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Found 15 results

  1. Borrowers whose monthly payments doubled when their lender increased the rate on their tracker mortgages are hoping a Court of Appeal ruling might allow them to claim back thousands of pounds. About 6,000 West Bromwich Building Society customers are expecting refunds after last week’s ruling that the lender was not justified in changing the rates for buy-to-let landlords on tracker mortgages. In December 2013 the lender increased the rates, despite the fact that the Bank of England’s leading Bank Rate, which tracker mortgages are typically expected to follow, had not changed
  2. Has anyone read this yet if so what are your thoughts on it see below for the link https://www.gov.uk/government/news/cma-finalises-proposals-to-lower-payday-loan-costs
  3. Some 43,000 borrowers are set to get compensation after a High Court ruling over the wording of documents sent out by former bank Northern Rock. Northern Rock Asset Management (NRAM), the nationalised "bad bank" remains of Northern Rock plc, will have to pay £261m in refunded interest. The case related to Northern Rock's "Together Mortgage", and questioned the wording in past loan documents. NRAM is now considering whether to appeal against the ruling. The total payout is expected to see each affected borrower refunded an average of about £6,000, with the total overall bill
  4. Customers of Yorkshire and Chelsea building societies to receive refunds of arrears charges in £8.4m windfall About 34,000 mortgage borrowers with Yorkshire Building Society are to receive refunds averaging almost £250 each after mistakes were made in the calculation of mortgage arrears charges. In all, about £8.4m will be paid to the customers affected, some of whom have mortgages with Chelsea and Barnsley building societies and Accord Mortgages, which are all part of the Yorkshire group. Borrowers will receive an average of £247. The group is to refund all mortgage arrears admini
  5. Customers of Yorkshire and Chelsea building societies to receive refunds of arrears charges in £8.4m windfall About 34,000 mortgage borrowers with Yorkshire Building Society are to receive refunds averaging almost £250 each after mistakes were made in the calculation of mortgage arrears charges. In all, about £8.4m will be paid to the customers affected, some of whom have mortgages with Chelsea and Barnsley building societies and Accord Mortgages, which are all part of the Yorkshire group. Borrowers will receive an average of £247. The group is to refund all mortgage arrears admini
  6. Regulator reminds homeowners of their responsibilities in paying off capital, but wants fair treatment from lenders Homeowners with interest-only mortgages who do not have enough money to pay them off when they mature have been warned it is ultimately their responsibility to find a way to clear their loan. However, the Financial Conduct Authority (FCA) added that it expected mortgage lenders to treat these customers fairly and not "exploit" those in difficulty by, for example, demanding they pay a higher rate of interest than other customers. Repossession of a property s
  7. The new Financial Conduct Authority will collect and share information from mortgage borrowers that may have data protection implications, it has emerged. The regulator will share personal data with the Bank of England, and its sister organisation, the Prudential Regulation Authority. The FCA wants to harvest large amounts of data about existing and new mortgages, including information on childcare commitments and outstanding loans and credit card bills. The data will also include each borrowers' income, including bonuses and overtime pay. The enhanced data requirements were conta
  8. The consumer regulator, which is closely watching payday lending practices, has revoked the lending licence of MCO Capital, which traded as Help Loan. The Office of Fair Trading (OFT) today stepped up its action to curb rogue payday lenders by banning MCO Capital, which traded online as Help Loan. The regulator revoked the company's consumer credit licence after it failed to improve its "unfair business practices", which included chasing non-customers for debts they had not taken. Last August, the OFT found that MCO was failing to make identity checks on applicants, which led to it bei
  9. State-backed Royal Bank of Scotland has become the latest High Street giant to abolish interest-only mortgages for homeowners. It follows hot on the heels of Nationwide and Co-operative Bank, who stopped handing out these once popular loans earlier this year. Many other rival major lenders have also axed interest-only, or dramatically cut back on who they allow to borrow this way. However, most of these moves came before the release of the Financial Services Authority’s Mortgage Market Review, which made it clear that it believed there was still a place for interest-only borrowing, as lon
  10. A debt advice charity has seen almost 16,500 people approach it this year with problems linked to payday loan debt – with more than 2,000 of them struggling with five of these loans or more. The Consumer Credit Counselling Service (CCCS) said it was on course to see a record number of people this year, having assisted almost 17,500 clients last year and just under 6,500 in 2009. Such loans are intended as a short-term stop gap to tide people over for a few weeks but the charity said that 73 people it had seen this year had 10 or more of them. The typical amount owed on payday loans has i
  11. http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9615276/2000-borrowers-have-at-least-five-payday-loans.html
  12. Mortgage costs for thousands of borrowers will jump from tomorrow when one of the country's biggest lenders raises its standard variable rate (SVR). Santander's 0.5 percentage point rise in its SVR to 4.74pc will result in an average increase of £26 a month or £312 a year for a typical £100,000 mortgage. The switch is expected to affect hundreds of thousands of customers, although Santander has not disclosed the figure.Santander's SVR change, announced in August, is one of a number by lenders in recent months, dashing hopes that households will see some benefit from the Bank of England's
  13. Newlife has launched a mortgage product for borrowers over 65. The product has a variable rate of the lender’s SVR – 5.24 per cent – plus 0.5 per cent and it comes with free standard legals for remortgage customers. The maximum loan size is £350,000 and the loan-to-value is capped at 50 per cent. There must be £150,000 of equity remaining in the property at completion. It is available on a capital and interest or interest-only basis. There is a £299 application fee and a £1,995 lender fee. In addition to the 65+Mortgage, Newlife offers lifetime mortgages and home reversion plans. Newlife
  14. Rocketing numbers of borrowers who have taken out payday loans are desperately seeking help as they struggle to pay off their debts. In the past six months, 9,500 calls were made to the National Debtline — more than double the number made in the same period last year. Families forced to turn to short-term loans — which can charge interest as high as 16,000 per cent — are becoming locked into a cycle of debt. The Money Advice Trust says the crux of the problem is borrowers taking out multiple loans when they cannot pay back the original loan. Joanna Elson, chief executive of the Trust, sa
  15. Mortgage lending is growing at a faster rate at mutuals than the banks, new figures show. Gross mortgage lending by building societies and other mutual lenders rose 54pc to £2.8 billion in May 2012 compared to £1.8 billion May 2011. In the first five months of 2012 lending rose 40pc compared to the same period in 2011. In comparison, during the same period bank gross lending rose just 8pc and year to date was up 4pc. Adrian Coles, director-general of the Building Societies Association, said: "The mutual sector is giving a strong signal that it is open for business to all types of borrowe
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