Been Mis-sold Loans by unregulated Credit Brokers?

FIND OUT IF YOU ARE ELIGIBLE
FOR A NO WIN NO FEE CLAIM

Quick Check

One of our legal team will be in contact shortly in response to your enquiry.

Take advantage of our quickcheck to have your purchase contract
and loan agreement reviewed by one of our legal team
AT NO COST TO YOURSELF.

In the last decade British banks have paid out
£71 Billion for misconduct

Since the boom in personal spending, the banks have been at the forefront in providing finance for consumer purchases. Very often, the products were not as described and furthermore many of the loans in respect thereof were arranged by unregulated credit brokers which in many cases were the actual vendors of the product.

IF YOU WOULD LIKE TO HAVE YOUR purchase CONTRACT AND LOAN AGREEMENT REVIEWED BY OUR LEGAL TEAM, PLEASE complete the quickcheck above.

Were you
mis-sold
loans by
unregulated
credit brokers?

Watch now

Financial News

Coronavirus: struggling borrowers get extra help from banks

Coronavirus: struggling borrowers get extra help from banks

The financial regulator is consulting on new proposals to help customers during the coronavirus pandemic

Brean Horne Thu, 04/02/2020 - 16:10
Image

People struggling financially due to the coronavirus crisis will get more support from banks under new plans from the Financial Conduct Authority (FCA).

The financial watchdog is urging banks to put the following emergency measures into place:

  • A three-month repayment freeze on loans
  • A three-month freeze on credit card and store card debt
  • 0% interest for three months on agreed overdrafts of up to £500
  • Credit score protection for customers who use these measures

A short consultation is being held on these proposals this week, and, if approved, banks will have to implement them by 9 April.

Some banks have already started to waive overdraft fees to support customers facing financial difficulty during the coronavirus pandemic. 

Experts warn that despite these efforts vulnerable customers could still face money troubles.

Gillian Guy, chief executive of Citizens Advice, says: "These proposals offer a welcome short-term reprieve for many of those suddenly facing the immediate financial shock of coronavirus.

“But the debt will still be there waiting for borrowers at the end of these three months, and could suddenly have a high interest rate piled on top of it. Another major concern is that these protections don’t seem to cover the most vulnerable borrowers, such as those with payday loans."

The FCA will make a further announcement about its proposals next week. 

Christopher Woolard, interim chief executive at the FCA says: “Coronavirus has caused an unprecedented financial shock with far-reaching consequences for consumers in every corner of the UK.

“If confirmed, this package of measures we are proposing today will help provide affected consumers with the temporary financial support they need to help them weather the storm during this challenging time.”

 

OneSite Article
6bcae2aa-c803-4291-ba85-3b61258a94cf
Syndicate to OneSite
On
Queued for syndication
Off

How an Isa can help you buy your first home

How an Isa can help you buy your first home Emma Lunn Thu, 04/02/2020 - 14:14

Lenders are pulling out of the mortgage market: what does it mean for you?

Lenders are pulling out of the mortgage market: what does it mean for you?

The number of mortgage deals and low cost loans available have plummeted since the coronavirus outbreak began

Stephen Little Thu, 04/02/2020 - 11:39
Image

Borrowers are finding it harder to get a mortgage as lenders withdraw offers and hike rates in response to the coronavirus outbreak.

In the past two weeks banks and building societies have withdrawn more than 1,500 mortgages.

Britain’s biggest lenders have been pulling loans available to borrowers with small deposits, with some providers now offering deals at a maximum of 60% loan-to-value (LTV).

This has had a huge impact on the first-time buyer market where buyers would typically take out loans with a 90% or 95% LTV.

Which lenders are pulling out of the market?

Nationwide is temporarily withdrawing mortgages above 75% LTV, saying it needs to concentrate on existing applications. This means borrowers will need at least a 25% deposit or equity in the property in order to get a loan.

Up until now, Nationwide has been offering mortgages to customers with deposits as low as 5%.

Barclays and Halifax for Intermediaries have both stopped selling mortgages above 60% LTV.

Virgin and Skipton Building Society have also suspended all new mortgage applications for house purchases, while West Bromwich Building Society has withdrawn all remortgage deals.

Why are lenders withdrawing loans?

Property experts are predicting house prices could fall by as much as 10% in the next six months. This would leave borrowers in negative equity, where the value of their home is less than the value of the mortgage they are paying off.

In response, some lenders are pulling higher-LTV products because borrowers with smaller deposits are generally seen as being riskier.

Banks and building societies have been flooded with calls from borrowers who are struggling to make payments. With call centre staff also having to isolate, lenders are facing growing pressure and are having to divert resources to cope with these customers.

Lenders have also withdrawn over a third of trackers since the Bank of England cut the base rate to a record low of 0.10% earlier this month.

First-time buyers

With most lenders pulling high LTV loans, this has effectively paused the chances of most first-time buyers - who usually have smaller deposits - getting on the property ladder.

The Government has warned Britons not to move house in order to try and reduce the impact of the coronavirus outbreak.

Restrictions on movement with the introduction of the lockdown have also hit first-time buyers, as properties cannot be valued by surveyors.

Eleanor Williams, finance expert at Moneyfacts, says she hopes the withdrawal of so many higher LTV products and is only a temporary measure.

She says: “With so much uncertainty at the moment, providers seem to initially be focusing on the support that their existing customers may need in the coming weeks.”

What if you have exchanged contracts?

The Government is advising people not to move until the current social distancing measures have eased.

If you have exchanged contracts your lender can give you a three-month extension on your mortgage deal, allowing you to move at a later date.

This could mean extending the date of a current deal or pushing back the start date of a new one.

Can you still remortgage?

The good news is you can still remortgage, although brokers are advising borrowers to hold off until lenders are dealing with less strain and are able to deal with your call.

While the number of deals has fallen by nearly a quarter, there are still plenty of cheap deals available.

According to figures from Moneyfacts, the average two-year fixed rate mortgage is 2.37%, compared to 2.41% on 19 March.

Meanwhile, the average five-year deal is 2.68%, compared to 2.71% on 19 March.

OneSite Article
abf6ef93-ea4d-4e06-aa83-9e7fa4ecd417
Syndicate to OneSite
On
Queued for syndication
Off

The state pension rises next week – this is what it means for you

The state pension rises next week – this is what it means for you

Government to pay pensioners an extra 3.9%

Sam Barker Thu, 04/02/2020 - 11:23
Image

Retirees will get a welcome income boost from next week when the Government increases the state pension by 3.9%.

The amount by which the new state pension rises is determined by the so-called ‘triple lock.’

This means state pensions must rise at the start of every tax year at the rate of earnings growth, price inflation or 2.5%, whichever was highest during September of the year before.

From the start of the 2020/21 tax year on 6 April the Government-backed pension will increase by earnings inflation, which was 3.9% last September.

How much extra will I get?

Those who reached state pension age after 6 April 2016 are eligible for the new state pension, currently a maximum of £168.60. This will rise to £175.20.

Retirees who reached state pension age before 6 April 2016 are entitled to the basic state pension. This is £129.20 now and will be £134.25 when the increase comes in.

Steven Cameron, of Aegon, says: “The Government’s commitment to maintaining the state pension triple lock will offer some good news in a difficult climate for state pensioners as they will receive a bumper increase in state pension payments from next week.”

When am I eligible for the state pension?

This depends upon sex and date of birth. For women born before 6 April 1950, their state pension age remains 60. For those younger than this, their state pension age will be greater than 60. If you were born on or after 6 April 1950 but before 6 December 1953, the state pension age will be somewhere between 60 and 65, depending on date of birth.

For those born on or after 6 December 1953 but before 6 April 1978, their state pension age will be somewhere between 65 and 68 depending on date of birth. The state pension age is 68 for those born on or after 6 April 1978.

Pensioners will need to have paid 30 years of National Insurance contributions to be eligible for the full allowance.

Syndicate to OneSite
Off
Queued for syndication
Off

Isa allowance 2019/2020: use it or lose it

Isa allowance 2019/2020: use it or lose it Rachel Rickard… Wed, 04/01/2020 - 15:20