Thousands with ‘pension mortgages’ could be in for a nasty shock

iStock_000008866095_ExtraSmallNew figures from the British Bankers Association (BBA) show thousands of people are planning to use their pension to repay their mortgage. But, possible future changes to pension legislation, could leave these borrowers with no way of repaying their mortgage, potentially causing financial hardship in retirement. The BBA’s figures show just over 2.5 million interest-only mortgages outstanding in 2012, down from over 3.5 million at the height of the housing boom in 2007. However, the number of pension mortgages has ...

Record amount of PPI claims made to the Ombudsman

Complaint formA massive 86% of all complaints made to the Financial Ombudsman Service (FOS), in the last six months, were regarding Payment Protection Insurance (PPI). Banks, as well as the Ombudsman service, have been handling complaints for PPI mis-selling for a number of years now, but despite this the number of complaints is still at a record high. The FOS handles cases where the complainant and the seller of the PPI product, cannot reach a satisfactory resolution to the case; over a quarter ...

Savings: Savers stash more cash, despite low interest rates

Savers suffer as savings accounts are withdrawn_istockphotoA new report has found balances in UK savings accounts have risen by 5.5% over the past year, despite best buy savings interest rates  plummeting. Even though stock markets have risen significantly over recent months, the figures from the British Bankers Association (BBA), clearly demonstrate the desire for capital security is still uppermost in saver’s minds. It is also clear that interest rates are not yet at a level where the majority of savers are tempted to become ...

Housing & Mortgage round up: Is the housing market slowing?

Housing & mortgage round up_istockphotoEvidence has emerged this week that the housing market could be slowing, with the usual burst of activity associated with the onset of spring, turning into more of a damp squib. We also take a look at rising rents and news that buy to let landlords, plan to take action against the Bank of Ireland, to stop them increasing the mortgage payments for thousands of borrowers. Housing market slowing? Part 1 In a worrying sign that the housing ...