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Tracker mortgages surge in popularity, data shows

By Michael Griffiths

04/10/2024

There has been a 67% increase in the number of tracker mortgages taken out over the past three years, according to data from the Financial Conduct Authority.

A Freedom of Information (FOI) request by Quilter showed that the number of tracker mortgages taken out has surged, rising from 118,818 in 2021 to 198,044 by Q1 of 2024

Housing market activity is continuing to rebound with both sales agreed and buyer demand up by more than a quarter over the last four weeks compared to the same period a year ago

Retreat York Pension Scheme agrees £30m buy-in with Royal London

The Retreat York Pension Scheme has agreed a £30m full scheme buy-in with Royal London, securing the benefits of 202 pensioners and 108 deferred members

Savers missing out on over £250m with low interest accounts

Over a quarter of a million adult cash savings accounts containing balances of £10,000 or over are earning 1% or less, despite the growth in savings rates over the past two years

Saltus acquires Tavistock’s financial advice businesses in £38m deal

Saltus has acquired Tavistock Partners and the assets of Tavistock Partners (UK), including the Abacus and Duchy brands, in a deal worth up to £37.75m

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Tracker mortgages surge in popularity, data shows

There has been a 67% increase in the number of tracker mortgages taken out over the past three years, according to data from the Financial Conduct Authority. A Freedom of Information (FOI) request by Quilter showed that the number of tracker mortgages taken out has surged, rising from 118,818 in 2021 to 198,044 by Q1 of 2024

Lower mortgage rates driving housing market activity

Housing market activity is continuing to rebound with both sales agreed and buyer demand up by more than a quarter over the last four weeks compared to the same period a year ago

Elizabeth Passey appointed new FSCS chair

Elizabeth Passey has been announced as the new chair of the Financial Services Compensation Scheme’s (FSCS) board

Net mortgage approvals hit two-year high – BoE

Net mortgage approvals for house purchases rose to 64,900 in August, the highest level in two years, according to new Bank of England (BoE) figures

IHT receipts continue to rise year-on-year in August

Inheritance tax (IHT) receipts collected between April and August 2024 increased by £300m year-on-year, with the total collected for the year reaching £3.5bn, HMRC has revealed

Evelyn Partners warns of unexpected IHT bills

There has been a rise in the number of families receiving inheritance tax (IHT) bills after death on gifts made during the deceased’s lifetime, leading to Evelyn Partners issuing a warning to those who may be set to receive financial gifts from relatives in the future

IHT receipts rise by £200m year-on-year in July

Inheritance tax (IHT) receipts have increased by £200m year-on-year in July, taking the amount collected in IHT to £2.8bn in the current financial year

Rapid rise in number of people paying dividend tax, FOI reveals

The number of people expected to pay dividend tax in the 2024/25 tax year has almost doubled since 2021/22, a Freedom of Information request from AJ Bell has indicated

Banks given new powers to tackle threat of fraud

Banks will be allowed to extend the maximum delay for payments they deem suspicious as part of new powers to protect consumers against scams

Starling Bank fined £29m by FCA for customer screening failings

The Financial Conduct Authority (FCA) has handed a £29m fine to Starling Bank for financial crime failings related to its financial sanctions screening

Smart Money People launches vulnerability survey with 24 lenders

Smart Money People has collaborated with 24 lenders, mortgage clubs, networks and industry bodies to launch a comprehensive vulnerable people survey

FCA to protect customers of defunct payments and e-money firms

The Financial Conduct Authority (FCA) is increasing its protection for customers of payment and e-money firms that go out of business

Savers missing out on over £250m with low interest accounts

Over a quarter of a million adult cash savings accounts containing balances of £10,000 or over are earning 1% or less, despite the growth in savings rates over the past two years

One in five savers are not beating inflation

Almost one in five (17%) savers are still not beating inflation with the rate paid on their main account below the current 2.2% level of consumer price inflation, Investec Bank has found

29% of UK adults have experienced adverse credit, study finds

Twenty-nine per cent of people have experienced adverse credit at some point in their lives, according to Pepper Money’s latest Specialist Lending Study

One in four people in UK have never checked credit score

CredAbility App has warned that people’s lack of financial knowledge is not only damaging their access to credit but also impacting the financial choices open to them, after it found that more than a quarter (26%) of the UK had never checked their credit score

Retreat York Pension Scheme agrees £30m buy-in with Royal London

The Retreat York Pension Scheme has agreed a £30m full scheme buy-in with Royal London, securing the benefits of 202 pensioners and 108 deferred members

Half of Brits have never spoken to an adviser about retirement plans

Half (50%) of Brits have never spoken to financial advisers when discussing their retirement plans, Killik & Co. research has revealed

Fifth of people have lost one workplace pension pot

Almost one in five (19%) people with multiple pensions believe they have lost track of at least one pension pot, Standard Life has found

Three in five millennials struggle to save for retirement

Almost three in five (59%) millennials in the UK have said their current life stage means they struggle to save for retirement, Phoenix Group has revealed

WTW acquires stake in UK wealth manager Atomos

WTW has acquired a stake in UK-based, advice-led wealth manager Atomos, backed by funds managed by Oaktree Capital Management

Four in five wealth managers see increase in stocks trading

Almost four in five (78%) UK-based wealth managers and independent financial advisers (IFAs) have seen an increase in the level of trading of stocks and shares by their clients in the past two years, GraniteShares has revealed

Wealth managers and financial advisers turning focus to property

Wealth managers and financial advisers are turning to property investments as a route to de-risking through diversification and achieving an increased focus on ESG

Saltus acquires Tavistock’s financial advice businesses in £38m deal

Saltus has acquired Tavistock Partners and the assets of Tavistock Partners (UK), including the Abacus and Duchy brands, in a deal worth up to £37.75m

Three in five FS decision makers say firms are tech risk averse

Almost three in five (59%) senior decision makers at UK financial services (FS) firms have said that their firm’s attitude to adoption and application of new technologies is risk averse, Consulting by Davies has found

Report highlights generational divide on advisers’ views on tech

There is a generation divide on advisers’ views on technology and social media, a report from Wealthtime has highlighted, although it found alignment on the importance of service and human connection

One Mortgage System enhances iPipeline integration

One Mortgage System has enhanced its integration with iPipeline’s SolutionBuilder as part of a move to provide more efficiency for brokers

HSBC joins OPDA to drive digitisation in home buying process

HSBC UK has partnered with the Open Property Data Association (OPDA) to help improve the homebuying process through the sharing of digital property information across the mortgage market

News in brief - 4 October 2024

Today's round up of developments coming out of the consumer finance space, featuring Hinckley & Rigby for Intermediaries, Hampshire Trust Bank and M&G

Rosemount Financial Solutions partners with Loans Warehouse

Rosemount Financial Solutions (IFA) has announced a new partnership with bridging and second charge broker, Loans Warehouse

News in brief – 3 October 2024

Today's round up of developments coming out of the consumer finance space, featuring Royal London, The Mortgage Works, and Foundation Home Loans

Quilter Academy partners with FutureProof Pro and Life After Professional Sport

The Quilter Academy, the financial adviser training arm of Quilter, has launched a partnership with FutureProof Pro to help sports professionals find second careers

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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