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HSBC UK planning to boost its savings rates
The bank said it will be increasing rates shortly and making other changes, and it will give further details next week.
By Vicky Shaw
Money
What do the mortgage measures agreed on Friday mean for struggling borrowers?
Extra help has been announced for struggling mortgage borrowers, following a meeting between Chancellor Jeremy Hunt and banks.
By Vicky Shaw
Money
Martin Lewis criticises ‘outrageous’ lag in savings rates behind borrowing rates
Savings rates should be put up at least with the same rate as borrowing, Martin Lewis told ITV’s Good Morning Britain.
By Vicky Shaw
Money
What does the Bank of England rate hike mean for the housing market?
The Bank has pushed the base rate up to 5%, the highest it has been in nearly 15 years.
By Vicky Shaw
Money
Starmer says subsidy for mortgage holders not right approach to crisis
The Labour leader said ‘next month it’s going to feel a lot worse’ for homeowners.
Money
What does the Bank of England base rate hike mean for homeowners?
The Bank of England base rate now stands at 5% after a 0.5 percentage point hike on Thursday.
By Vicky Shaw
Money
£35.8bn gap between tax expected to be paid and amount collected in 2021/22
Plugging the ‘holes in our tax system’ could help refill public coffers, a tax and financial planning expert said.
By Vicky Shaw
Money
Why is inflation still high and what does it mean for me?
The rate of inflation stayed flat at 8.7% in May, despite hopes from economists that it would fall and provide some relief for households.
Money
Rise in mortgage rates on Thursday looks inescapable, say experts
Further monetary tightening risks deepening the financial pain for people and businesses, according to some commentators.
By Vicky Shaw
Money
Average UK house price in April was £7,000 lower than last September – ONS
The average UK house price was £286,000 in April 2023, which is £9,000 higher than 12 months earlier, the Office for National Statistics said.
By Vicky Shaw
Money
Chancellor to meet lenders later this week over mortgage rates crunch
Jeremy Hunt told the House of Commons he would be asking what flexibilities might be possible.
By Vicky Shaw
Money
More big-money prizes added to Premium Bonds from July
The Premium Bonds prize fund rate will reach a 15-year high from the July prize draw, increasing to 3.70% from 3.30%.
By Vicky Shaw
Money
Mortgage ticking time bomb is now exploding, says Martin Lewis
Mr Lewis said he had given his views at a mortgage summit held by Chancellor Jeremy Hunt last year.
By Vicky Shaw
Money
Six million with disabilities to start receiving £150 cost-of-living payments
The one-off payments are being issued by the Department for Work and Pensions.
By Vicky Shaw
Money
Santander launches new current account offering up to £30 cashback per month
The launch comes as the bank said its existing 123, Select, and Private current accounts are being removed from sale.
By Vicky Shaw
Money
TSB becomes latest bank to press pause on some mortgage lending
The bank said it was removing some mortgages from sale as of 4pm on Monday.
By Vicky Shaw
Money
71% fall in number of interest-only mortgages outstanding since 2012
The stock of outstanding interest-only mortgages fell by 8% in 2022, compared with the end of 2021, UK Finance said.
By Vicky Shaw
Money
Bristol tenants facing ‘Wild West’ rental market, says mayor
Marvin Rees said there is a need for rent controls in the housing market as private tenants face some of the highest prices outside London.
Money
Age UK highlights evidence of ‘great un-retirement’ as living costs bite
The charity said it is continuing to hear from older people whose retirement plans are being hit by the impact of inflation.
By Vicky Shaw
Money
Company insolvencies jump 40% in May to four-year high
Government data from the Insolvency Service showed 2,552 companies entered insolvency during the month.
Money
46% of non-retired people ‘believe they will be working past state pension age’
Some 7% of working-age people do not think they will ever be able to retire, according to the People’s Pension.
By Vicky Shaw
Money
Less than half of children ‘have received a meaningful financial education’
Around 5.4 million children in the UK do not not have the money skills they will need in adulthood, the Money and Pensions Service has estimated.
By Vicky Shaw
Money
Most complained-about financial products revealed by ombudsman service
Just over a third of complaints dealt with by the Financial Ombudsman Service in the 2022/23 financial year were upheld in consumers’ favour.
By Vicky Shaw
Money
52% of people with disabilities ‘negatively affected by bank branch closures’
Consumer group Which? carried out research among more than 2,700 bank customers with disabilities.
By Vicky Shaw
Money
Waitrose cuts price of 200 products
Everyday items such as bread and mince have seen some of the biggest reductions.
Money
First-time renters accounting for just 4.6% of new tenancies – index
The average rent paid on a newly let property is £106-per-month higher than a year ago, according to Hamptons.
By Vicky Shaw
Money
Post Office cash transactions reached eight-month high in May
The Post Office said the figures underline the important role of its branches as the leisure and hospitality sectors enter their busiest time of year.
By Vicky Shaw
Money
One in 100 current account applications is fraudulent, says Experian
Money mules, who allow their bank accounts to be used by criminals to move cash around, are often behind bogus applications.
By Vicky Shaw
Money
Seven in 10 holidaymakers ‘bust their budget on most recent trip abroad’
Some people said they had felt ‘ripped off’ by prices for excursions, attractions and meals and drink, according to Post Office Travel Money.
By Vicky Shaw
Money
HSBC UK reopens broker channel for mortgages
Increased lender rates across the market resulted in significant demand for the bank’s products.
By Vicky Shaw
Money
New guide aims to help families access savings of disabled young people
It raises awareness of the Mental Capacity Act, which applies to people in England and Wales who lack capacity to make decisions.
By Vicky Shaw
Money
Record £2.4bn in motor claims paid in first quarter of 2023, say insurers
The total value of motor claims payments recorded by the Association of British Insurers was up by 14%, compared with the first quarter of 2022.
By Vicky Shaw
Money
Mortgage rates hiked and products temporarily withdrawn by lenders
Nationwide Building Society is hiking some fixed rates from Friday while HSBC UK has temporarily removed some products.
By Vicky Shaw
Money
Big banks offering ‘measly’ savings rates to loyal customers, say MPs
The Treasury Committee found that a ‘loyalty penalty’ was especially prominent for elderly and vulnerable customers.
By Anna Wise
Money
Government as committed as ever to pensions dashboards, says minister
Pensions minister Laura Trott said the pensions dashboards programme will be given the flexibility it needs.
By Vicky Shaw
Money
Rishi Sunak says control of nation’s finances will help ease mortgage pressure
The Prime Minister said it would be ‘very damaging for people’s mortgages’ if the Government was irresponsible with the public finances.
By David Hughes
Money
Household savings shrink annually for first time in 15 years
Further falls in savings levels were likely until current cost pressures eased, UK Finance said.
By Vicky Shaw
Money
Insurance industry bosses push back at perceptions of ‘profiteering’
Representatives appeared before MPs sitting on the Treasury Committee.
By Vicky Shaw