Archive | February, 2008
Lenders Accused Of Profiteering
More accusations of profiteering have been levelled against Britain’s mortgage lenders as they have put up the rates on tracker mortgages since the base rate was reduced in early February. Cheltenham & Gloucester has announced that it has raised its rates on new two-year trackers by 0.2%. Comparable products at Lloyds TSB (part of the same [...]
Continue reading...Northern Rock Shrinks Its Mortgage Book
25. February 2008
The mortgage book of Northern Rock is already being reduced ahead of its forthcoming nationalisation. It was predicted by Ray Boulger, of mortgage brokers John Charcol, that Rock’s mortgage book would be slashed by 50% in the next couple of years, and he said that rates have been put up already to discourage people taking out [...]
Continue reading...No ruling delivered on bank charge case
25. February 2008
Although the High Court test case into bank charges has concluded after two weeks, the presiding judge, Justice Andrew Smith, has not yet delivered his ruling, stating that he has a lot of work to do before he can do this. The case was brought by the Office of Fair Trading against seven banks and [...]
Continue reading...Bank Cuts Base Rate By 0.25%
22. February 2008
As widely forecast, the Bank of England cut the base rate on Thursday by a quarter point to 5.25%, their lowest level since April 2007. The message from the Bank of England seems to be that they are now more concerned about the direction of the economy than they are that inflation might creep up a [...]
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25. February 2008
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