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Bank of England holds interest rates at 4.75%

By Michael Griffiths

19/12/2024

The Bank of England has confirmed it is holding its base rate at 4.75% in its final decision on interest rates in 2024.

It follows the central bank’s move to cut its base rate last month by 0.25%

Homeowners and savers feel more pessimistic about the future of the economy and their own financial wellbeing, a survey by the Family Building Society has indicated

Moneybox reports 59% jump in mortgage in principle requests

Mortgage in principle requests have increased by 59% year-on-year at Moneybox, as the firm also reported a 50% jump in mortgage applications

Annual price growth jumps to 3.4%, Land Registry data shows

Annual house price growth accelerated to 3.4% in October, up from a revised estimate of 2.8% in the year to September, according to the Land Registry’s latest UK House Price Index

Inflation continues to rise annually in November

UK inflation increased again year-on-year in November to 2.6%, having reached 2.3% in October

Moneybox reports 59% jump in mortgage in principle requests

Mortgage in principle requests have increased by 59% year-on-year at Moneybox, as the firm also reported a 50% jump in mortgage applications

Housing market beats expectations in 2024, Halifax finds

The UK housing market has beaten expectations in 2024, with the market recovering as a result of lower mortgage rates and strong wage growth, according to Halifax

Majority of specialist mortgage customers to return despite length of process

The majority (96%) of specialist mortgage customers have said they are likely to use the products again, despite 91% of brokers stating that they take a lot more time to complete compared to mainstream criteria, United Trust Bank has found

Stamp duty changes could boost rental demand, landlords say

The changes to stamp duty thresholds next year could encourage tenants to stay longer and could even boost rental demand, Landbay has found

IHT receipts increase by 11% year-on-year

The amount of inheritance tax (IHT) receipts collected by HM Revenue and Customs reached £5.7bn between April and November, an 11% increase on the same period in 2023/24

IHT receipts on course for fourth consecutive yearly high

Inheritance tax (IHT) receipts collected in the current financial year have reached £5bn, with HM Revenue and Customs (HMRC) set to break collection records for the fourth consecutive year

EV adds new IHT functionality to financial planning tool

Financial services technology provider, EV, has added a new inheritance tax (IHT) functionality to its end-to-end financial planning solution, EVPro

Surge in advice expected as one in 10 deaths set to trigger IHT charge by 2030

Wealth professionals are anticipating a surge in demand for financial advisers as almost one in 10 deaths are set to trigger an inheritance tax (IHT) charge by the end of the decade

FCA bans director and adviser over pension transfer advice failings

The Financial Conduct Authority (FCA) has banned Richard Fenech and Heather Dunne from working in financial services, after the pair operated an advice model that put customers’ guaranteed pension benefits at "significant risk"

Firms using GDPR as ‘scapegoat’ for Consumer Duty failures

Firms that are falsely using GDPR as a “scapegoat” for non-compliance with Consumer Duty are risking severe action from the Financial Conduct Authority (FCA), MorganAsh has warned

FCA seeks feedback on how to improve crypto regulation

The Financial Conduct Authority (FCA) has confirmed it is seeking feedback on plans to improve the transparency of the UK’s crypto markets

LiveMore calls for mortgage prisoner support following Govt report

LiveMore has called on the industry to support mortgage customers, after an All Party Parliamentary Group (APPG) published a report condemning the Financial Conduct Authority (FCA) on its handling of "mortgage prisoners"

Homeowners ‘pessimistic’ over economy’s future, study finds

Homeowners and savers feel more pessimistic about the future of the economy and their own financial wellbeing, a survey by the Family Building Society has indicated

Bank of England holds interest rates at 4.75%

The Bank of England has confirmed it is holding its base rate at 4.75% in its final decision on interest rates in 2024. It follows the central bank’s move to cut its base rate last month by 0.25%

Two in five people have no savings, study finds

Two in five (40%) UK adults have no savings in the bank, a new study by Darlington Building Society has indicated

Half of Brits won’t change savings approach despite drop in interest rates

Half of British adults have stated that they will not change their approach to saving, despite the likelihood of receiving less from their savings as interest rates come down, Atom bank has found

Four in five adults don’t know where all pension pots are

Over four in five (81%) working-age adults have admitted that they don’t know where all of their pension pots are, Raindrop has revealed

Clara Pensions agrees first superfund transaction involving an active sponsor

The trustee of the Wates Pension Fund, together with Wates Group, have agreed to transfer members' defined benefit (DB) pension benefits to Clara, marking the first superfund transaction with a scheme with an active sponsor

Unnamed pension scheme completes £17m full buy-in with Just Group

The trustees of an unnamed pension scheme have completed a £17m full-scheme buy-in with Just Group, insuring the benefits of all 54 scheme members

Hays Pension Scheme completes £370m buy-in with PIC

The Hays Pension Scheme has completed a £370m buy-in with Pension Insurance Corporation (PIC), covering the benefits of 853 pensioners and dependents and 3,368 deferred members

Lendco renews £400m BTL warehouse line

Lendco has confirmed the renewal of one of its £400m buy-to-let (BTL) warehouse lines

Titan Wealth acquires Independent Wealth Planners

Titan Wealth has announced the acquisition of Independent Wealth Planners (IWP), a provider of financial planning solutions, for an undisclosed amount

Inflation continues to rise annually in November

UK inflation increased again year-on-year in November to 2.6%, having reached 2.3% in October

Sirius Finance completes £8m revolving credit facility

Sirius Finance has completed an £8m revolving credit facility to fund the refinancing of a portfolio of commercial and mixed-use assets

The Tipton & Coseley Building Society integrates with Mast

The Tipton & Coseley Building Society has selected the Mast origination platform to power its mortgage operations

Compare the Market integrates Oakbrook and Finio Loans

Compare the Market has directly integrated Oakbrook and Finio Loans into its money eligibility platform and comparison service

Twenty7tec and Nationwide enhance mortgage application process

Twenty7tec has announced an upgrade to its Nationwide APPLY functionality to streamline and enhance the journey for intermediaries

Moneyhub launches new wealth app with Marygold & Co.

Moneyhub has partnered with Marygold & Co. to launch a new wealth management app

Uinsure partners with Suffolk Building Society

Uinsure has announced a new partnership with Suffolk Building Society

News in brief - 19 December 2024

Today's round up of developments coming out of the consumer finance space, featuring Furness Building Society, Bath Building Society and MPowered Mortgages

Post Office and Ocean Finance join Compare the Market’s money platform

Compare the Market has announced that Post Office and Ocean Finance are the latest brands to directly integrate their credit card products onto the price comparison website’s money eligibility platform and comparison service

Quilter Financial Planning adds three new AR firms to network

Quilter Financial Planning has added three new appointed representative (AR) firms to its advice network

BLOG: Expand the holistic solutions you can offer with Royal London Equity Release

Royal London Equity Release discusses the importance of holistic support for clients when it comes to later life lending

BLOG: The younger generation have spotted an alternative route into the housing market – and we should embrace it

Head of business development at Saffron for Intermediaries, Tony Hall, discusses how the younger generation can find their way onto the housing ladder

BLOG: Introducing eConveyancer+ | Raising the bar on communication

The latest MoneyAge blog explores eConveyancer+, a new standard in conveyancing designed to support brokers in delivering exceptional service with complete confidence

BLOG: What You Need to Know About Portfolio Landlords in 2024

Portfolio landlords – those with four or more properties - are the backbone of the private rented sector. Our latest report, Portfolio Landlord 2024, looked into who these landlords are, how they feel about their property business and their plans for expansion

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