Archive | October, 2017

First-time buyers facing mortgage rate shock

Thoughts of a base rate rise are already impacting the mortgage market, with our latest data showing that the average two-year fixed mortgage rate has experienced an increase at all loan-to-values (LTVs) in the last month – yet it’s rates at 95% LTV that have been hardest hit, which means first-time buyers may need to […]

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FCA chief defends car finance despite fears it could lead to next financial crisis

Concerns have been raised that the rapid growth in auto lending could spark an economic crash if the UK is hit by rising unemployment or higher interest rates The head of Britain’s financial watchdog has defended the use of car finance products despite widespread fears they could herald the next financial crisis. Andrew Bailey, chief executive […]

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GDPR A REAL CONCERN FOR BROKERS

Brokers urged to implement change now or risk heavy fines. Brokers have been told to set up a task force to deal with the impending EU General Data Protection Regulation (GDPR), as any wrong-doing could be disastrous. This comment, from Ian Hughes, chief executive of Consumer Intelligence, comes after he warned that home and motor insurers could face […]

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FCA TO SHAKE-UP INTEREST-ONLY MORTGAGE RULES

The Building Societies Association (BSA) has welcomed a proposed regulatory shake-up that could widen the availability of retirement interest-only mortgages. The Financial Conduct Authority is consulting on the removal of a regulatory barrier to allow ‘retirement interest-only mortgages’ for older consumers, in which the loan would only be repaid on a specified life event such […]

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FCA stops 200 trading firms over ‘basic’ requirements

More than 200 firms had their authorisations cancelled by the Financial Conduct Authority in the 12 months to the end of June, the regulator has revealed. In its latest regulatory round-up, the FCA said these firms had their authorisations cancelled for failing to comply with “basic regulatory requirements”. These could include failing to submit FCA […]

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House prices stabilise as number of homes on the market falls

Property values rise slightly for the second month in a row even as transactions and mortgage approvals decline A shortage of homes for sale has kept house prices rising despite falling consumer incomes and political uncertainty, according to Nationwide. The building society said the price of the average house went up by 0.3% in July to […]

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