Interest rates to hit 5% before the turn of decade
Outgoing Bank of England (BoE) deputy governor Sir Charlie Bean has said it is "reasonable" to expect interest rates to return to 5% within a decade. Market expectations of rates rising to 2.5% over the next three years appeared a "broadly sensible judgment", he said, adding it was rational to...Read More
Cap on mortgage lending
Plans to place loan-to-income restrictions on mortgage lenders have been announced by the Bank of England's Financial Policy Committee (FPC). Following its June meeting the FPC has recommended loans worth more than 4.5 times income should occupy less than 15% of a firm's new mortgage lending. This has been recommended...Read More
Wonga ordered to pay £2.6m compensation
In an investigation begun by the Office of Fair Trading (OFT) and taken forward by the FCA, Wonga was found to have sent letters to customers in arrears from non-existent law firms, threatening legal action. In some instances, Wonga also added charges to customers’ accounts to cover the administration fees...Read More
FCA boss hits out at lenders for misinterpreting MMR
Martin Wheatley has publicly criticised some lenders for denying potential homeowners access to a better mortgage deal amid tighter rules imposed by the regulator. The chief Executive of The Financial Conduct Authority went on to add that whilst the new rules were introduced to minimise the risk getting a loan,...Read More
Interest rate hike means no more cheap home loans
The recent speculation surrounding an increase in interest rates has forced lenders to stop advertising attractive loans that would allow homeowners protection from potential hikes in the future as fears of higher mortgage repayments will force millions into a precarious financial situation. It has been reported that building societies and...Read More
How to Check your Credit File for FREE.
In this day and age it is important we all keep an eye on our credit files as this not only helps us when looking for finance, Credit cards & Mortgages etc but it also helps prevent fraud. When you apply for credit the process usually involves you giving your...Read More
Twitter Competition – Apple Ipad Air up for grabs!
Are you crazy about social media? Fancy winning an amazing Apple Ipad Air? Click Finance are celebrating their continuing success and expansion into the social media world by inviting everyone to join in our inaugural twitter competition. We are pleased to announce the official launch of the competition via twitter,...Read More
£1bn shortfall on PPI payouts!
Some leading banks may have underpaid compensation to certain customers for mis-sold Payment Protection Insurance, the BBC has learned. A BBC commissioned expert on the findings estimates it could amount to "somewhere in the region of £1bn". The customers potentially affected had PPI on credit cards issued by Lloyds Banking Group,...Read More
Homeowners will struggle to find money for food if interest rates rise
A bleak outlook for millions already struggling to make ends meet A new survey have worryingly suggested that an interest rate rise, expected soon to be introduced by the Bank of England to combat the booming housing market, will exert more pressure of families already struggling to keep up with...Read More