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Outstanding mortgage loan value hits £1.66trn – BoE

By Michael Griffiths

10/09/2024

The outstanding value of all residential mortgage loans climbed to £1.66trn in the second quarter of the year, a figure up 0.4% on Q1.

New figures published by the Bank of England (BoE) also revealed that this was 0.3% up on Q2 in 2023

The Government has decided to scrap plans for a British ISA over concerns it would have complicated the investment market for individual savers

Movera makes strategic investment in Collaborative Conveyancing

Movera, has announced a new strategic investment into Collaborative Conveyancing to help transform the way conveyancers manage enquiries

Total UK property equity hits record £5.7trn

Recovering house prices in the first half of 2024 have driven the total value of the UK’s property equity to £5.7trn, analysis by the Equity Release Council has indicated

Experian and Oakbrook launch new partnership

Experian has announced that Oakbrook, a non-bank provider of consumer lending solutions, will now be using Experian Boost data for personal loan applications

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Outstanding mortgage loan value hits £1.66trn – BoE

The outstanding value of all residential mortgage loans climbed to £1.66trn in the second quarter of the year, a figure up 0.4% on Q1. New figures published by the Bank of England (BoE) also revealed that this was 0.3% up on Q2 in 2023

Average fixed mortgage rates fall in August

Average mortgage rates on the overall two and five-year fixed rate deals fell month-on-month by 0.21% and 0.18% respectively during August, new Moneyfacts data has indicated

House prices record strongest rate of annual growth since November 2022

House prices rose by 4.3% on an annual basis in August which is the strongest rate of annual growth seen since November 2022, the latest Halifax House Price Index has revealed

Two in five FTBs struggle to secure mortgage, study finds

Two in five (40%) first-time buyers (FTBs) have found it difficult to secure a favourable mortgage rate, new research by Moneybox has indicated

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

Almost 7,000 estates overpay on IHT, NFU Mutual reveals

Nearly 7,000 estates have paid inheritance tax (IHT) including life insurance policies that could have been excluded from the tax if put into trust

Financial product complaints increase 70% year-on-year

The number of complaints made about financial products has increased by 70% in the past 12 months, the Financial Ombudsman Service has revealed

FCA launches study into pure protection market

The Financial Conduct Authority (FCA) has announced that it intends to launch a market study into how pure protection insurance products are sold, after highlighting concerns that competition is not working in the market

Equity Release Council launches new retrofit lifetime mortgage guidance

The Equity Release Council has published new guidance for member firms to consider when launching retrofit lifetime mortgages

PwC fined £15m for failing to alert FCA about LCF failings

The Financial Conduct Authority (FCA) has handed a £15m fine to PwC for failing to report to the regulator its belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity

Awareness of Islamic finance on the rise – Gatehouse Bank

Awareness surrounding Islamic finance has increased among Muslim consumers in the UK, new research by Gatehouse Bank has indicated

Two million fixed rate savings accounts could be generating higher returns

Over two million fixed rate savings accounts containing balances of over £20,000 could generate higher returns by switching a portion of the deposit into ISAs on maturity, analysis by Paragon Bank has indicated

Bridging loan books hit new record in Q2

Bridging loan books continued to grow to record levels in the second quarter reaching just under £8.4bn, according to new data from the Bridging & Development Lenders Association (BDLA)

Two in five adults expect to see financial situation improve in next year

Over two in five (43%) UK adults believe that their financial situation will improve in the next 12 months, SmartSave has revealed

State pension to rise by £460; long-term sustainability concerns persist

The state pension is set to rise by £460 a year from next April, after the latest labour market data revealed that average wages including bonuses rose by 4% over the past year

UK pension risk transfer market volumes to pass £40bn in 2024

The UK’s pension risk transfer (PRT) market is on track for one of its largest years ever, Legal & General (L&G) has said, after its analysis found that full-year volumes across the UK market are likely to exceed £40bn in 2024

AE increases could have ‘transformational’ impact, Govt told

Increasing the minimum auto-enrolment (AE) contributions could boost savers’ pension pots by £217,000, analysis from Standard Life has revealed

L&G selects Moneyhub for pensions dashboard service

Legal & General (L&G) has appointed fintech and open finance firm Moneyhub as its qualifying pensions dashboard service technology provider

Movera makes strategic investment in Collaborative Conveyancing

Movera, has announced a new strategic investment into Collaborative Conveyancing to help transform the way conveyancers manage enquiries

Investment platforms welcome Govt’s move to scrap British ISA plans

The Government has decided to scrap plans for a British ISA over concerns it would have complicated the investment market for individual savers

Quilter acquires fintech business NuWealth

Wealth management firm Quilter has agreed to acquire NuWealth, a fintech business

Foster Denovo acquires Rosemount Asset Management

Foster Denovo has confirmed the acquisition of Glasgow-based financial advice firm, Rosemount Asset Management

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

Half of consumers want better access to financial products

Half (50%) of consumers want better access to financial products and services without having to physically visit branches, research by Moneyhub has revealed

News in brief – 10 September 2024

Today's round up of developments coming out of the consumer finance space, featuring Loughborough Building Society, Zephyr Homeloans and United Trust Bank

News in brief – 9 September 2024

Today's round up of developments coming out of the consumer finance space, featuring Hampshire Trust Bank, The Right Mortgage & Protection Network, and Standard Life

Experian and Oakbrook launch new partnership

Experian has announced that Oakbrook, a non-bank provider of consumer lending solutions, will now be using Experian Boost data for personal loan applications

Market Financial Solutions added to In Partnership lender panel

Market Financial Solutions (MFS) partnered with financial advice network, In Partnership, and been added to its panel of lenders

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

BLOG: Understanding Open Banking: How Pulse Makes Financial Management Easier for Your Business

Pulse discusses how their innovative dashboard makes use of Open Banking to help businesses manage their finances and obtain the funding they need securely

BLOG: Navigating value creation in private equity today

Neuberger Berman discusses the value of private equity in the latest post on the MoneyAge blog...

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