which they were unable to switch The UK government made a £2.4bn “profit” when it pushed tens of thousands of mortgage borrowers “into poverty” after selling their loans on to new lenders, the campaigner Martin Lewis has claimed. The MoneySavingExpert founder was […]
How rising interest rates sent the UK housing market into reverse
An end to ultra-low rates mean borrowers can only afford smaller mortgages BoE boss says interest rates may have peaked UK house prices fall at fastest annual rate since 2012 Since the turn of the year the news on the economy has been less bad than expected. Growth has been a bit stronger, spending in […]
UK mortgage market contracts for fifth month after Liz Truss mini-budget
Approvals at lowest since 2009 – bar during Covid lockdown – as demand for new homes continues to fall Britain’s mortgage market has contracted for a fifth month in a row, official figures show, as the jump in interest rates that followed Liz Truss’s September 2022 mini-budget continued to trigger a collapse in demand for […]
UK house prices fall at fastest annual rate since 2012
Year-on-year February 1.1% decline comes as average price of property drops to £257,406, says Nationwide BoE boss says interest rates may have peaked How rising rates sent the UK housing market into reverse Annual house price growth in the UK turned negative in February for the first time in almost three years, Nationwide data shows, […]
‘I wanted my son to have something to inherit’ – that’s why I decided to invest
For Phil Brown, after paying off his mortgage early, investing meant securing his family’s financial future Phil Brown credits an “old fashioned” approach to money for helping him accumulate enough spare cash to start investing. “I hate being in debt; I hate the cost of it,” he says, explaining his determination to pay off the […]
Co-operative Bank reportedly eyeing Sainsbury’s Bank’s £650m mortgage book
The Co-operative Bank is reportedly in play to acquire Sainsbury’s Bank’s £650 million mortgage loan book. Co-operative Bank reportedly bidding for Sainsbury’s Bank £650m loan book The Co-operative Bank is the frontrunner amid a bidding war being run by consultancy Deloitte that has seen challenger Starling Bank already drop out, Sky News reports. Sky News […]
Hopes rise that UK might avoid recession after services sector rebound
Pound edges up as stronger economic growth increases chances of further interest rate rises A rebound across the UK’s services sector in February has raised hopes that the country might avoid recession in the first half of this year. Analysts said the bigger than expected surge in business activity appeared to show that the UK […]
Co-operative bank leads race to acquire Sainsbury’s mortgage book – Sky News
The Co-operative bank is reportedly the frontrunner in the bidding process for the £650 million mortgage loan book of supermarket chain Sainsbury’s, heralding a turnaround in the fortunes of the once distressed lender.
Quarter of UK households regularly run out of money for essentials, survey says
Charities find nearly 40% of people end the month with no money, and 67% say UK government not doing enough about crisis One in four households regularly run out of money for essentials and voters do not believe the government is doing enough to help, a group of charities have said. Nearly 40% of people […]
Energy crisis stemming from Ukraine war ‘cost £1k for every UK adult’
Conflict came on top of our over-reliance on gas, says Energy and Climate Intelligence Unit The UK’s over-reliance on gas has been blamed for pushing up bills as it emerged that the energy crisis stemming from the war in Ukraine had cost the equivalent of £1,000 for every adult. A study by the Energy and […]