28/12/2007

House prices fall by 0.5% in December

House prices fell by 0.5% in December, the second consecutive monthly decline
The average price of a UK property is £8,334 higher than a year ago
Rate cuts will help but are unlikely to re-ignite the housing market as in 2005

Headlines	December 2007	November 2007
Monthly index * Q1 '93 = 100	366.4	368.2
Monthly change*	-0.5%	-0.8%
Annual change	4.8%	6.9%
Average price	£182,080	£184,099

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“UK house prices fell by a seasonally adjusted 0.5% in December, recording their second consecutive month-on-month fall. The annual rate of house price inflation fell to 4.8%, compared to 6.9% in November and 10.5% in December 2006. The average price of a UK property rose by £8,334 over the last 12 months, leaving it at £182,080 at the end of 2007. The three-month on three-month rate of growth – a smoother indicator of house price trends – fell from 1.4% in November to 0.9% in December, the lowest since November 2005.

Base rate update – two weeks on from the base rate cut of 0.25%

Julia Harris, analyst at Moneyfacts.co.uk – the leading independent financial comparison site, comments on the changes in the mortgage and savings market two weeks on from the base rate cut of 0.25% on 6 December.

Investments and pension feeling the winter blues

With the end of another year rapidly approaching, now is an ideal time to reflect upon the key financial events of the past twelve months and what 2007 has meant for consumers. For most savers and investors 2007 has proved to be another challenging year.

It’s not too early to be planning for next Christmas

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, explains the advantages and catches of regular savings accounts.

“With only two weeks before Christmas, still frantically shopping for presents and preparing for the festivities most of us have probably realised that we should have prepared earlier for Christmas this year. With a significant strain put on our wallets, it may not be a festive time for our finances. So why not think ahead and get prepared for Christmas 2008, so at least next year your finances will be prepared even if you are not.

Moneyfacts.co.uk comments on the base rate reduction to 5.50%

Andrew Hagger of moneyfacts.co.uk comments:

"Whilst a base rate reduction in December last occurred some nine years ago, it will come as welcome relief to individuals and companies who have had to shoulder a steadily increasing interest burden since the first of five consecutive rate rises in August 2006.

Savers benefit from the liquidity crisis as fixed rates rise again

Andrew Hagger, Head of News and Press at Moneyfacts.co.uk, the money search engine comments on the recent increase in short-term savings rates.

It seems that some institutions had almost pre-empted the recommendations issued by the FSA yesterday and are already assessing their funding and liquidity positions. As a result they are already attempting to bring in more funds through deposits.

Sub prime mortgages continue to vanish – where will it end?

Latest research from Moneyfacts.co.uk reveals two thirds of sub prime products have vanished in the last six months. The credit crunch has virtually destroyed the sub prime buy to let market and made a significant dent in the residential market too.

Julia Harris, analyst at Moneyfacts.co.uk - the leading independent financial comparison site, comments:

30/11/2007

Lisa Taylor, analyst at Moneyfacts.co.uk - the leading independent financial comparison site, comments:

“The increases to Northern Rock’s leading savings products today, including taking the top spot in the over 50s best buy charts with its Silver Saver Online, are a clear sign they are keen to win back some much needed savings balances. With so many competitive savings products available, it will be interesting to see if these latest rate rises are sufficient enough to lure savers back to Northern Rock.

Current accounts – long-term relationships won with short term deals.

Esther James, personal finance expert at Moneyfacts.co.uk – the leading independent financial comparison site, comments:

“Choosing to switch current accounts is not a decision many of us take lightly, as even with the best switching service it takes time and effort. With the transfers of direct debit, salary and other payment instructions to be taken care of, it’s usually takes at least a few weeks before your new account will be fully operational.

Moneyfacts.co.uk – weekly product update

Personal loan market shrinks 10% in November
Blink and you may have missed it – Coventry withdraws its Online Saver Account
125% mortgages - not quite what they seem

House prices fall by 0.8% in November

House prices fell by 0.8% in November, bringing the annual rate of increase down to 6.9%
Sentiment in the market has weakened, but can be volatile
Uncertainties remain, but underlying fundamentals continue to be supportive
Introduction of final phase of HIPs may reduce available housing supply in the short term

Headlines	November 2007	October 2007
Monthly index * Q1 '93 = 100	369.0	371.9
Monthly change*	-0.8%	1.1%
Annual change	6.9%	9.7%
Average price	£184,099	£186,044

* seasonally adjusted

Double the trouble from mortgage fees

Latest Moneyfacts.co.uk research reveals the average mortgage arrangement fee has almost doubled during the last 2 years. Figures from November 2005 showed an average flat arrangement fee at £441. Today it stands at £827, with a massive 9% of prime deals now charging a percentage fee.

Equity release widens its market

Most other lending areas are tightening their belts, with stricter conditions, restricted availability and in some cases inflated rates, it is surprising to see the equity release sector beginning to broaden its horizons by way of lowering minimum ages and increasing maximum loan to values.

Moneyfacts.co.uk – weekly product update 21/11/2007

Innovation from the Halifax
West Bromwich BS raises the savings bar – but not without a catch

It’s not all good news for savers

Halifax has announced today that it is reducing its core savings rates by up to 0.25%. Rachel Thrussell Head of Savings at Moneyfacts.co.uk the leading independent financial comparison site comments:

“Whilst we have seen the launch of some competitively priced savings products this week, Halifax has bucked the trend by cutting rates on its core range. It is uncommon to see a provider reduce their rates in a period of base rate stability.

House price growth to pause for breath in 2008

Economic tailwinds are turning into headwinds, and house price inflation is expected to drop from the current rate of 9.7% to 0% by this time next year
A slower economy, stretched affordability, tighter credit conditions and lower buy-to-let demand will all take a bite out of house price inflation
Interest rate cuts and tight supply will provide some support to price growth, but are unlikely to prevent a significant slowdown
Scotland is forecast to have the strongest house price growth in 2008, while prices in Northern Ireland are forecast to fall somewhat from dizzying heights

Moneyfacts.co.uk – weekly product update

ASDA enters the savings market
Co-operative Bank relaunches it’s 25-year fixed rate deal
Northern Rock tightens loan criteria

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15/11/2007

Standard Life Bank increases its SVR

Today Standard Life Bank announced its standard variable rate would increase by 0.15% to 7.46% or 7.66% depending on the loan to value of the mortgage. Julia Harris mortgage expert at Moneyfacts.co.uk, the leading independent financial comparison site comments:

“It is very rare to see a lender increase its standard variable rate outside a base rate change. It could very well be the first sign that the mainstream ‘prime’ mortgage is feeling the pinch of the credit crisis.

Spend and save to support your charity

With Children in Need dominating our TV screens over the coming weekend, we may be considering the best ways to give to our chosen charity. By using one of the growing numbers of charity savings accounts or credit cards we can donate every day as part of our everyday banking.

Moneyfacts.co.uk – weekly product update 07/11/2007

More loan providers back out of the market
Abbey current account tops takes the top spot
Self certification borrowers feeling the pinch

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Credit crunch causes credit card chaos

In the last two months, no less than 125 fee and rate increases have hit the credit card market, research from Moneyfacts.co.uk reveals.

A survey carried out by Moneyfacts.co.uk reveals in the last two months credit cards have been hit hard by rising charges, in particular cash withdrawal fees and rates,

69 cards have seen increased cash withdrawal fees
25 cards now face higher cash withdrawal rates
18 cards have been hit by higher foreign usage charges
10 cards have higher balance transfer fees
3 cards have increased purchase rates

and many cards would have suffered a combination of these rises.

House prices remain stubbornly robust despite weakening demand

House prices rose strongly in October, but underlying market activity is clearly slowing
Although demand is weakening, existing homeowners appear in no rush to sell
New buy-to-let landlords will need a long investment horizon to realise good returns

Headlines	October 2007	September 2007
Monthly index * Q1 '93 = 100	372.7	368.7
Monthly change*	1.1%	0.7%
Annual change	9.7%	9.0%
Average price	£186,044	£184,723

>Read more

31/10/2007

Size doesn’t matter….. when it comes to choosing the best mortgage

70% of the top 250 mortgages available today are offered by building societies, research from Moneyfacts.co.uk reveals.

A survey carried out by Moneyfacts.co.uk covering the whole mortgage market, including fixed, discounted and variable rates over various time periods has shown that those looking for a mortgage today may well be better off going to a building society than to one of the larger banks or mortgage lenders.

Bonus bonanza on savings

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the leading independent financial comparison site, comments:

“Unusually the last two months has seen a boom in the variable rate savings market, with rates rising and new accounts are being launched to top the charts. Within a period of base rate stability it’s almost unheard of for providers to offer increased rates to their savers. The savings market is booming, and with rates to be found at 0.75% above base, it’s a great time for savers to review their accounts.

Let the credit card cashback battle commence!

American Express has raised the bar in the cashback market, offering an impressive offer to challenge the current market leaders Capital One. Michelle Slade, analyst at Moneyfacts.co.uk - the leading independent financial comparison site comments:

New current account from Alliance & Leicester receives the thumbs up from Moneyfacts.co.uk

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk - the leading independent financial comparison site, comments on the launch of the new Premier 50 Current Account from Alliance & Leicester:

“It’s an all round impressive account, suited to its market and unrivalled in many of its features.

“Paying a market leading credit interest rate for the first year, and sustaining a competitive rate thereafter makes this a great account for the longer term too. 7% AER (up to £2.5K) is better than any standard variable savings rate in the market today. But for those who do slip into the red, the same market leading overdraft structure also applies.

Consumers should tread carefully over cash back deals for life cover

Consumers looking for life assurance to protect their loved ones are being urged to assess the full cost of cover over the term of the policy when selecting the best deal.

Moneyfacts.co.uk – weekly product update

A five star product from the Co-operative Bank
Barclays bucks the trend
Graduate loans on the increase

Moneyfacts.co.uk – weekly product update 17/10/2007

Paying mortgage with your credit card is not the solution
&More credit card sees rising rates and falling deal terms
Accounts for Rugby supporters

Where have all the mortgages gone? – 40% less products available than three months ago

Julia Harris, Mortgage Expert at Moneyfacts.co.uk – the leading independent financial comparison site, comments:

“The mortgage market saw an extremely buoyant start to 2007, both in terms of the number of products to choose from – growing 22% in the first six month, but also as new lenders had recently entered the market and existing players explored new lending areas. But since its peak in July, products have been flying off the shelves.

Offshore savings rates regain some appeal – but are your savings safe!

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk - the leading independent financial comparison site, comments:

“In the wake of the onshore savings rate war, first in the fixed rate market and subsequently with variable rate products, the offshore market has stolen the march in the last week, offering rates to win the battle hands down.

Variable and fixed rate mortgages at the same price – that can’t be right!

Julia Harris, Mortgage Expert at Moneyfacts.co.uk - the leading independent financial comparison site, comments:

“The sub prime sector continues to see most of the action in the mortgage market, with still rising rates and tightening credit criteria. By comparison the prime mortgage market, albeit slowly, is reacting to the stable base rate and falling swap rates, bringing the market into an unusual equilibrium whereby fixed and variable deals are priced similarly.

How to profit from Christmas spending

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk - the leading independent financial comparison site comments:

“Believe it or not there are only 10 weeks before Christmas. Looking round the shops, even now, you can see the decorations starting to dominate the floor. Shops are ready for the festive season, so why not prepare your own finances too? By making the most of the credit card deals available, you could even profit from your Christmas spending.

No guarantee in a savings rate guarantee

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the leading independent finance comparison site, comments:

“While the lending markets may still be sitting under a cloud as a result of the credit crunch, there has been a far sunnier outlook for savers over the past few weeks. With competition hotting up, rates rising and new accounts being launched, it’s a perfect time to bag yourself a great savings deal while you still can.

Moneyfacts.co.uk names the most consistent savings accounts.

Andrew Hagger, Head of news and press at Moneyfacts.co.uk comments:

“Many people don’t have the time or inclination to switch their savings from one best buy account to another, even though new institutions and accounts continually appear. If you fall into that category and you want a good home for your nest egg then Moneyfacts.co.uk has the answer.

Moneyfacts.co.uk – weekly product update 11/10/2007

Lloyds TSB credit interest gets better then much worse!
Out of the spotlight and the fees increase

>Read more

03/10/2007

Beware of the debt that can outlive you!

Lisa Taylor, analyst at Moneyfacts.co.uk – the leading independent financial comparison site, comments:

“During the last generation, we have moved from an era where credit was hard to come by, where people saved up to make large purchases and where many more people lived within their means, to now where we see credit being used by many as an essential tool to meet day to day living and to make those more expensive purchases.

>Read more

03/10/2007

Moneyfacts.co.uk – weekly product update 03/10/2007

Northern Rock axes over two thirds of its mortgage range
Fixed rates savings: the gap between the best and the rest widens
Over 50s savers receive a boost
Halifax turns a pale shade of green

Personal loan rates take a battering

Lisa Taylor, analyst at Moneyfacts.co.uk – the leading independent financial comparison site, comments:

“This week loan rates have taken a real battering, with a total of nine providers hiking interest rates on some tiers by up to 4%.

Credit crunch starting to bite the buy to let mortgage sector

Julia Harris, Mortgage Expert at Moneyfacts.co.uk – the money search engine, comments:

“While the prime residential sector has so far been largely unaffected by the sub prime crisis, the buy-to-let sector is beginning to show signs reminiscent of the subprime market over the last few weeks with tightening credit criteria, the withdrawal of products and rising fees.

House Prices Appear to Shrug off Credit Crunch in September

House prices defied gloomy expectations and showed another gain in September
But the trend growth of house prices is now the lowest since July 2006
Credit conditions are now clearly tightening for leveraged borrowers
The interest rate outlook has shifted from hawkish to dovish, which could provide some welcome relief to homeowners next year

Moneyfacts.co.uk response to the FSA update on the sale of PPI

Andrew Hagger of moneyfacts.co.uk comments:

"We have all been aware of the shortcomings of PPI products and the associated sales process for longer than we care to remember and are disappointed that it appears that we are really still no further forward.

Fixed rates still simmering, but variable savings start to hot up and an internet war begins!

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:

“As the fixed rate market stabilises, with the top rates available just shy of 7% and the variable market showing signs of hotting up, the tides have started to turn.

Revised Mortgage Deals from Alliance & Leicester 21/09/2007

Alliance & Leicester is updating its variable rate mortgages from Friday, 21 September 2007.

Moneyfacts.co.uk – weekly product update 19/09/2007

7% savings gone in a flash
A surprise increase in rates for ING customers
Bradford & Bingley raises the bar with a 6.4% no strings account
Abbey now offers 125% mortgages
Halifax tops the charts with a 15 month 0% purchase deal
First Direct scraps credit interest

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>Read more

14/09/2007

Northern Rock savers don’t panic

The shock news that Northern Rock has been assisted by the Bank of England, acting in its capacity of lender of last resort, may cause concern for Northern Rock savings customers. While it may be difficult not to worry if your life savings are invested with Northern Rock, Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine explains why savers should not panic.

Tracker mortgage rates rise, but are not cause for concern yet

Julia Harris, Mortgage Expert at Moneyfacts.co.uk – the money search engine, comments:

“With Abbey starting the ball rolling, the last three days we have seen a surge by some of the big named lenders raising interest rates on their variable mortgages (for new customers) by up to 0.25%.

Savings rates break the 7% barrier

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:

“The saving frenzy of last week has continued at full strength. Today sees fixed rates top 7% for the first time in over 6 years.

Lloyds TSB overdraft changes: a step in the right direction but with a sting in the tail

Lisa Taylor, analyst at moneyfacts.co.uk – the money search engine comments:

“With overdraft charges already in the spotlight, and undoubtedly a target for the Office of FairTrading (OTF) to intervene and impose reductions, Lloyds TSB has been the first off the mark to announce reductions to its fees. Perhaps they are pre-empting the OFT’s actions and softening the blow, but it also provides great positive publicity.

Interest rate frenzy in fixed rate savings market

Andrew Hagger, Head of News and Press at Moneyfacts.co.uk, the money search engine, comments on the increase in retail savings rates

“Moneyfacts has today witnessed a surge in interest rates for fixed term savings accounts, a scenario that financial analysts have been expecting over the last couple of weeks.

Mortgage providers offer bewildering range of rate/fee combinations

Julia Harris, mortgage expert from eMoneyfacts.co.uk comments

“The number of mortgage products offered by some lenders is more than enough to baffle the average man on the street. However, with the help of a financial adviser and a decent sourcing system, there is a rate and fee combination out there to suit every situation.

Moneyfacts.co.uk – weekly product update 30.8.07

Moneyfacts.co.uk team comments on:

BMW credit card from Amex increases rate by 7%
High Street Home Loans increases sub prime rates for second time in a week

Financial market turmoil poses risks for the housing market

House prices are unlikely to be significantly hit by market turmoil in the short term
But dependence of UK economy on financial services poses a longer term risk
Unexpectedly low inflation and financial market unrest has reduced the risk of a Bank Rate rise to 6%

Headlines	August 2007	July 2007
Monthly index * Q1 '93 = 100	365.7	363.5
Monthly change*	0.6%	0.1%
Annual change	9.6%	9.9%
Average price	£183,898	£184,270

* seasonally adjusted

Ethical investors reaping their rewards

The latest survey by Investment, Life & Pensions Moneyfacts has revealed that ethical investors are being rewarded for following their conscience, with ethical fund returns surging ahead of those on offer from mainstream traditional funds.

Moneyfacts.co.uk – weekly product update 23/08/2008

Moneyfacts.co.uk team comments on:

Sainsbury’s Bank 12 month 0% deal on purchases
Sub prime showing cracks

>Read more

23/08/2007

Inflation beating savings: Gimmick or a good deal?

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, investigates:

“A new breed of savings accounts has emerged over the last month with Leeds BS and National Counties offering products that promise to beat inflation. But how do they fare in the current market? Are they a good deal or just a gimmick?

The cost of financing your car could increase by 26% just by choosing the wrong loan

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk – the money search engine, comments:

“With just over a week to go before the new 57 plates will be hitting our roads, many motorists will be searching garages up and down the country for their new cars. However, I suspect much less time is invested in searching for the best finance deal. Get your finance choice wrong and it can prove a costly mistake.

Moneyfacts.co.uk – weekly product update 16/07/2008

Moneyfacts.co.uk team comments on:

Savings for Rugby fans
Saga launches internet account
New players top the charts
Nationwide withdraws its PPI products

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Beware of headline rates………over 75% have a sting in the tail

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:

“With the aftermath of the last interest rise rate finally over, and most providers opting for the full quarter point increase, it is pleasing to see that over 90 bank and building society variable rate accounts now pay at least 5.75% (base rate). But the rate is only part of the picture when it comes to a competitive savings account. Too many of the high paying accounts come with restrictions and conditions.

what’s on offer for the 2007/08 class of students?

With the 2007/08 deals finally unveiled from all of the providers, here is the Moneyfacts.co.uk update of what’s on offer this year.

Student Credit Cards – handle with extreme care!

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:

“Most banks will offer you a student credit card, which in some cases will be a specific student card, while others will provide you with one of their standard cards.

Student buy-to-let – worth a look?

Lee Tillcock, Head of Business Moneyfacts at Moneyfacts.co.uk – the money search engine, comments:

“The cost of university education is rising year on year, and is becoming a real concern for both students and parents. One of the biggest costs is living accommodation, but one solution, which parents could opt for, is to invest in a buy-to-let property for their child.

Moneyfacts.co.uk – weekly product update

Moneyfacts.co.uk team comments on:

HSBC fee free mortgage
Rising overdraft rates
Savings – base rate effect finally over

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>Read more

07/08/2007

Bank and building society mergers can spoil your savings

UK bank and building society mergers do not benefit their customers, according to a new study. An analysis of UK bank and building society mergers has found that although these mergers have generated substantial efficiencies for the banks concerned these benefits have not been passed on to customers.

Finance for football fanatics

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:

“With the start of the 2007/08 football season just around the corner, football fans up and down the country will soon be getting ready to support their team, buying the new season’s kit and spending weekend afternoons shouting at the TV screen or signing at the ground.

Moneyfacts.co.uk – weekly product update 02/07/2007

Moneyfacts.co.uk team comments:

Loyalty rewarded at Derbyshire BS
Halifax reduces mortgage rates
Loan rates continue to climb

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The Bank of England has held UK interest rates at 5.75%

The Bank of England’s Monetary Policy Committee has voted to freeze interest rates at 5.75% for August.

This follows a 25 basis point rise in July - the fifth interest rate rise since August 2006.

The decision to freeze rates will come as little surprise to the market - experts have widely predicted that the MPC would keep rates stable in August, although they are predicting a rise to 6% before the end of 2007.

MPC members voted 6-3 to raise rates last month.

Since then, figures have shown a slowdown in the manufacturing sector and a decline in house price inflation and mortgage approvals.

The BoE is likely to want to wait and give July's rate rise time to impact further on inflation, which despite falling to 2.4% last month is still well above the government's 2% target.

31/07/2007

Good news for borrowers as exit fees fall, but at the cost of rising arrangement fees

Julia Harris, Mortgage Expert at Moneyfacts.co.uk – the money search engine, comments:

“The month following the latest base rate rise to 5.75% has seen a raft of rate rises. Not only have variable rate mortgages increased, with swap rates also on an upward trend, fixed rate deals have been hit hard with rising rates too.

How to avoid getting ripped off when buying your holiday money

Moneyfacts.co.uk summer holiday money mystery shop

Lisa Taylor from Moneyfacts.co.uk – the money search engine investigates:

“With the children’s summer holidays well underway and the UK weather showing little sign of improvement, many of us will be jetting off overseas in the next few weeks. With so many things to get ready, like shopping for your new bikini, sun tan cream and flip flops, no doubt these will all take preference to shopping for the best deal on your foreign money.

Brakes slammed on house prices in July

House price growth stalled in July, bringing annual growth back down into single digits
A rise in interest rates to 6% is firmly on the horizon, but weak household income growth and mortgage payment shocks highlight the risk of monetary overkill
The Housing Green Paper is a welcome step on housing supply but, as the recent flooding shows, the challenges ahead are substantial

Headlines	July 2007	June 2007
Monthly index* Q1 '93 = 100	363.5	363.2
Monthly change*	0.1%	1.1%
Annual change	9.9%	11.1%
Average price	£184,270	£184,070

* seasonally adjusted

>Read more

24/07/2007

Moneyfacts.co.uk – top 10 tips for students

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:

“With only a few weeks to go before the long awaited A’ Level results are published, some school leavers will be excitedly preparing to go off to university. As part of their new lifestyle, it may be the first time they have full control over their own finances, receiving lump sums, and having to pay bills. So getting it right financially can be one step towards surviving those student years.

Using your card abroad could cost you a small fortune…

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:

“With travellers cheques becoming less popular more of us are opting for the convenience of using our plastic when we jet off on our holidays. However many travellers are unaware of the level of costs associated with using debit and credit cards whilst abroad.

The government has renewed its pledge to bring in Home Information Packs on August 1

The government has renewed its pledge to bring in Home Information Packs on August 1 in response to a motion to scrap the legislation brought by Baroness Hanham last week.

Virgin Money raises the bar with 15 month balance transfer deal

Michelle Slade, personal finance analyst at Moneyfacts.co.uk – the money search engine comments:

“Virgin Money already holds the top spot of the charts with its 13 month 0% balance transfer deal, and by extending this to an impressive 15 months, its certainly pulling away from the pack of 12 month deals offered by its competitors.

Nationwide's Ten Top Tips for Selling Your Home

Nationwide research reveals the most important things to consider when selling a property

Following a recent report* of a reduction in the number of buyers visiting estate agents, the competition to sell property is stronger than ever.

Nationwide has recently commissioned a study** into what buyers look for in a home, and offers these top tips to sellers:

Moneyfacts.co.uk – Weekly Personal Finance Product Update 18/07/2007

Loan rates getting more expensive
New inflation beater bond from Leeds BS

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine comments

Moneyfacts launches best buy charts for the most consistent savings accounts

Moneyfacts quarterly savings report (most consistent accounts) July 2007

Moneyfacts has been at the forefront of providing consumers with best buy information for more than 16 years. During this period the savings industry has changed beyond all recognition with increased competition from many new entrants who have made their mark on the territory once dominated by a few big high street players.

Moneyfacts.co.uk launches new section dedicated to ethical personal finance.

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Barely a day goes by without there being an article or news story focusing on climate change, going green or donating to worthy causes.

This has lead to a situation where increasingly more and more people are now thinking about how they can adapt their own personal lifestyle to something more environmentally friendly and ethical.

Cheltenham & Gloucester scraps mortgage exit fee

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine comments:

“With the deadline looming for lenders to report back to the FSA on exit fees, Cheltenham & Gloucester, the fourth largest mortgage lender has announced, with immediate effect that it will be removing its exit fee charge on all new mortgages.

Moneyfacts.co.uk comments on the long term fixed rate mortgage market

Lisa Taylor, Analyst at Moneyfacts.co.uk – the money search engine comments:

“This week Alistair Darling, the new chancellor of the exchequer announced that Labour would shortly be issuing proposals to increase the supply of long term fixed rate loans, in a bid to tackle the affordability crisis and concerns that the short term market thrives on collecting regular arrangement fee income.

Stark Regional Differences Persist in Second Quarter

All UK regions see house prices grow in second quarter, but pace of growth is slowing
Prices in parts of Northern Ireland are now on a par with London, but growth has dropped from the all-time record high of the first quarter
Average house price for first-time buyers in London approaching £250,000
As in the first quarter, prices grew faster in the South of England than in the North

Co-Buy/Co-Invest The Auction Route

It is no secret that first time buyers are finding it more difficult to get on the property ladder than any time in recent recollection. Property prices in across the country are still rising despite this week’s interest rate rise and the threat of more to come, and as young and not so young potential property purchasers watch their dreams of home ownership drifting off into the distance on the back of a buoyant market they must be wondering if there is any way that they will ever be able to afford their own home. One option open to all buyers is the auction route. When combined with the concept of co-buying/co-investing it becomes a very affordable solution for the brave at heart. >Read more

05/07/2007

The Bank of England has raised UK interest rates from 5.5% to 5.75%

The Bank of England has raised interest its rate, the fifth rate rise since last August. Its Monetary Policy Committee (MPC) warned that inflation remains a danger, saying "most indicators of pricing pressure remain elevated".

boe base rate

04/07/2007

Moneyfacts.co.uk - personal finance weekly update 4.7.07

Moneyfacts.co.uk team comments on:

Lloyds TSB upping its foreign usage fees
HSBC’s new green current account option
Alliance & Leicester raising its recommend a friend incentive
New best buy credit card from Halifax
Sainsbury’s Bank cutting loan rates
Bradford & Bingley’s new account range
Branch based accounts back in vogue?

Moneyfacts Mortgage Base Rate Ready Reckoner 04/07/2007

With base rate almost certain to rise a further 0.25% this Thursday, moneyfacts have produced tables to show the impact that the rate increases since August 2006 and the effect of the possible rate increases have on your mortgage payments.

Barclaycard Breathe MasterCard – green or just green wash?

Michelle Slade, analyst from Moneyfacts.co.uk – the money search engine, investigates:

“Today sees the long awaited full launch of the new ‘green’ credit card from Barclaycard. For some time now we have known this product was coming, but until now the full details of rates, deals and fees have not been known.

Rain fails to stop play in June’s housing market

House price growth bounced back in June, increasing by 1.1% during the month
Prices increasing more than twice as fast as last year, at the equivalent of £50 a day
Rate of growth will slow in second half of year; we stick with our forecast of 5-8% growth in 2007
Gordon Brown’s increased focus on housing is welcome, but the implications of any changes to buy-to-let taxation need to be carefully thought out

Headlines	June 2007	May 2007
Monthly index * Q1 '93 = 100	367.2	359.2
Monthly change*	1.1%	0.5%
Annual change	11.1%	10.3%
Average price	£184,070	£181,584

* seasonally adjusted

Moneyfacts.co.uk - weekly personal finance update 27.06.07

Moneyfacts.co.uk team comments on:

The Supermarket savings war – 1- 0 to Sainsbury’s
Internet accounts with a catch
BoS and Halifax credit cards take a turn for the worse
New 8% Abbey current account
Simplification of credit card charging please

>Read more

22/06/2007

The mortgage survey the "forgotten mortgage fee"

Julia Harris, mortgage analyst at Moneyfacts.co.uk – the money search engine comments:

“As we move away from a totally rate driven mortgage market, much focus has been placed on total cost, inclusive of rising arrangement and exit fees. We also talk of higher lending charges, procuration fees and redemption charges, and even go so far about complaining about the money transfer fee. But one fee, which perhaps we view as a service charge, has slipped through the net – the valuation fee. Read more

19/06/2007

PPI price rises – adding insult to injury

Michelle Slade, personal finance analyst at Moneyfacts.co.uk – the money search engine, comments:

“With PPI currently under the OFT microscope and being seen as an ‘overpriced, inflexible’ product, you may have thought lenders would be reluctant to rock the boat further. However as the moneyfacts.co.uk survey shows, for many providers the price has continued to climb over the last year. Read more

16/06/2007

Banks prepared to pay you to bank with them

Michelle Slade of Moneyfacts.co.uk – the money search engine, comments:

“Current accounts are big business for the banks, and this has been made clear by several banks who over the last six months have been offering deals to entice you to switch. Not only does it secure them your prime current account, more importantly, it offers the opportunity to cross sell their whole range of other products. Read more

15/06/2007

Two great credit card deals in one week from Capital One

Lisa Taylor of Moneyfacts.co.uk – the money search engine, comments:

“Capital One has hit the market this week with two new credit card deals. The Platinum Card, which offers a competitive all round 0% package and the Platinum Cashback Card offering a market leading introductory cash back return. Both cards are available to applicants aged over 21 earning at least £10K. Read more

14/07/2007

Fixed Mortgage rates disappearing again…

Lisa Taylor, of Moneyfacts.co.uk – the money search engine, comments:

“With base rate remaining on hold, at least for the next month, we may have expected the mortgage market to have settled. However this is far from the case, especially for fixed rate deals that have been either disappearing off the shelves or increasing rapidly. Read more

14/07/2007

SAVVY Homeowners SPEED UP HOUSE SALES by PLUGGing INTO THE INTERNET

Houses can be sold a month quicker via the internet, claim web-savvy homeowners

Despite the increasing dominance of the internet in organising and running people’s lives, the majority (85%) of homeowners still favour the traditional method of hiring estate agents to sell their homes. Read more

13/07/2007

Sainsbury’s throws down the gauntlet in the internet savings market

Andrew Hagger, Head of news and press at Moneyfacts.co.uk - the money search engine looks at the deal that may shake up the already competitive internet savings market.

“It’s unusual to come across a market leading interest rate that doesn’t have any unpleasant baggage hidden within the small print. The increased rate of 6% on offer from Sainsbury’s is not only welcome news for prospective new customers but, equally important, it is also being passed on to their existing customer base.

NEW SPECIALIST MORTGAGE DEALS UNVEILED BY ALLIANCE & LlEICESTER

Alliance & Leicester has unveiled its latest range of prime self-certified, near prime and near prime Buy-To-Let mortgage deals, which are available from Wednesday, 13 June. Read more

12/06/2007

What was it like when mortgage rates were …………?

Julia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:

“It’s over a month since base rate rose a further quarter point to 5.50% and with the last MPC decision to keep rates on hold the mortgage market is starting to show signs of settling down. But with another rise anticipated in the short term the market will just have time to come up for air before products are repriced yet again. Read more

12/06/2007

Moneyfacts.co.uk – top 10 tips for graduates

Andrew Hagger, Head of Press at Moneyfacts.co.uk – the money search engine comments:

“On leaving university, searching for the best current account provider may be the last thing on many graduates’ minds. But by taking the time to shop around, they could find an account that suits their circumstances and also save some money into the bargain. Read more

08/06/2007

Moneyfacts Awards - the winners

The winners of the 2007 Moneyfacts Awards were announced today at the prestigious Brewery venue in London.

2007 Moneyfacts award winners are: Read more

07/06/2007

How fair have the banks and building societies been in passing on rate rises?

Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, investigates:

“The dust is finally starting to settle in the personal finance world, following the latest base rate rise to 5.50%. With a full percentage rise potentially hitting our pockets in the last nine months, have the leading banks and building societies passed on the rate rise equally to their borrowers and savers? We decided to take a look.

>Read more

07/06/2007

UK interest rates remain at 5.5%

The Bank of England holds UK interest rates at 5.5% following its latest meeting, but analysts say a rate rise later this year still remains likely.

06/06/2007

Moneyfacts.co.uk - weekly personal finance update 06/06/2007

Moneyfacts.co.uk team comments on:

Mortgages – the best of both worlds
The fixed rate mortgage disappearing act
Post Office card – giving with one hand and taking with the other
New Halifax Online Card – a great 0% deals
Personal loan rates take a battering
Fixed rate ISAs on the up

Instant access savings – make sure you read the small print!

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:

“With bank base rate increasing by a full percentage point over the last nine months, savings accounts can now offer rates high enough for savers to sit up and take notice. With deals now available around six per cent, it is shocking to see that the average rate available is still a measly 3.50%, so there’s plenty of opportunity for savers to improve their returns.

The hidden mortgage higher lending charge

Julia Harris, mortgage analyst at Moneyfacts.co.uk – the money search engine, comments:

“As more people are struggling to afford the substantial deposits required to take that first step on property ladder, it is commonplace for the mortgage advance to represent at least 90% of the property value for many first time buyers.

House price growth remains stubbornly in double-digits

Annual house price growth remains resilient in May, but monthly rate slows
Latest rate rise will cool activity and price growth further
Threats of higher rates should signal a warning to those stretching their finances
Waiting time for HIPs grows longer

Headlines	May 2007	April 2007
Monthly index * Q1 '93 = 100	359.2	357.5
Monthly change*	0.5%	0.9%
Annual change	10.3%	10.2%
Average price	£181,584	£180,314

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“House prices increased by 0.5% in May, down from 0.9% in April. However, the headline annual rate remained stubbornly in double-digits, largely due to slower house price inflation at this time last year. House prices increased by 10.3% during the year, bringing the price of a typical house to £181,584, almost £17,000 higher than at the same time last year. The underlying trend is still showing signs of slowing however. The three-month on three-month growth rate fell to 1.8% in May; its lowest level since August 2006. Read more

30/05/2007

Credit card fees: what are you paying for?

Michelle Slade of Moneyfacts.co.uk – the money search engine comments:

“Since the OFTs intervention in the credit card market to cap penalty fees, card providers have used numerous rate and fee increases, and have tweaked terms and conditions in an attempt to recoup the lost revenue, with the latest tack being to introduce annual fees.

Moneyfacts.co.uk - weekly update 23/05/2007

Moneyfacts.co.uk team comments on:

New low rate mortgage from Scarborough BS
Sub six percent loans vanish

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New Mortgage Deals From Alliance & Leicester 23 May 2007

2 year fixed rate at 5.49%
2 year base rate tracker at 5.23%
Reduced rates on Fixed FeeSaver deals
Following Bank of England base rate rise, A&L’s SVR to increase

Alliance & Leicester is launching a new range of prime mortgages, which is available from Wednesday 23 May and includes: Read more

22/05/2007

Moneyfacts.co.uk reveals the results of its holiday money mystery shop

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Lisa Taylor from Moneyfacts.co.uk – the money search engine investigates:

“With peak holiday season fast approaching, many of us will be spending time searching for the most competitive travel package, insurance, flights or car parking. But one area we seem to neglect is our travel money, often choosing the convenience of our own bank or airport rather than finding the best deal.

Mutuals leading the way on payouts

The latest survey by Investment, Life & Pensions Moneyfacts has revealed how many mutual societies are outperforming the larger, more well-known life offices when it comes to their with profits payouts.

The analysis examined the latest with profits bond, full cost endowment and with profits pension returns over various periods. It found that mutual societies are rewarding their members with payouts by up to as much as 26% more than those delivered by plcs.

Home information pack update

The Royal Institution of Chartered Surveyors' judicial review is the only thing standing in the way of Home Information Packs.

Yesterday, the majority of ministers in the House of Commons voted against a motion calling for HIP regulations to be annulled.

And next Tuesday the House of Lords will meet to debate and vote HIPs following a motion tabled by Baroness Handam which calls on the government to revoke the HIP regulations until further consultation can take place.

The Lords vote is a non-fatal amendment, meaning that even if the Lords back it the government can effectively ignore their vote, and the statutory instrument on HIPs will still come into law on June 1.

The motion is non-fatal because of its wording - as political experts point out Baroness Handam could have tabled a fatal motion but the House of Lords avoid killing off statutory instruments which would rubbish primary legislation passed by the Commons.

However, RICs judicial review, which could be heard by the High Court as soon as next week, could pose a problem for HIPs if the judge involved agree that more consultation is needed. Home information packs explained

17/05/2007

One week on and the base rate affect has barely started

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Lisa Taylor, analyst at Moneyfacts.co.uk – the money search engine, comments:

“The latest base rate rise was almost a foregone conclusion; the only uncertainty was whether the rise would be a half or quarter percent. With consumers already having to contend with a 0.75% increase in the last nine months, the 0.25% will definitely be easier to swallow. Read more

17/05/2005

Moneyfacts.co.uk - weekly personal finance update 17/05/2007

Moneyfacts.co.uk team comments on:

A new look is not always better – Halifax One Card
Overdraft Fees: Lloyds takes a stand
The return of capped rates – Birmingham Midshires
Fixed rate savings reach new highs
Over 50s savings grow

�

10/05/2007

UK interest rates raised to 5.5%

The Bank of England has voted to raise interest rates by 0.25% to 5.5%.

The increase, the first since February, takes the cost of borrowing to its highest level since 2001. See the effect of todays rise on your mortgage payments.

Bank of England

10/05/2007

Is your child trust fund working hard enough? – CTFs two years on

Rachel Thrussell, Head of Savings at moneyfacts.co.uk – the money search engine, comments:

“Figures from the BSA revealed a healthy first quarter for Child Trust Funds, with 49,000 accounts opened by providers who offer both cash and stakeholder options. A massive 73% of parents opted for the cash accounts. Overall 25% of all CTFs opened by parents are cash funds.

Moneyfacts.co.uk - weekly personal finance update 09/05/2007

Moneyfacts.co.uk team comments on:

Barclays ISA withdrawn
HSBC bucks the LTV trend
New HSBC 0% credit card offers

New Specialist Mortgage Deals From Alliance & Leicester 09/05/2007

Jeremy Claridge, Head of Specialist Mortgages at Alliance & Leicester says:“Yet again, we’ve launched some market-leading specialist deals. We’ve also been doing a lot of work with brokers to further improve our self-cert proposition to ensure we’re clear on the information we require to service applications even more quickly. If brokers can provide details of an applicant’s profession, and the declared income is reasonable we can give a quick decision.”

Moneyfacts Base Rate Ready Reckoner

With the Bank of England expected to raise the level of UK interest rates next week, moneyfacts have produced tables to show the impact that the rate increases since August 2006 and the effect of the possible rate increases have on your mortgage payments.

SMEs set to benefit – business current account sector springs to life.

Lee Tillcock, Editor of Business Moneyfacts comments:

“According to recent research by Standard Life Bank, British SMEs are missing out on just over a billion pounds a year by keeping their money in low-paying business current accounts, with 60 per cent unhappy with the level of interest they are paid.

Moneyfacts.co.uk personal finance product snapshot

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on savings, mortgages and store cards.

Moneyfacts comments on Office of Fair Trading's investigation into the charges banks impose on their customers.

Andrew Hagger, head of news and press at Moneyfacts.co.uk comments:

“Whilst the news that the findings of this long overdue OFT study won’t be published until the end of the year is disappointing, an in-depth investigation will hopefully avoid the situation that credit card consumers have endured following the imposition of a £12 cap.

Pick up in house price growth seals a May rate rise

Pace of house price growth picks up in April, but trend still shows a gradual cooling
Market demand has been supported by movers, but this too is beginning to wane
Too rapid an increase in rates could destabilise the market
Current economic conditions suggest that a house price crash is unlikely

Moneyfacts.co.uk personal finance product snapshot

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on savings, mortgages and store cards.

The deal you can’t get

NatWest £1,000 Mortgage Challenge

Julia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:

“While it is great news to see NatWest encouraging borrowers to remortgage to a better deal, the £1,000 mortgage challenge is little more than a marketing ploy to entice borrowers through the door. It is pleasing to see one of the big five banks taking a stand and challenging its competitors, rather than resting on its laurels, relying on its brand and existing customers. Read more

24/04/2007

SVR mortgages make sense for some borrowers

Julia Harris, Mortgage Analyst at moneyfacts.co.uk – the money search engine, comments:

“It is frequently reported that too many borrowers remain on a lender’s standard variable rate (SVR), paying over inflated rates of interest on their mortgage, but for some borrowers it may not be in their interests to switch.

Product changes you need to know about

Mortgages

Julia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:

Fixed rates on the up and disappearing

This week 11 lenders have increased their fixed rate mortgages by up to 0.30%
Kent Reliance BS & Alliance & Leicester and Skipton BS have withdrawn some of their fixed rate products.

The aftermath of the OFTs fee capping continues…

Michelle Slade, personal finance analyst at moneyfacts.co.uk – the money search engine, comments:

“It’s now almost a year since the OFT capped credit card penalty fees at £12, but the repercussions are still rumbling on with little sign of letting up. In the last two weeks alone a further seven providers have increased rates or fees (see table ).

Switching pays – Moneyfacts.co.uk experts practice what they preach

Michelle Slade, personal finance analyst at moneyfacts.co.uk – the money search engine, comments:

“If you don’t trust your bank, or feel it is not offering you the best customer service, products or rates then why not vote with your feet and switch providers?

House Prices Running Away at This Year’s London Marathon

In anticipation of the London Marathon this Sunday, Nationwide Building Society reviews a decade of house price rises in the five main London boroughs in which the race passes through:

Capped, CAT and extended tie in – mortgages that have lost their appeal

Julia Harris, mortgage analyst at Moneyfacts.co.uk – the money search engine, comments:

“As house prices continue to rise and buyers struggle to climb on to the housing ladder, the mortgage market has needed to become very dynamic. Today there are over 10,000 prime and sub prime mortgages available, with a multitude of variations in lending criteria and deal types. As a consequence some mortgage products have gone out of vogue. Read more

13/04/2007

New Specialist Mortgage Deals From Alliance & Leicester

Rates from just 5.09%
New 85% LTV 2 year buy-to-let tracker deal

Alliance & Leicester is enhancing its range of specialist mortgages. The new range is available from Friday 13 April Read more

12/04/2007

Don’t forget your existing ISAs

Rachel Thrussell, head of savings at moneyfacts.co.uk – the money search engine, comments:

“As the new tax year begins, many of us will be shopping around for a home for our 2007/2008 ISA savings. But with up to eight years worth of ISA and the potential of up £9K TESSA contributions, your existing tax free cash savings pot could already be in excess of £33K, so it is equally if not more important to check you are getting the best possible deal on your existing savings too. Read more

11/04/2007

Vote with your feet and get to work with your mouse

Increase your savings interest rate by up to 4.81% by saving online says moneyfacts.co.uk

Rachel Thrussell Head of savings at moneyfacts.co.uk – the money search engine,comments:

“With more and more banks closing branches, reducing opening times and cutting staff numbers, traditional branch banking may not always fit in with our busy 24/7 lifestyles. With internet banking providing a round the clock service, offering many of the facilities available in branch, it could be the perfect solution. And as the cherry on the cake, most internet accounts pay much better rates. Read more

10/04/2007

Nationwide research reveals what buyers look for in a home

According to a recent study by Nationwide Building Society, the majority of UK homebuyers preferred a house with environmentally friendly features. Given the choice between two properties of a similar size and value, 82% of respondents claimed a house with features such as solar panels, had more of an influence on their decision to buy than attic rooms (68%), period features (63%) and walk-in wardrobes (62%). Read more

06/04/2007

Halifax House Price Index

National Index MARCH 2007

All Houses, All Buyers Index (1983=100)
Index (seasonally adjusted) 629.1
Monthly Change 1.0%
Annual Change 11.1%
Standardised Average House Price (seasonally adjusted) £194,362

MPC holds rates at 5.25 per cent

The Bank of England's Monetary Policy Committee (MPC) has held interest rates at 5.25 per cent.

04/04/2007

Northern Ireland breaks all house price records

House price growth in Northern Ireland is fastest since records began in 1973
London and Northern Ireland buck the cooling trend
Average house price in Northern Ireland exceeds £200,000
Fastest house price growth in London for almost four years
Prices in the South of England increased twice as fast as those in the North

>Read more

03/04/2007

Savvy-Homeowners Help Push Their House Price Through The Roof

Loft conversions can add around £100,000 to a home’s value

Homeowners who favour improving over moving can easily add around £100,000 to the value of their house, according to new findings by Alliance & Leicester Personal Loans.

Research carried out across England and Wales reveals how homeowners who add a dormer loft conversion to their house are likely to be in a win-win situation. It’s cheaper than buying a bigger house, they could see the value of the property go through the roof and they could make significant savings compared to a further advance on a mortgage or a personal loan from the ‘Big Four’. Read more

02/04/2007

Alliance & Leicester - New Mortgage Deals 2 April 2007

Stephen Leonard, Director of Mortgages at Alliance & Leicester said:

“With growing uncertainty about the direction of interest rates in 2007, we’re offering some market leading fixed rates to give borrowers that all-important budgetary certainty. We’ve reduced the rates on all our fixed rate mortgages to introduce some truly cracking headline rates whilst still offering a wide choice of deals to suit borrowers’ individual needs – whatever their circumstances!”

ALLIANCE & LEICESTER LAUNCHES PLUS MORTGAGE

Alliance & Leicester today launches its new 100% plus loan to value (LTV) mortgage called PlusMortgage which combines a mortgage with an unsecured personal loan. Borrowers will be able to take advantage of a mortgage and loan with a maximum LTV of 125% LTV. Read More

29/03/2007

The proc fee debate

Julia Harris, mortgage analyst at moneyfacts.co.uk – the money search engine, investigates:

“Recent research from Mortgage Trust revealed 96% of advisers received commission from lenders, pocketing on average £428 per case. With every lender adopting a different procuration fee structure depending on the product type, mortgage advance and even the introducer, the market is becoming very competitive. Read more

28/07/2007

Spring loses some bounce

House price inflation slowed to 9.3% in March
Underlying trend softening as interest rate rises feed through
But supply constraints will continue to support prices
US sub-prime woes unlikely to cross the pond, but highlight the wisdom of prudence

Headlines	March 2007	February 2007
Monthly index * Q1 '93 = 100	353.6	352.4
Monthly change*	0.4%	0.6%
Annual change	9.3%	10.2%
Average price	£177,083	£174,706

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“The housing market showed further signs of cooling during March. The price of a typical house increased by 0.4% during the month, bringing the annual rate of house price inflation back into single digits at 9.3%. The price of a typical property in the UK is now £177,083, £15,000 higher than at this time last year. This is the equivalent of a monthly rise of £1,250 per month or £41 per day. Read more

26/03/2007

Current accounts - an alternative home for your savings

Andrew Hagger, head of news and press at Moneyfacts.co.uk, the money search engine comments

“Over the last couple of years we’ve seen the emergence of more current accounts offering high credit interest rates, some of which are on a par with the top paying savings accounts.

“Traditionally, people keep their current account for managing their day to day finances and maintain a separate savings account, often with a different institution, in which to hold their savings balances. Read more

Current Account Comparison Table 26/07/2007

26/03/2007

Moneyfacts.co.uk comments on the Nationwide BS 25 year fixed rate mortgage

Julia Harris, mortgage analyst at moneyfacts.co.uk – the money search engine, comments:

“The new Nationwide 25-year fixed rate mortgage is competitive when compared with other long-term fixed rates, particularly for those with a 10% deposit. It comes with a fee of £599 (and a £200 discount for existing members), which is not out of line, especially when you take into account some of the four figure or percentage based fees that we are now seeing for short term deals. Read more

26/03/2007

2007 Moneyfacts.co.uk mini cash ISA survey shows you need to act quickly to get your hands on the best ISA deals.

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on this year’s finding:

“This year’s moneyfacts.co.uk mini cash ISA survey shows the projected value of £3,000 over the tax year 2006 to 2007. Assuming that the full investment of £3,000 was made on 6 April 2006, that no withdrawals were made and all interest was compounded during the tax year, the survey has wielded some very interesting results. Read more

26/03/2007

Booming Buy to Let market sees strong reliance by landlords on mortgage advisers

Mortgage advisers are providing a much needed lifeline to nearly three-quarters of landlords (74%) who seek advice, according to research undertaken by BDRC for Alliance & Leicester Mortgages.

Almost a third (28%) of landlords said they relied on brokers for advice a ‘great deal’ when it comes to letting properties and a further 46 per cent relied on them a ‘fair amount’. Overall, over half of landlords (55%) are relying on advisers for making them aware of new buy-to-let deals, giving advice on the deals and arranging the actual mortgage with the buy-to-let lender. Read more

22/03/2007

Scottish Widows Budget Commentary

This Budget commentary for advisers has been prepared by the Scottish Widows Techtalk team – Anne Young, Ian Naismith, Paul Thompson and Ian Allan – along with Nick Kirwan and Richard Dingwall-Smith from SWIP, who provided the economic commentary. Read more

21/03/2007

Could CCA 2006 cause the downfall of BTL?

Lee Tillcock, Editor of Business Moneyfacts comments:

“The last year has seen a raft of legislation impacting on the buy-to-let sector, with more new rules and regulations still to be implemented. So far the new regulation has covered areas to protect both the landlord’s and tenant’s rights. However lenders and borrowers should also be aware that The Consumer Credit Act 2006 (CCA 2006) presents potentially far more serious issues when its provisions begin to take full effect next April. Read more

20/03/2007

Tread carefully with low rate high fee mortgage combination

Julia Harris, mortgage analyst at moneyfacts.co.uk – the money search engine comments:

“During the last month we have witnessed the continuing trend for lenders to launch low rate high fee mortgages. But as fees rocket skywards, is there still a place in the market for low rate high fee products? And who benefits from these deals? Read more

20/03/2007

Not such an easy ISA

Rachel Thrussell, Head of savings at moneyfacts.co.uk – the money search engine, comments:

“As the end of another tax year approaches, banks and building societies have been stepping up their efforts in an attempt to capture their slice of the huge ISA market.

“When the Mini Cash ISA was first introduced in 1999 as an easy tax efficient way to save, the majority of ISAs were straightforward, either instant access or notice and occasionally with an introductory bonus. Read more

14/03/2007

Mortgage fixed rates start to fall

Denise Blake, mortgage analyst at Moneyfacts.co.uk – the money search engine, comments:

“Following the shock base rate rise in January, fixed rate mortgages flew off the shelves as consumers rushed to get their hands on existing fixed rate deals before they were pulled. But with base rate remaining unchanged now for the last two months, some level of stability has returned. Read More

13/03/2007

Credit card providers still clawing back lost fee income….

Michelle Slade, personal finance analyst at Moneyfacts.co.uk – THE money search engine,comments:

“Almost one year on from the OFTs response to tackle ‘excessive’ default fees, the credit card market still remains unsettled. Battling with rising bad debts, Bank of England rate increases and a huge loss in revenue from the capping of default fees, credit card providers have been forced to look for other ways to maintain their income stream. Read more

13/0302007

Wasteful motorists missing the opportunity to save the environment and their money

With a ‘green’ Budget expected from Gordon Brown later this month, new research from Alliance & Leicester Personal Loans reveals that motorists are missing out on an opportunity to save the environment through their choice of car.

UK rates kept unchanged at 5.25%

UK interest rates have been kept unchanged at 5.25% by the Bank of England's Monetary Policy Committee.

Bank of England Base Rate

07/03/2007

Buy-to-let: March of the high loan-to-values

A growing number of buy-to-let lenders are springing into action this year with the launch of products available to a maximum 90% loan to value. Alan Harper, Senior Analyst at eMoneyfacts.co.uk looks at the growth of high loan-to-value products in the sector. Read more

06/03/2007

Bank profits up and loan rates up as well

Michelle Slade, personal finance analyst at moneyfacts.co.uk comments:

“Exactly one month ago, moneyfacts.co.uk reported that sub six percent loans were becoming an endangered species. Today, such loans are close to becoming extinct with only one loan provider to offer a sub six percent loan: Masterloan, with 5.9% (typical) on advances between £5K - £15K. Read more

05/03/2007

Give to charity by just going about your day-to-day finances

It’s that time of year again when we’ll have Lenny Henry leading the Red Nose Day activities on our TV screens, asking us to dig deep, participate in silly fundraising activities and support our favourite celebrities as they embark on reality TV shows.

Whilst the high profile events such as Comic Relief and Children in Need undoubtedly raise significant amounts of money for worthy causes, consumers can donate every day of the year by using financial products linked to charitable causes. Read more

05/03/2007

Buy-to-Let to surge by 2016 as brits crave flexible living

Buy-to-let to grow by over 40% within next ten years
Market growth leads to the increase of ‘professional landlords’

Positive attitudes towards renting and a desire to be ‘footloose and fancy free’ have sparked a surge in the buy-to-let market – which is predicted to grow by over 40 per cent (41%) by 2016, according to a report by Alliance & Leicester Mortgages. Read more

28/02/2007

Credit card & store card PPI – moneyfacts.co.uk calls for providers to treat customers fairly and quote for cost per £100 of benefit

Andrew Hagger: Head of News and Press at moneyfacts.co.uk comments:

“PPI is a subject rarely out of the personal finance news these days, but let’s hope that the long overdue decision by the OFT to refer the matter to the Competition Commission signals some much needed light at the end of the tunnel for UK consumers. Read more

28/02/2007

Interest rate hikes beginning to take their toll

House price growth returns to double digits, but underlying demand weakening
Higher interest rates and stretched affordability are causing demand to wane
Yet supply constraints and buy-to-let interest will support prices in the short term

Headlines (provisional)	February 2007	January 2007
Monthly index * Q1 '93 = 100	352.5	350.2
Monthly change*	0.7%	0.3%
Annual change	10.2%	9.3%
Average price	£174,706	£173,225

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“The Bank of England spared homeowners a second consecutive rate rise in February, but its latest forecasts suggest that one more rise could still be on the cards. While the three recent rate rises now seem to be starting to take their toll on the market, not all indicators are cooling just yet. Buyer interest and mortgage demand are waning, but the supply of properties coming onto the market remains low. This lack of supply will mean that house price inflation will remain firm for a while longer, before gradually easing. Prices rose by a steady 0.7% in February, pushing the annual rate of house price growth back into double digits to 10.2%. The price of a typical house now stands at £174,706. This is more than £16,000 higher than this time last year and the equivalent of a rise of more than £40 per day. Read more

27/02/2007

Check out the best finance deal for your new car

Michelle Slade, analyst at moneyfacts.co.uk comments:

“As 1st March draws near, keen motorists will be spending the next couple of weeks shopping for their shiny new car, bearing the ‘07’ registration. Many will have been searching garages up and down the country to find the most competitive deal, feeling pleased with themselves in obtaining the added ‘freebies’ of car mats, mud flaps and a tank of petrol. But they should not be lulled into the trap of buying ‘forecourt’ finance without first shopping around. It can be a very costly mistake! Read more

23/02/2007

Fixed rate mortgages unspun-Moneyfacts.co.uk comments on the Liberal Democrats motion condemning high mortgage fees

Julia Harris mortgage analyst at Moneyfacts.co.uk comments as follows

“Whilst there is no doubt that fees have increased, particularly in the highly competitive two year fixed rate market (as highlighted by the table below), it is highly unlikely that a borrower will sign up for a mortgage without being aware of the amount of the lending fee as this will be clear to see as part of the Key Facts Illustration and be included in the mortgage offer. Read more

22/02/2007

Financial questions answered by Jim Hodgkins, managing director of CreditExpert.co.uk

Over-spending and high borrowings can be a big problem, as the latest Personal Credit Index survey from CreditExpert.co.uk recently found. Around 25 per cent of couples argue about finances and one in 20 split up after rows about money. Jim Hodgkins, managing director of CreditExpert.co.uk answers
some of the most common financial worries. Read more

21/02/2007

Poor value savings accounts subsidising best buys Moneyfacts.co.uk savings survey

Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“The dust has finally settled following the shock quarter point base rate rise in January, with most providers having now adjusted their savings rates. This time many did pass on the full 0.25% increase to their customers, but once again there were accounts that were treated with less generosity. Read more

19/02/2007

Mortgage-free living – up to 52 years away!

Julia Harris analyst at moneyfacts.co.uk investigates:

“A mortgage for most of us will represent the largest and longest financial commitment of our lives. For many years the standard term considered for a mortgage in the UK was 25 years, but as affordability becomes increasingly difficult for many of today’s first time buyers, a 25-year term is perhaps no longer considered sufficient. Read more

15/02/2007

Buy to let can still prove successful with the right approach

Lee Tillcock, Editor Business Moneyfacts comments:

“The recent base rate rises have seen concerns raised over the continuing sustainability and profitability of the buy-to-let (BTL) sector. It is worth remembering that rates are still close to historic lows and that the buy-to-let market still offers a sound long term investment. Read more

13/02/2007

First-time buyers hit by double whammy

New first-time buyers face double whammy of house price and rate rises
Higher house prices alone add £75 to typical first-time buyer monthly costs compared to last year. Interest rate increases bring this up to almost £120
Locking into a fixed rate loan this time last year would have saved a typical first-time buyer £170 to date, with further monthly savings of £50 at current mortgage rates
More first-time buyers choose longer-term and interest-only mortgages which can cut more than £300 off monthly payments

Nationwide Building Society has released a report showing the effects of interest rate and house price rises on first-time buyers. Read more

12/02/2007

Mates Mortgages - can you borrow as much as you would think?

With interest rates predicted to rise further, and house prices still increasing, first time buyers may look at buying a home with a group of friends as an alternative and affordable way to get themselves onto the property ladder. But as Julia Harris, mortgage analyst at moneyfacts.co.uk explains, this does not always mean you can borrow as much as you would think. Read more

08/02/2007

The Bank of England has left rates unchanged at 5.25%, after the surprise rise last month.

Bank of England Base Rate

08/02/2007

Are the big banks targeting disillusioned customers from ING Direct?

Rachel Thrussell Head of Savings at Moneyfacts.co.uk comments:

“Many consumers don’t keep an eye on the savings rate their bank or building society pays them. To an extent, institutions will rely on this apathy, hoping that people will be oblivious to the situation and will continue to leave their hard earned credit balances in an account that pays an uncompetitive rate of return. Read more

06/02/2007

Credit Card & Store Card PPI – Do you know if you have it? What it covers? Or what it costs?

Michelle Slade, analyst at moneyfacts.co.uk comments:

“As we await the outcome of the OFT review into the sales process and pricing of PPI, much attention over the last few months has focused on the issues of personal loan insurance. But with £54.9 billion outstanding credit card debt in December 2006, the credit card PPI market is equally important. Read more

06/02/2007

Sub six per cent personal loans – an endangered species?

Michelle Slade, personal finance analyst at moneyfacts.co.uk comments:

“At this time of year, when many of us are still recovering from the after effects of our Christmas spending or perhaps trying to commit to our new years resolutions to sort out our finances, personal loan rates are creeping up again. Read more

16/02/2007

Is your mortgage your flexible friend?

Julia Harris, senior mortgage analyst at moneyfacts.co.uk comments:

“For most of us, our mortgage will be the largest and longest financial commitment of our working lives, with the much anticipated final repayment seemingly light years away.

“The term of our mortgage will often have been agreed years ago, for a term which at the time will have been calculated to ensure repayments were affordable. But as we go though life our financial circumstances will undoubtedly change, so if you can afford to, why not take control of your mortgage and increase your monthly repayments? Read more

05/02/2007

ALLIANCE & LEICESTER REPORTS RISE IN INVESTOR LANDLORD ACTIVITY

Investor landlord activity continues to grow, according to Alliance & Leicester Mortgages. Over two-thirds (70%) of all buy-to-let applications in December were for mortgage products under 75% LTV – a 23 per cent increase compared with the previous month indicating that 2007 could well continue to be popular for the buy-to-let market. Read more

05/02/2007

Buy-to-let: When is a high fee too high a fee?

Buy-to-let landlords looking for low priced mortgage deals should beware the potential pitfalls of low interest rate products, which have hefty fees and charges alongside. More and more lenders in the sector are launching products marketed as ‘low rate/high fee’ in a bid to attract new custom. But when does a high fee become too high? Read more

02/02/2007

Halifax ups the stakes in the battle for current accounts

Andrew Hagger, Head of News and Press at moneyfacts.co.uk, looks at the incentives being offered to customers to switch current accounts.

“The fight to win a bigger share of the current account market has intensified in 2007 with institutions trying different methods to attract more customers to whom they can then cross-sell other personal finance products. Read more

26/01/2007

Moneyfacts.co.uk welcomes the FSA statement on mortgage exit administration fees

Darren Cook, Head of Mortgages at Moneyfacts.co.uk comments: “This is good news for the consumer, and it certainly wasn’t right that you were expected to sign up to agree to pay an unknown fee at a future date.

“Fees have increased sharply over the last couple of years, at a rate much higher than inflation, so we welcome the move by the FSA to introduce greater transparency in this area.

“With lenders using exit fees as a means to deter customers switching to better mortgage deals, it is encouraging to see the regulator acknowledging the problem and dealing with it in an effective manner. Read more

Halifax County House Price Survey of the UK

The annual Halifax County House Price Survey of the UK is compiled using information sourced from the company's own extensive housing statistics database. Halifax is the UK's largest mortgages provider and publishes the longest running monthly house price index in the UK. The unitary authorities of Scotland and Wales are referred to as counties for the purposes of this study. Read more

19/01/2007

One week on and the base rate shock continues

One week on from the shock base rate rise to 5.25%, Lisa Taylor analyst at moneyfacts.co.uk comments on the changes seen so far in the mortgage and savings markets. Read more

17/01/2007

Annuity rates take a breather

The annual annuity review produced by Investment, Life & Pensions Moneyfacts has revealed that annuity rates took a breather during 2006. In contrast to the downward spiral that has plagued the pensions industry in recent years, annuity rates actually increased slightly in 2006.

Where have all the fixed rates gone?

Julia Harris, Mortgage Analyst at Moneyfacts.co.uk comments:

“The shock announcement of last week’s base rate increase may have taken lenders by surprise, with most industry experts expecting the rise to occur in February or March. Some lenders, however, have been quick off the mark, with several already announcing increases to their SVRs and revised tracker rates.

Bank of England increases base rate to 5.25 per cent

The Bank of England's Monetary Policy Committee has raised the base rate to 5.25 per cent, surprising a number of commentators.

It is the third rise in after the decision in August 2006 to increase the rate from 4.5 per cent to 4.75 per cent. That followed a benign previous 12 months were the rate did not move. see the effect on your mortgage payments

10/01/2007

Child Trust Funds – What’s the real problem?

Lisa Taylor ofMoneyfacts.co.uk comments:

“Next week is national Child Trust Fund week, Ed Balls will attempt to raise awareness of the saving scheme, as take-up still remains disappointingly low, with a quarter of parents still not investing their voucher.

“But is the low take-up the sole problem, or are there other factors which need addressing?

“My first query is, why aren’t parents jumping at the opportunity to receive ‘free’ money for their children?

New year, new 0% balance transfer war

Michelle Slade, personal finance analyst from Moneyfacts.co.uk comments:

“For some time the industry has been predicting the death of 0% deals, and with rising bad debts and falling revenue streams the evidence is again stacking up in favour of its demise. The last year has seen fee-free deals almost disappear, with many providers increasing balance transfer fees and many more uncapping them. read more

03/01/2007

Moneyfacts.co.uk 2007 predictions

2006 was a year fraught with activity in the personal finance arena, but what does 2007 have in store? We consulted a panel of Moneyfacts.co.uk experts for their predictions on some of key personal finance topics for the forthcoming 12 months. Here is what they had to say: read more

02/01/2007

House price growth moves back into double digits in December

Prices increase by 1.2% in December bringing annual rate to 10.5%
Stable interest rates and supply constraints will underpin the market in 2007
House prices to increase by 5% - 8% in 2007

Headlines (provisional)	December 2006	November 2006
Monthly index * Q1 '93 = 100	349.1	344.9
Monthly change*	1.2%	1.4%
Annual change	10.5%	9.6%
Average price	£173,746	£172,185

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Group Economist, said:

“Both housing market and weather forecasters were surprised by the warm climate this year. The temperate weather is likely to have played only a minor role, but the housing market clearly warmed up during the year. House prices increased three and a half times faster than last year and returned to double digits for the first time since February 2005. December’s increase of 1.2% brought the annual growth rate up to 10.5%, way above the widespread expectation this time last year that annual house price growth would be in low single digits. The price of a typical house increased by the equivalent of £45 per day in 2006 - three and a half times faster than the £12.50 per day in 2005 - bringing the price of a typical house up to £173,746. read more

14/12/2006

House price growth to remain firm in 2007

House prices will remain firm in 2007, rising between 5-8% during the year
Momentum in demand from 2006 and a shortage of supply will support prices in the early part of the year
But deepening affordability problems and cutbacks at the Bank of Mum and Dad will cause a sharper cooling and a lower outturn by the year end
London and the South East will drive the market, while price growth in the North, Midlands and Wales will be fairly flat.
Northern Ireland and Scotland should expect to see much slower house price growth in 2007

Commenting on the figures Fionnuala Earley, Nationwide’s Group Economist, said:

“Nationwide expects the rate of house price growth in 2007 to be relatively robust at between 5% and 8%. Momentum gathered in 2006 will flow into the early part of 2007, and this will be supported by a buoyant economy, stable interest rates and a continuing shortage of housing supply. We can therefore expect to see a few months of double-digit annual house price inflation in the first half of the year. However, increasingly poor affordability and likely cutbacks at the Bank of Mum and Dad will cause the rate of house price growth to move back into single digits in the latter part of the year. Read more

13/12/2006

Overdraft rates up again…..

Michelle Slade, analyst at moneyfacts.co.uk comments:

“With bank charges in the spotlight again following yesterday’s BBC Money Programme investigation, and the numerous campaigns to reclaim charges pending the outcome for the OFTs research due in the first quarter of 2007, Moneyfacts.co.uk takes a look at the recent changes some of the major high street bank have introduced to their overdraft charging structures in the last few months. read more

13/12/2006

‘Business Banks need to be more switched on’, says Moneyfacts.co.uk

Lee Tillcock of moneyfacts.co.uk comments on the 2007 findings from the Business Moneyfacts Business Banking mystery shop.

“In our 2007 Mystery Shopper survey, we approached 10 business banks, posing as a micro business looking to switch current account provider. Whilst any survey of this nature can be somewhat subjective, it is important to stress that banks only get one chance to impress. We may have been a new customer won or lost, so creating an excellent impression is vital if you want to stand out from the crowd in what is an extremely competitive market.” read more

07/12/2006

Bank of England keeps the uk base rate at 5 per cent

The Bank of England's Monetary Policy Committee have kept uk interest rates on hold at 5% following the latest meeting of the Bank of England.

The move was widely expected, and comes as the Bank considers the impact on inflation of two rate rises in the past four months.

The Bank's Monetary Policy Committee raised the cost of borrowing to 5% in November, its highest in five years.

07/12/2006

PENSION TERM ASSURANCE CHANGES

2006 Pre Budget Report: Page 119 (section 5.77) has the following update:

'The Government has become aware that, as a result of the flexibilities that the new pensions tax regime has brought in, life insurance policies that provide lump sum death benefits alone are being offered as personal pension arrangements eligible for pensions tax relief. This undermines the principles set out above. The Government will therefore work with the pensions industry to explore in time for the budget; how the principles can be applied to pensions term assurance contracts. Any changes the Government decides to make will not effect either personal arrangements entered into before 6 December 2006 or existing types of employer arrangements.' read more

05/12/2006

Never too old or young to save

Rachel Thrussell, Head of savings at moneyfacts.co.uk comments:

“Amongst all commotion of saving rate rises following the November base rate increase, a pattern has emerged with providers rewarding their young or older savers with some of the better deals.

“Stroud & Swindon BS, Northern Rock and Market Harborough BS have launched market leading over 50s accounts, while Nationwide BS and Hanley Economic BS have passed on an increase of 0.30% and 0.55% respectively to their cash CTFs.

Is there a place for HLCs in a buoyant property market?

Julia Harris, analyst at moneyfacts.co.uk investigates:

“Last week, Portman BS announced that they would no longer apply a higher lending charge to its fixed rate mortgage range. But surprisingly over three quarters of mortgage lenders still do charge a higher lending fee, a figure, which has not changed over the past 12 months.

“Typically the fee ranges between 7% and 8%, but can stretch as high as 12% in several cases. And while a fee may only apply to LTVs in excess of, say 90%, for example, most lenders will back charge this to a lower LTV of, say, 75% to 80%.

New LIBOR RATE

The new LIBOR rate has been set at 5.25%, effective from 1st December 2006. This will be reviewed again on 1st March 2006.

Southern Pacific Mortgage Ltd
1st Floor 6 Broadgate London EC2M 2QS
tel 020 7920 1000 fax 020 7920 1001
email sales@spml.co.uk
web www.spml.co.uk

30/11/2006

Three weeks on from the Base Rate increase- Moneyfacts.co.uk reviews the changes seen to date

Lisa Taylor, analyst at moneyfacts.co.uk comments:

“Three weeks on from the MPCs decision to increase bank base rate, we are still waiting for 39% of mortgage lenders and 20% of savings providers to announce any increase to their rates. Compared with three weeks on from the August rise, this is 20% less mortgage changes to date and 27% more savings increases.

"So what changes have we seen two week after the November 9 rate rise?

See the latest mortgage and savings rate changes since the Bank of England raised the base rate to 5% form Moneyfacts.co.uk

See table

30/11/2006

Housing market still refusing to cool

House prices jump 1.4% in November
Significant momentum still in the market
Economy still supportive and interest rates may have peaked at 5%
Expectations are key to warnings of house price falls

Headlines	November 2006	October 2006
Monthly index * Q1 '93 = 100	344.7	339.9
Monthly change*	1.4%	0.8%
Annual change	9.6%	8.0%
Average price	£172,185	£169,623

Don’t be caught out by withdrawal fees

Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“Once the dust has settled from the November base rate increase, it will be a great time to shop around for a new savings account. But don’t be caught out by complex terms and conditions.

“Today’s savings market is littered with accounts that have bonuses and a whole array of withdrawal restrictions, ranging from loss of interest, tiered interest to a limited number of free withdrawals. read more

23/11/2006

Two weeks on from the Base Rate increase- Moneyfacts.co.uk reviews the changes seen to date

Lisa Taylor, analyst at moneyfacts.co.uk comments:

“Two weeks on from the decision to raise bank base rate by a quarter point, and we are still waiting for 57% of savings providers and mortgage lenders to announce any changes to their rates. read more

23/11/2006

"So what changes have we seen two week after the November 9 rate rise?

See the latest mortgage and savings rate changes since the Bank of England raised the base rate to 5% form Moneyfacts.co.uk

See table

21/11/2006

Start saving for Christmas………2007!

Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“On average we each spend £600 at Christmas time on presents and festivities, so it’s a good idea to start saving as early as possible. Using a regular savings account might be an ideal solution, offering decent rates of return with the security and protection offered by your bank, which cannot always be found within other Christmas saving schemes, as we sadly saw with the collapse of Farepak.

“Although it may seem a little early to start thinking about Christmas 2007, most regular savings accounts are fixed for a 12 month period, so by starting now you can ensure your savings will mature just in time to start your 2007 shopping spree. read more

21/11/2006

Don’t get stung by store cards this Christmas

Lisa Taylor, analyst at moneyfacts.co.uk comments:

“As tempting as it may seem to open a store card and save on your Christmas shopping, don’t fall into the trap of keeping a balance on your card, as this could be a very costly mistake.

“Most store cards will offer an introductory discount on your shopping, followed by special offers or loyalty schemes. But the downside lies in the rates of interest charged. The average store card charges interest at a whopping 24.6% - that’s eight percent higher that an average credit card, and four times that of an best buy personal loan. read more

16/11/2006

One week on from the Base Rate increase –Moneyfacts.co.uk reviews the Savings and Mortgage rate changes announced so far.

Lisa Taylor, analyst at moneyfacts.co.uk comments:

“With only three months since the previous base rate increase, the dust has barely settled in the world of mortgages and savings, and now it’s all change once again. Consumers have probably only made a couple of mortgage repayments at the increased rate following the August rise and now must brace themselves to pay out even more. read more

16/11/2006

"So what changes have we seen one week after the November 9 rate rise?

See the latest mortgage and savings rate changes since the Bank of England raised the base rate to 5% form Moneyfacts.co.uk

See table

15/11/2006

Is this the beginning of the end for free banking?

Andrew Hagger, Head of News and Press at moneyfacts.co.uk, looks at the decision by First Direct to introduce monthly fees to customers who don’t meet their revised criteria, and whether this is just the tip of the iceberg when it comes to customers having to pay for their current accounts.

“First Direct has a reputation within the banking industry for its high levels of customer satisfaction. By operating via telephone and internet channels, it doesn’t have the service issues associated with running retail outlets on the high street.

“For the 15% of customers (approx 195,000 people) that First Direct estimates will be impacted by the new funding requirements, it will be interesting to see how many are prepared to make First Direct their primary bank, or are prepared to pay the monthly fee in order to continue to receive a good level of service. read more

13/11/2006

Annual credit cards fees – is it just a matter of time?

Michelle Slade, analyst at moneyfacts.co.uk comments:

“A report issued today by PricewaterhouseCoopers (PwC) claims that, following the OFTs cap on fees, card providers will need to reintroduce annual card fees of up to £35 or raise interest rates by up to 2% to recoup losses estimated at £1bn.

“Credit card providers have not been slow to react. In the three months following the OFT intervention, Moneyfacts researchers found 19 card provides increase interest rates by an average of 2.5%. With some unlucky customers facing rises of 5%, 6% and even as much as 12%, so it looks as if the £1bn reclaim is already well under way. read more

13/11/2006

The point 99 syndrome – a nice little earner for Banks and Building Societies

Banks and building societies are taking a leaf out of supermarkets’ books to increase their profits at the expense of some consumers’ limited ability to process numbers, according to new research from the Universities of East Anglia and Leeds working with Moneyfacts.co.uk

Dr John Ashton of the ESRC Centre for Competition Policy at the University of East Anglia and Dr Robert Hudson of Leeds University Business School, using data from Moneyfacts.co.uk, found that interest rates for a disproportionate number of UK mortgages end in .99, rather than a whole figure, which is used far more for deposit accounts. read more

09/11/2006

Bank of England increases base rate to 5 per cent

The Bank of England's Monetary Policy Committee has raised the base rate to 5 per cent, as had been predicted by a number of commentators.

It is the second rise in the last three months after the decision in August to increase the rate from 4.5 per cent
to 4.75 per cent. That followed a benign previous 12 months were the rate did not move. more soon

09/11/2006

‘Mortgage fees set to hit £2,700 by 2016’ says moneyfacts.co.uk

Moneyfacts.co.uk investigates the rapid growth in mortgage fees over the last 10 years, and predicts that we could see mortgage fees of £2,700 by 2016 if the trend continues at the same rate.

Julia Harris comments:

“Ten years ago, mortgages fees (combined total cost of arrangement and exit fees) averaged £300; today this figure has trebled, to an average cost in excess of £900, with some exit fees alone costing up to £295. Combine this with the rising stamp duty burden and the possibility of further interest rate rises, and the result will be that moving home or changing mortgage providers will be an even more costly exercise. read more

08/11/2006

Are you worried about the predicted base rate increase?

The Bank of England is expected to increase its base rate tomorrow, how will this effect your variable rate mortgage? read more

03/11/2006

Hidden surprises in 100% buy-to-let rental cover

West Brom for Intermediaries has become the latest buy-to-let lender to announce a reduction in its rental cover requirement to 100%. The rental percentage is one measure of the lender’s perceived risk when assessing the amount it is prepared to advance to a prospective buy-to-let landlord.

A 100% rental cover makes it appear that the landlord needs no surplus income from his rental when compared with the cost of his mortgage. But whilst a figure of 100% may grab headlines, it doesn't always tell the full story, as Alan Harper, Senior Analyst at eMoneyfacts.co.uk explains: read more

01/11/2006

Government promises commitment to ISAs but could more be done?

Earlier this year HMRC reported that ISA contributions had reached an all time high, with Britons subscribing to over 16 million ISA accounts. So with this in mind, it is welcome that the Government proposes to continue ISA savings schemes. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“As the UK’s indebtedness becomes an increasing problem, the Government must continue to promote the benefits of saving, the importance of long term planning and saving for retirement, if they stand any hope of converting a nation of borrowers to a nation of savers.” read more

01/11/2006

100%+ Mortgages could cost you dearly

Julia Harris mortgage analyst at moneyfacts.co.uk comments:

“Today many first time buyers simply cannot afford to save large deposits for their first property, in fact many need to borrow 100% of the property value. In a buoyant and rising property market, it is not surprising that over 200 mortgage products provide a loan for 100% of the property price. But is allowing borrowing of 100% plus a step too far?

“In total 5 lenders offer 25 products with LTVs in excess of 100%, ranging from 102% to 125%. Scottish Widows being the only one of these lenders to restrict its product to professional workers, those that would have a valid reason for not having any savings and have the income growth to potentially make overpayments in the future. read more

01/11/2006

Landsbanki takes the savings market by storm

Following Landsbanki’s successful entry into the UK savings market last week with its market leading account from Icesave, it has now taken the offshore market by storm. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“Today Landsbanki Guernsey has announced a full revamp of its offshore savings range, following its recent takeover of Cheshire Guernsey. With interest tiers removed and rates increased by as much as 0.61%, it makes their offshore savings package hard to beat. read more

31/10/2006

Low rate mortgage deals vanish, but it’s not bad news for all

Darren Cook, Head of mortgage research at moneyfacts.co.uk, investigates the use of the ‘low rate - high fee’ mortgage products, and takes a look at when they become a poor deal.

“As competition drives down mortgage interest rates, some lenders now offer loss leading headline interest rates, off set with high set up fees. Today flat fees can be as high as £2,499 and percentage fees up to 2.50%. But is the discounted interest rate enough to make them a good deal? read more

31/10/2006

Annual house price growth remains firm in October

House prices up by 0.7% in October
Typical house price £12,500 higher than this time last year
Annual returns on equities outperforming house prices
House price expectations moderating

Headlines	October 2006	September 2006
Monthly index * Q1 '93 = 100	339.2	336.8
Monthly change*	0.7%	1.3%
Annual change	8.0%	8.2%
Average price	£169,623	£169,413

Credit cards for non-borrowers

Andy Britchford, personal finance analyst at moneyfacts.co.uk takes a look at the credit card options available to consumers who pay their balance in full every month.

“As the problem of indebtedness in the UK worsens, every day we either see advertisements in the press for the ‘best deals’, or have our door mats littered with ‘tempting deals’, with every company seeming to boast that it has the best credit card, loan rate or debt management solution. read more

24/10/2006

Overdrawn £1 for 1 day – how much will this cost you? Moneyfacts.co.uk investigates

Lisa Taylor, analyst at moneyfacts.co.uk, takes a look at how fairly customers are treated by their bank if they miscalculate and use an unauthorised overdraft.

“Following the OFT's ‘success’ at reducing credit card default fees, they are now in the process of focusing their attention on similar penalty fees within the industry, with its next target set to be current accounts. But if the credit card market is anything to go by, this lost revenue will not be taken lying down, with providers searching for alternative methods to recoup this income. read more

24/10/2006

Halifax announces withdraw of 4.39% fixed rate mortgage

4.39% 2 year fixed rate until 31st December 2008 will be WITHDRAWN from close of business on Wednesday, 25th October 2006. Fixed rate mortgage advice

24/10/2006

Automated Valuation Models’s: Who do they benefit - lender / broker / consumer?

Julia Harris, mortgage analyst at moneyfacts.co.uk investigates the use of AVM's and looks at whether it’s the lender, broker or consumer who benefits from their use?

“With competition in the mortgage market increasingly intense, lenders are fighting a continual battle to keep their products competitive and appealing to both the intermediary and consumer. Profit margins have been squeezed on many products; causing lenders to focus on alternative benefits in a bid to attract new business.read more

20/10/2006

Payment Protection Insurance misery not over yet

Andrew Hagger, Head of News and Press comments on today’s announcement on the PPI market by the OFT:

“Whilst it must be seen as a positive step that the OFT intends to refer the UK payment protection to the Competition Commission, it is likely to be many months before changes are introduced to give the consumer a fairer deal. read more

18/10/2006

Giving made easy for spenders and savers

National Giving week is upon us, and with Children in Need just around the corner consumers may be considering the best ways to give to their chosen charity. By using one of the growing numbers of charity savings accounts or credit cards consumers can donate every day as part of their everyday banking.

Savings

Rachel Thrusell, Head of Savings at moneyfacts.co.uk comments: read more

18/10/2006

‘The return of the carpetbaggers’

Rachel Thrussell, Head of Savings at moneyfacts.co.uk explains why we might be seeing the return of carpetbaggers.

“The mid 1990s were rife with Building Society mergers and conversions, including big names such as Alliance & Leicester, Halifax and Woolwich which floated, while Cheltenham & Gloucester merged with Lloyds Bank and National & Provincial BS merged with Abbey National. read more

17/10/2006

Buy-to-Let: Early effects of the HMO regulation

April saw the introduction of Houses in Multiple Occupation (HMO) legislation designed to raise standards in the rented property sector. It’s still early days, but six months on Business Moneyfacts takes a look at any early effects these complex new rules have had. read more

17/10/2006

Savings to help save the environment

Today sees the launch of a new savings account from Triodos Bank, one of the UK's leading ethical banks. The Triodos Renewal Energy Bond is a two-year bond paying 4.5%, which offers the unique opportunity to do your bit help combat climate change. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments: read more

16/10/2006

Long term fixed rate Mortgages – Do they have a place in today’s market?

Julia Harris, mortgage analyst at moneyfacts.co.uk looks at the pros and cons of long term fixed rate mortgage deals.

“Since the Treasury’s call for more long term mortgage deals back in 2003, the market has been very slow to respond, until recently. The last few weeks have seen a flurry of new providers and products enter this market, offering what appear to be very competitive deals. Read More

16/10/2006

USA News

Debt repayment Made Easy - get rid of your debt load

Being in debt is not a crime. You should understand this at the very first. As the recent records show consumer debt is increasing like anything in USA. It’s like a wave that grasps individual slowly. And one finds himself in profound debt without his knowledge. Read More

12/10/2006

Recovery in London market confirmed in third quarter

London leads house price growth in England in the third quarter
House price growth in Northern Ireland breaks all records
South speeds ahead of the North

Quarterly index – Headlines	Q3 2006	Q2 2006	Q1 2006	Q4 2005
UK All Properties Index (Q1 1993 =100)*	333.5	326.5	323.0	315.9
Quarterly change*	2.1%	1.1%	2.3%	1.3%
Annual change	6.9%	4.8%	4.9%	3.2%
Average price in quarter	£168,460	£165,035	£160,319	£157,387

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide’s Group Economist, said: Read More

12/10/2006

Instant access accounts with a catch

Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments on the growing trend, for providers to attach withdrawal terms and conditions to instant access savings accounts.

“Within the traditional definition of an instant access savings account, the concept of incurring a penalty for withdrawals would be a contradiction in terms. Usually if we choose a instant access account to house our savings, this is because we are happy to forsake the highest rates of interest in return for immediate access to our money. Read More

12/10/2006

The end of free balance transfers deals

Michelle Slade, personal finance analyst at moneyfacts.co.uk, takes a look at the dying breed of fee free balance transfer deals.

“Long gone are the days when rate tarts could jump from one credit card provider to another without incurring fees, on a 0% balance transfer deal.

“In the two years since Barclaycard started the trend of balance transfer fees, almost all providers now charge an up front fee for their 0% balance transfer deals. Today there are only three cards, without a fee – Britannia BS Classic Intro Visa, Britannia BS Platinum Intro Visa and Sainsbury’s Bank Advantage Visa. Read more

9/10/2006

Personal pension payout's halved in a decade

The latest survey by Investment, Life & Pensions Moneyfacts has revealed the worrying extent to which personal pension returns have plummeted over the last decade for those individuals taking steps to save for a comfortable retirement.

The figures show that an individual with a personal pension retiring today could be more than 50% worse off than someone who made the same premium contributions but reached retirement ten years ago, despite the recent stock market revival. Read More

09/10/2006

Business banking – unauthorised borrowing costs rocket
says Business Moneyfacts

According to the British Bankers Association, small firms increased their overdraft borrowing by ten per cent in 2005 to £8.8 billion. Business Moneyfacts’ Editor, Lee Tillcock, takes a look at unauthorised borrowing charges and the issue of late payment as it represents an increasingly expensive, but in many cases, an unnecessary overhead for SME's.

“Since the 2002 Competition Commission investigation into unfair business bank charges, there has been a marked increase in many unauthorised fees, and so far little evidence of what the investigation set out to achieve, namely increased competition and reduction in day-to-day banking charges. Read More

04/10/2006

“The Government’s new home buying initiative only scratches the surface,” says Moneyfacts

Julia Harris, mortgage analyst at moneyfacts.co.uk comments:

“Any initiative which encourages and helps first time buyers onto the property ladder is welcome. But this new government backed scheme seems to be a half-hearted approach to solving the much ‘bigger’ problem of home ownership. read more

04/10/2006

Mortgage Income multiples v ability to pay

At a time of rising house prices and fierce competition in the mortgage market, Julia Harris Mortgage Analyst at moneyfacts.co.uk evaluates the alternative methods used to assess affordability.

“Recent figures from the Council of Mortgage Lenders (CML) showed average first-time buyers borrowed 3.24 times their income - the highest level ever recorded. To facilitate this increased borrowing commitment, lenders are edging away from standard income multiples toward affordability models or more complex income multiples. read more

02/10/2006

Mortgages payments – are you better off than 10 years ago?

The average house price has almost trebled since 1996, and demand for property shows no real signs of diminishing, with some commentators predicting further increases of up to 40% in the next four years due to shortages in housing supply. Andrew Hagger, Head of news and press at Moneyfacts.co.uk comments: read more

29/09/2006

Large deposits no longer required!

Scott Hanton, mortgage analyst at moneyfacts.co.uk comments on recent changes to LTV requirements by some of the big mortgage players:

“Hardly a day goes by without mention of the growing UK personal debt burden. Total secured lending now tops £1 trillion, with the average household debt at £8,5771 or £50,0911 if you include mortgages. Read More

28/09/2006

Nationwide report that House prices unseasonably strong in September

Commenting on the figures Fionnuala Earley, Nationwide's Group Economist, said:

“Just like the weather, the housing market was unseasonably warm in September as August’s interest rate hike did nothing to cool the rate of house price inflation. House prices increased by 1.3% during September, bringing the annual rate up to 8.2% - its fastest annual rate of growth since February 2005. A weak patch this time last year, when prices fell by 0.2%, exaggerates the annual increase, but the more recent three-month-on-three-month series still shows a clear pick up in price growth since July. The price of a typical house is now £169,413, almost £13,000 more than at this time last year and the equivalent of a rise of more than £35 per day over the last 12 months. More detail

27/09/2006

ALLIANCE & LEICESTER'S NEW MORTGAGE PORTFOLIO

With effect from 27 September Alliance & Leicester's mortgage portfolio will change - see below for summary of changes: More details

27/09/2006

PORTMAN BUILDING SOCIETY

On Wednesday 27th September, Portman Building Society launch two new mortgage products: Find out more

27/09/2006

Never-Ending Credit Card Debt!

Money Facts comments on the effect of the OFT's intervention in the credit card market to reduce default fees and the rise in the increase in credit card interest rates. Find out More

Lisa Taylor from moneyfacts.co.uk comments:

“While it may be argued that the 0.25% increase to base rate in August resulted in some of these increases, with rises of up to 12.1% it is clear other forces are at play." read more

22/09/2006

Halifax announces launch of new mortgage product range

Halifax announce new mortgage and remortgage product range is to be released on Monday the 25th September 2006. Find Out More

24/08/2006

Moneyfacts average SVR now stands at 6.57%

Andrew Hagger from moneyfacts.co.uk comments:

Mortgages

With over 80% of Mortgage SVR changes announced, we have seen a number of providers take the opportunity to make an increase greater than 0.25% with Furness BS, NatWest and RBS increasing by 0.30% and Standard Life by 0.31%. Read the full article . Money facts have also published an up to date table of mortgage lenders standard variable rates. svr table

23/08/2006

New car shopping – don’t forget your finance options

Lisa Taylor, analyst at moneyfacts.co.uk comments:

“As the first of September draws near, keen motorists will be spending the next couple of weeks shopping for their shiny new car, bearing the ‘56’ registration. Many will have been searching garages up and down the country to find the most competitive deal, feeling pleased with themselves in obtaining the added ‘freebies’ of car mats, mud flaps and a tank of petrol. But they should not be lulled into the trap of buying ‘forecourt’ finance without first shopping around. It can be a very costly mistake! More detail

17/08/2006

Two weeks on from the Base Rate increase– Moneyfacts.co.uk reviews the changes seen to date.

Andrew Hagger, Head of News and Press at moneyfacts.co.uk reviews the changes to date from both savings and mortgage perspectives.

Mortgages

“Fourteen days on from the decision to raise base rate by a quarter of a point, we have still only seen half of UK mortgage providers announce changes to their SVR, with some of the big players on the high street, namely Woolwich (Barclays), HSBC and NatWest still to decide. Read More

14/08/2006

Interest-only mortgages: a disaster waiting to happen?

Julia Harris, mortgage analyst at moneyfacts.co.uk, comments on the growing interest only mortgage market, and explores the difficulties that consumers may face in the longer term if they take this option to buy their home.

“In our ‘live for today’ culture, priority for many is still to get on the property ladder and consumers and lenders are using every way possible to make this happen. But with incomes already stretched and prices continuing to rise, consumers are desperately trying to secure the cheapest mortgage option in terms of monthly repayments. Read More

14/08/2006

Student banking – what’s on offer for 2006/07 and what should students watch out for!

Students will soon be getting their exam grades, seeking places at university and will then be on the search for their new student bank account. Michelle Slade, personal finance analyst from moneyfacts.co.uk takes a look at the 2006/07 student packages on offer and explains the key features students should be looking out for. Read More

14/08/2006

Zurich International makes a splash in the offshore savings market.

Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments on the new instant access account from Zurich Bank International:

“Recent figures show that over five million Britons have upped sticks to work or retire in sunnier climes, searching for their dream lifestyle overseas. There are sizeable British expatriate communities now in over 100 countries, but when it comes to finding a new home for their savings the choice is somewhat limited. Read More

10/08/2006

10 Things wrong with PPI

Money Facts comments on the payment protection market after The Office of Fair Trading published a paper discussing the issues surrounding the payment protection market.

Lisa Taylor from moneyfacts.co.uk comments:

“Lets hope this is the start of long overdue process to reform the payment protection market, if only, to make consumers aware of the true costs and to let them know they do have choices. read more

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349

28/12/2007

House prices fall by 0.5% in December

20/12/2007

Base rate update – two weeks on from the base rate cut of 0.25%

12/12/2007

Investments and pension feeling the winter blues

10/12/2007

It’s not too early to be planning for next Christmas

06/12/2007

Moneyfacts.co.uk comments on the base rate reduction to 5.50%

05/12/2007

Savers benefit from the liquidity crisis as fixed rates rise again

30/11/2007

Sub prime mortgages continue to vanish – where will it end?

30/11/2007

30/11/2007

Current accounts – long-term relationships won with short term deals.

29/11/2007

Moneyfacts.co.uk – weekly product update

29/11/2007

House prices fall by 0.8% in November

28/11/2007

Double the trouble from mortgage fees

23/11/2007

Equity release widens its market

21/11/2007

Moneyfacts.co.uk – weekly product update 21/11/2007

16/11/2007

It’s not all good news for savers

16/11/2007

House price growth to pause for breath in 2008

15/11/2007

Moneyfacts.co.uk – weekly product update

15/11/2007

Standard Life Bank increases its SVR

14/11/2007

Spend and save to support your charity

07/11/2007

Moneyfacts.co.uk – weekly product update 07/11/2007

05/11/2007

Credit crunch causes credit card chaos

31/10/2007

House prices remain stubbornly robust despite weakening demand

31/10/2007

Size doesn’t matter….. when it comes to choosing the best mortgage

31/10/2007

Bonus bonanza on savings

30/10/2007

Let the credit card cashback battle commence!

29/10/2007

New current account from Alliance & Leicester receives the thumbs up from Moneyfacts.co.uk

25/10/2007

Consumers should tread carefully over cash back deals for life cover

24/10/2007

Moneyfacts.co.uk – weekly product update

17/10/2007

Moneyfacts.co.uk – weekly product update 17/10/2007

16/10/2007

Where have all the mortgages gone? – 40% less products available than three months ago

16/10/2007

Offshore savings rates regain some appeal – but are your savings safe!

16/10/2007

Variable and fixed rate mortgages at the same price – that can’t be right!

15/10/2007

How to profit from Christmas spending

15/10/207

No guarantee in a savings rate guarantee

11/10/2007

Moneyfacts.co.uk names the most consistent savings accounts.

11/10/2007

Moneyfacts.co.uk – weekly product update 11/10/2007

03/10/2007

Beware of the debt that can outlive you!

03/10/2007

Moneyfacts.co.uk – weekly product update 03/10/2007

03/10/2007

Personal loan rates take a battering

28/09/2007

Credit crunch starting to bite the buy to let mortgage sector

27/09/2009