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Found 2 results

  1. Damian Reece, The Telegraph's Head of Business, says the scale of fines awarded to banks will have an impact on their ability to lend money to consumers. UBS has swallowed a £940m fine after a global probe revealed its staff orchestrated the manipulation of benchmark interest rates. The extent of the wrongdoing was highlighted in a series of emails released by the Financial Services Authority (FSA), which showed how traders and brokers conspired to rig the rate and referred to each other in congratulatory terms. In this video, Telegraph Head of Business Damian Reece explains the impact that FSA fines will have on consumers. Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/9755502/Libor-scandal-FSA-fines-will-make-it-harder-for-banks-to-lend-to-consumers.html
  2. Five years after the Northern Rock crisis, banks still haven't recovered their appetite for lending. Britain's borrowers continue to face a mortgage crunch five years after Northern Rock teetered on the brink of collapse. Over the past five years the number of mortgages available to first-time buyers has plummeted by 75pc. There are currently 244 different mortgages available to people looking to borrow 90pc of their home's value, down from 903 in the summer of 2007, before the credit crunch struck. The value of mortgage lending has fallen by two thirds from a record high of £34bn in June 2007 to just £13bn in July 2012, while the number of house purchases has fallen dramatically. According to the Land Registry, housing transactions reached 120,000 in July 2007, but they now run at fewer than 50,000 a month – a fall of 60pc. To compound borrowers' misery, house prices have dipped sharply. The average property bought in the summer of 2007 would have been worth £200,623, while today the average property is worth just £162,126 – a drop of 20pc. Grant Shapps, the housing minister, admitted this week: "It's ridiculously expensive for people to buy houses in this country. I'm in complete agreement that there's a housing crisis." More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9496462/Its-never-been-harder-to-get-a-mortgage.html
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