Author Archives: gareth
PPI on course to become biggest consumer financial scandal of all time
HSBC has set aside a further £340m to fund payment protection insurance (PPI) compensation claims, bringing total PPI provisions across UK banks to a staggering £10bn. Last week Lloyds increased the amount set aside for PPI claims to £4.3bn, while RBS …
Posted in Regulation
Tagged payment protection insurance, Peter Vicary-Smith, PPI, Which?
Leave a comment
Land Registry reduces fees by 10 per cent
Efficiency savings made over the last five years by Land Registry, the government department responsible for registering land in England and Wales, mean customers will soon benefit from lower fees. Fees will be reduced by an average of ten per …
Spotlight: Sharia Finance
What is Islamic Finance? The basis for all Islamic finance lies in the principles of the Sharia, or Islamic Law, which is taken from the Qur’an and from the example of Prophet Muhammad (peace be upon him). The …
HSBC’s Retail Bank in the UK announces strong lending growth
Key commercial banking figures: · HSBC provided £15.1 billion of gross new lending to UK businesses, an increase of circa 5% (£700m) compared to the same period for 2011. · £6.3 billion of gross new lending was provided …
Lending by mutuals grows strongly in the first half of 2012
In the first half of 2012 gross mortgage lending by building societies and other mutuals was £14.1 billion, which is up 38% compared to the £10.2 billion in the same period in 2011. Lending rose 28% to £2.7 billion …
Posted in Mortgages
Tagged Building Societies Association, Mortgages, Paul Broadhead
Leave a comment
June Market Trend Data from Land Registry
June house prices up 0.1 per cent since May: average house price in England and Wales now £161,777 South East tops the table of regional applications with 222,280 in June Over 50,000 residential property sale prices in England and Wales …
FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which will continue to provide important reassurance to consumers but could reduce the likelihood of interim levies and offer firms more …
Renty-somethings struggle to get on the ladder
Over a third of potential buyers are trapped in rented accommodation as they cannot afford to access the property market, with many seeing their purchases fall through due to difficulties with mortgage finance. 38 percent of potential first time …
Posted in Mortgages
Tagged first time buyers, NewBuy Scheme, Peter Bolton King, RICS
Leave a comment
Aldermore leaps up the CML lending table
British challenger bank Aldermore has gained ground in the mortgage market, according to the Council of Mortgage Lenders’ (CML) gross lending statistics announced yesterday. CML data for 2011 reveals Aldermore has leapt up from 24th to joint 17th in …
Connect Overseas launches online foreign mortgage sourcing system for brokers
Connect Overseas, the international mortgage specialist, is today launching a pioneering new online service for mortgage brokers that allows them to source and apply for international mortgages direct with the mortgage provider and get paid 100% of the commission. …