The huge numbers of Britons mis-sold endowment mortgages could cost the life assurance industry more than £1bn in compensation, latest estimates say. It is thought to be the worst example of the problems surrounding endowments, many of which were mis-sold to home-buyers by salesmen eager to bump up their earnings with commissions. Lloyds TSB said its policies are performing so badly that half of the 270,000 it has sold are at serious risk of leaving owners in debt.Ī further 124,000 are estimated to have a chance of leaving a shortfall, while only 10,800 are on track to cover the mortgage. ONE OF THE big banks has admitted that most of its endowment mortgage holders face a bill for thousands of pounds when their policies mature. Would you get solar panels on finance? Energy firm now offers a loan to homeowners with green ambitions.Typical homeowner now has five years' worth of retirement income tied up in their property, thanks to bumper house price growth since 2017.House prices see biggest fall since July 2009, says Nationwide: Property values take a knock - as mortgage lenders continue to hike rates.Have you won big on the Premium Bonds in June? Use our prize checker to find out who the lucky winners are for this month.but there's a catch: We explain who can get it and what you need to know Skipton BS launches market-beating 7.5% savings rate.I bought £25,000 of NS&I Premium Bonds but won nothing for a whole YEAR - has there been a mistake or am I just really unlucky?.How many shares should you hold in a portfolio?.Lloyds to close 53 more branches as customers make the move to online banking in yet another blow for the high street.Cash Isa season is back with a bang! Record £17.8bn poured into tax-free accounts in March and April as savers rushed to better rates.How do I cut my troublesome sister-in-law out of any inheritance from my 95-year-old grandmother? HEATHER ROGERS replies.Revolution Beauty's delayed half-year results show losses plunge following recovery in store sales.Outrage over huge dividend payout at Pennon: Two months after water firm is fined over sewage.Animal drugs maker Dechra agrees to lower £4.5bn takeover by Swedish private equity firm EQT.NatWest Group and Irish finance ministry receive €110.5m after selling 10% of lender Permanent TSB. Global food commodity prices drop to lowest level in more than two years.BUSINESS CLOSE: EQT to buy Dechra Pharma for £4.5bn Revolution Beauty losses fall NatWest and Irish state sells 10% of PTSB.Would you take out a 100% mortgage that gives you a house price discount as well? Everything you need to know about concessionary mortgages.Inflation-busting savings rates of 9% and cash Isas back in the sun as billions pour into them: This is Money podcast.Rents rise to record levels with the South West seeing prices up 3% in a month as experts warn tenants are struggling to keep up.Half have never switched savings provider despite high street banks still offering sub-1% easy-access rates.Recognise any of these exotic motors? The 10 rarest cars to appear at London's garden party for petrol heads next week.A desperate bid to kick-start electric vehicle demand: Car maker slashes prices as sales slow - bosses pen letter to minsters calling for EV incentives.and now my credit score has dropped by 100 points Fraudster opened a Three mobile phone contract in my name.Saffron Building Society launches inflation-busting 9% regular savings rate - but here's why deals with lower interest might be a better bet.Smaller lenders TSB and Virgin Money also followed suit. Millions of borrowers on standard variable and tracker-rate mortgages will likely see their bills rise as a result.īarclays, Halifax, Lloyds Bank, NatWest and Nationwide all said they would pass on the full increase to customers with mortgages linked to the base rate. The Bank of England increased rates by 0.15 percentage points to 0.25% in an attempt to tackle surging inflation. Santander's Rate for Life and Good for Life savings accounts which track the base rate will rise by 0.15 percentage points from January. On a £200,000 mortgage, this would add roughly £72 to yearly repayments. The bank's standard variable rate will also increase to 3.5%. Santander became the first to announce the rise within 45 minutes of the Bank’s decision, telling customers that all tracker mortgages would increase by 0.15 percentage points from February. Almost all of the biggest banks have hiked their mortgage costs, less than 24 hours after the Bank of England pushed up the base rate.
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