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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 at all. These borrowers will now receive a refund and be returned to the lower rate. The lender is expected to pay out £27.5m. But West Brom was not the only lender to increase rates for its tracker borrowers Thousands of customers of the Bank of Ireland, which provides mortgages sold by the Post Office, and Skipton and Manchester building societies were also affected when those lenders increased rates on their tracker or mortgages or other loans subject to rate caps. http://www.telegraph.co.uk/personal-banking/mortgages/after-6000-borrowers-get-mortgage-refund-could-you-be-due-money/
  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 being paid in part by the UK taxpayer. The compensation will come in the form of a shorter loan period. The Together Mortgage allowed unsecured loans of up to £30,000 alongside mortgages, to be repaid at the same rate as the mortgage. But the High Court said paperwork relating to unsecured loans of between £25,000 and £30,000 pounds taken out between 1999 and 2008 were incorrect, and that customers should be paid back interest and fees. http://www.bbc.co.uk/news/business-30413572
  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 administration fees charged since January 2009 and interest on those fees, even to customers who were not affected by the mistakes in calculation. The problem came to light when the City regulator, the Financial Conduct Authority, questioned whether Yorkshire's procedures were robust enough. The society then reviewed its treatment of some customers who had been charged arrears administration fees. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10640632/250-refunds-for-34000-building-society-borrowers.html
  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 administration fees charged since January 2009 and interest on those fees, even to customers who were not affected by the mistakes in calculation. The problem came to light when the City regulator, the Financial Conduct Authority, questioned whether Yorkshire's procedures were robust enough. The society then reviewed its treatment of some customers who had been charged arrears administration fees. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10640632/250-refunds-for-34000-building-society-borrowers.html
  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 should be "a last resort". With an interest-only mortgage the borrower agrees to pay off the interest each month but makes no capital repayments. Borrowers are typically expected to have an investment plan in place to pay off the debt at the end of the term – but not everyone does. Link: http://www.theguardian.com/money/2013/aug/29/fca-fair-treatment-interest-only-mortgage-borrowers
  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 contained in proposals published this week. The FCA says it needs the data to "monitor and supervise conduct in the mortgage market" and to help it to make "quicker, bolder decisions". The FCA acknowledged in the paper that the changes will bring both the data protection act and the human rights act into play. "There will potentially be instances where we share information with law enforcement agencies in relation to suspected mortgage fraud, although these instances are likely to be limited in nature," the paper states. It adds that the "collection of the data is necessary to achieve the aims set out in this consultation paper, and any interference with the right is proportionate to those aims". Link: http://www.telegraph.co.uk/finance/personalfinance/10062273/FCA-regulator-to-collect-and-share-mortgage-borrowers-personal-data.html
  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 being targeted by fraudsters who used the personal details of more than 7,000 individuals to apply successfully for loans totalling millions of pounds. The company was also accused of writing to people who it was aware may not have taken out loans, asking "unequivocally" for repayment. MCO ignored OFT requests to stop this practice. The watchdog also said MCO lacked the "necessary skills, knowledge and experience to run a consumer credit business". Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9939967/OFT-bans-payday-lender-that-chased-wrong-borrowers.html
  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 long as it was assessed properly. The in-depth report, however, highlighted huge problems in the mortgage system, due to the widespread selling of interest-only mortgages throughout the 2000 to 2007 lending boom, without any checks that borrowers could pay them back. Interest-only mortgages require borrowers to repay only the interest on their home loan each month. This lowers monthly repayments. Instead of paying some of their debt off each month, homeowners are supposed to put aside enough savings to repay their initial debt in one lump sum. But hundreds of thousands of homeowners have failed to do this — leaving them with loans they cannot afford to pay off. Over the next nine years 1.3 million interest-only loans worth £111 billion are due to be repaid. Read more: http://www.dailymail.co.uk/money/mortgageshome/article-2239682/RBS-NatWest-abolish-mortgages.html#ixzz2DXWsVrSP
  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 increased by almost a quarter in the last three years to reach £1,458, which is roughly equal to the monthly average income for a CCCS client. The charity fears that the figures could climb higher still as hikes in fuel bills and food costs push more households towards seeking out "crocodile help". Peter Tutton, the advice service's head of policy, said: "We would expect payday lenders to tell people there are better options rather than feeding into that and offering crocodile help. We need payday lenders to get on top of responsible lending." More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9615276/2000-borrowers-have-at-least-five-payday-loans.html
  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 Funding for Lending scheme. Santander blamed the increase on its own funding costs and pointed out that similar market dynamics drove its competitors to push up their SVR rates five months ago. More than a million home owners saw their mortgage rates increase in May as lenders such as Halifax, the Co-operative Bank and Clydesdale and Yorkshire Banks raised their SVR rates, even though the Bank of England base rate remained at a historic 0.5pc low. Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9581752/Santander-mortgage-borrowers-face-higher-repayments.html
  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 chief executive Peter Lucas says: “An increasing number of people find they are still paying a mortgage at 65 and may still be working – at least part-time – but due to their age, they are unable to remortgage. At Newlife, we recognise this issue and have launched the 65+Mortgage package to help people in this situation. “This product will allow borrowers to remortgage to a more competitive deal and increase the term of the mortgage thus reducing their monthly repayments. This product is one of very few, which will also allow other older homeowners who have the necessary income, to raise cash for whatever purpose they require through remortgaging or taking out a new mortgage.” Link: http://www.mortgagestrategy.co.uk/products/newlife-launches-mortgage-for-borrowers-65-and-over/1058964.article
  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, says: ‘Payday loans have a dangerous tendency to make a bad situation significantly worse.’ Payday loans companies have been dubbed ‘High Street vultures’ by debt campaigners for targeting hard-pressed families. Read more: http://www.dailymail.co.uk/money/cardsloans/article-2181836/Calls-payday-loan-helpline-soar-borrowers-struggle-pay-debts.html#ixzz22LVm8WYB
  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 borrower whether buying a property for the first time or remortgaging." The figures follow research by The Telegraph shows that more than 60pc of "best buy" mortgages are now offered by building societies, and crucially it is these mutual organisations that are providing affordable mortgages for first-time buyers and those who don't have 25pc equity in their homes. In the savings market there is more competition from the banks, but building societies more than hold their own. According to Moneyfacts, more than four out of 10 of the best-buy savings accounts in the past year have been from building societies. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9372914/Building-societies-the-preferred-choice-for-mortgage-borrowers.html
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