The Daily Express and Daily Mirror both reported today on HSBC’s pledge to lend an extra £500 million to buyers needing a 90% mortgage. This bid to boost lending follows Bank of England figures revealing that mortgage approvals fell in August for the first time in 10 months. New research shows however that the average UK property has increased by £10,000 in the last 6 months, leading property experts to suggest that confidence is gradually returning to the UK mortgage market.
The Daily Telegraph looked at those borrowers who took a tracker rate two years ago and have been paying 0% for the last 6 months. Many now face a sharp increase in payments when their deals come to an end, and experts advised borrowers to look closely at their circumstances and speak to their existing lender before deciding what to do next.
In savings news, the Daily Mail pointed out that savers who had cash Isas with Icesave only have until October 5th to reinvest their money and retain its tax free status, while the Daily Express discussed figures from USwitch suggesting that the over 50s could earn £677 million more interest collectively by using the new Isa cash allowance.