Latest News
Buying Is Cheaper than Renting in UK – Halifax
Recent report by Halifax revealed that taking out a mortgage in the UK is cheaper than renting.The typical mortgage payments for a 3-bedroom property in Great Britain now stands at 600 pounds, while an average rent rate is over 100 pounds more, standing at 716 pounds a month.On the opinion of Halifax experts, such a dramatic fall in the cost of... Read more
RBS to Boost Lending to Small Businesses
As the UK government and financial organisations claim that UK banks are unwilling to lend to SMEs, the Royal Bank of Scotland makes a decision to boost lending to small businesses in the remaining months of 2011.In its latest statement, the Royal Bank of Scotland (RBS) said that it will boost lending to small and medium business in the UK by at... Read more
UK Small Businesses Concerned Over Loans’ Availability
The results of a latest survey performed by BDRC Continental, UK-based independent research agency, suggest that over 30% of small and medium business in Great Britain are rejected for loans.The survey was carried among 5,000 firms; half of the respondents said they had not applied for a loan in the past 12 months as they expect to be turned... Read more
DEUTSCHE Bank Fined by FSA for Irresponsible Lending
Yesterday, on February 23rd, it was announced that DEUTSCHE Bank was fined by the Financial Services Authority (FSA) for irresponsible mortgage lending.The fine amounted to £840,000; moreover, the lender is to pay £1.5 million in compensation to borrowers.The reason for such action is poor treatment of customers in arrears by DEUTSCHE... Read more
OFT Refuses 50% of Lenders’ Applications
As the number of loans in the UK grows, the Office of Fair Trading (OFT) decided it is high time to improve the practices of so-called doorstep lenders.In the past 18 months, the organisation refused over 50% of all applications for licences and renewals sent by lenders. Moreover, the OFT sent warning letters to 50 British lenders urging them to... Read more
UK Government to Ask for Improved Loan Availability to Military
It has recently been announced that the UK Government (Prime Minister and the Treasury in particular) will ask banks to provide military personnel with improved loan availability.The state will negotiate with leading financial organisations, including banks, building societies and mortgage brokers, to find ways to improve access of members of UK... Read more
UK Loans to Consumers Fall in Q3
A recent report released by Finance and Leasing Association (FLA) suggests that loans to UK consumers fell in the third quarter of 2010 across the board.Consumer credit fell by 6%, whereas credit card loans and personal loans were down by 8% and 5% accordingly. Store card spending fell by as much as 22%. As for second-charge mortgages, they... Read more
Home Loans Approvals Fall by 2% in September – BBA
The statistics published on Monday, October 25th by the British Bankers Association suggests that the number of approvals for home loans dropped to 31,104 in September 2010. This is down from 31,781 in August of this year and below the 6-months' average.The average value of home loans also fell to £142,900, which is £600 lower than in... Read more
UK Borrowers Chased for Non-existing Loans
Help Loan, a Finland-based payday loan company that started trading in Great Britain in summer 2010, is accused of chasing debt from Brits who have not borrowed from the lender.According to estimates, around 5,000 people have been contacted by debt collectors working on behalf of Help Loan, which provides struggling Brits with fast loans of... Read more
Commercial Loans Inaccessible for UK Businesses
In its report published on October 11th, Syscap, UK-based independent financial provider, said that 38% of businesses in Great Britain found it barely possible to access bank loans.As such, only 9% of those questioned said that their ability to get a bank loan improved in the past year. This statement comes at odds with the efforts of the British... Read more