Merger between Co-op and Britannia

According to recent reports there is to be a merger between the Britannia Building Society and Co-operative Financial Services. The merger will take place in the event that a new law that allows mutuals to merge is given the go ahead in March. Read more

Tags: mergers, part, building society, provider, Co-operative Financial Services, recent reports

Merger between Co-op and Britannia

According to recent reports there is to be a merger between the Britannia Building Society and Co-operative Financial Services. The merger will take place in the event that a new law that allows mutuals to merge is given the go ahead in March. Read more

Tags: new law, mutuals, redundancies, substance, Owing, britannia, damage, coop

Mates rates for mortgages?

Taking out a mortgage with a group of friends is an increasingly attractive option for people looking to get onto the property ladder, according to Moneyfacts.

Moneyfacts is saying that while there are various concerns and pitfalls to ‘mate rate’ mortgages, this is nevertheless a form of lending that banks will now consider.

Over 60 per cent of mortgage lenders, including HSBC and Britannia will consider mortgages for a group of up to four individual salaries.

As interest rates and property prices both rise, more people may begin to consider this option.

Julia Harris, mortgage analyst at moneyfacts.co.uk, called the ‘mate rate’ mortgage a “relatively new option for first-time buyers which has not been explored”.

A spokesman from the Council of Mortgage Lenders told Moneyfacts: “Buying with friends can be a realistic way to get onto the housing ladder, and can be cheaper than renting.”

However, pitfalls include the possibility that one party might lose their income or decide to desert the house once the mortgage is up and running.

Tags: council of mortgage lenders, option, hsbc, mortgage, mate