Archive | October, 2007
Loan rates on the rise
It is not just mortgages that are seeing interest rates rise. Banks are also raising rates on personal loans by as much as 4% as the impact of the credit crunch continues to widen. Among nine lenders to increase charges in the last week are Bradford & Bingley which has increased the rate on its loans [...]
Continue reading...Nationwide puts up its tracker rate
18. October 2007
The Nationwide has followed other big mortgage lenders in increasing interest rates on new tracker mortgages by up to 0.2%. The country’s biggest building society is doing just the same as the Halifax, Abbey and Bank of Scotland have done recently. The impact of the global ‘credit crunch’ is slowly pushing up the cost of [...]
Continue reading...Property market set for hard times
17. October 2007
The property market looks like having a hard time of things over the next year or two after the number of mortgage approvals fell by 14% in August. According to the British Bankers’ Association the number of approvals given the go-ahead for home purchases in the month was 61,051, down from 71,178 in August last [...]
Continue reading...Banks compensation scheme needs better funding
16. October 2007
The crisis at Northern Rock could lead to improved compensation for savers, but higher mortgage rates and lower savings rates. When the crisis hit and savers panicked a couple of weeks ago it came to light that savers would only get the first £31,700 of their savings if a bank went bust. Chancellor of the Exchequer [...]
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19. October 2007
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