Northern Rock forced to cut savings accounts
October 22, 2008 by admin
Filed under News, News-Banking
Just a year ago Northern Rock was being branded the victim of the first run on a British bank in almost 150 years, and customers were flocking to get to the bank and take out their cash amidst rumours that the bank was on the verge of collapse. However, since this time the bank has been nationalised and since falling into government hands now offers a 100% guarantee on savings deposits for customers – a guarantee that had previously only been available on National Savings & Investments. Read more
Tags: rush, lloyds tsb, competition, hbos, northern rock, collapse, savings accounts
Demand for five-year mortgages expected to grow
April 9, 2008 by admin
Filed under News, News-Mortgages
The number of homeowners looking for longer-term fixed mortgage deals is set to rocket, a leading bank has reported.
Research by Abbey Mortgage Index has shown that buyers seeking a fixed deal lasting five years have doubled in a month to 24 per cent.
The popularity of two-year fixed-term deals rose by just three per cent to 10 per cent.
This is in contrast to tracker mortgages which only five per cent of borrowers said they would opt for.
Nici Audhlam-Gardiner, director of Abbey Mortgages, said: “Recent reports about the shrinking mortgage market seem to have had a profound effect on borrowers.”
Abbey advised mortgage providers to prepare for a rush on longer term deals as borrowers seek stability amid the credit crunch.
The decrease in the availability of mortgage deals is guiding homeowners towards more lengthy mortgages suggests Ms Audhlam-Gardiner.
“Homeowners faced with a dwindling number of mortgage deals seem keener than ever to lock themselves into a deal for longer than two years such as a five-year fix,” she added.
Statistics by Moneysupermarket.com revealed that mortgage deals have decreased by 60 per cent compared to before the economic slowdown
Bank charges could mean many consumers switch bank
November 20, 2007 by admin
Filed under News, News-Banking
A recent survey has been carried out by the consumer campaign group Which?, and the results reveal that there could be a rush of consumers flocking to switch banks in the event that standard monthly bank charges are brought in, effectively bringing free banking in the UK to an end.
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