First analysis of Lehmans and Merrill

After a weekend of bad news stateside during which Lehman Brothers finally fell, UK mortgage giants have already began feeling the crushing impact of the collapse.
Just hours after the news broke, which signals another nail in the coffin of the US economy, early trading saw HBOS’ share price fall a staggering 32% to just 180p.
Royal [...]

FSA issues warning on Leicestershire adviser

The FSA has issued an alert to consumers not to take mortgage or financial advice from Swati Patel from Leicestershire firm Mortgage Deals 4 U Ltd. Ms Patel is currently under investigation by the Leicestershire police.
In a statement, the FSA says: “We strongly advise customers not to take mortgage or financial advice from Swati Patel [...]

US government bails out mortgage giants

The US Government staged the world’s largest financial bail-out last night, nationalising stricken mortgage companies Fannie Mae and Freddie Mac.
The announcement has given a huge boost to global markets with the FTSE100 currently up 189.80 at 5430.30 helped by big gains for banks and house builders. Asian markets also rallied following this unprecedented move to [...]

UK personal finance literacy worsens

Despite personal finance issues taking centre stage over the past year, the financial literacy of British adults has declined compared to this time last year, according to Abbey Banking.
The research is based on a simple GCSE-level personal finance exam conducted among a group of adults in August 2007 and repeated a year on.
It found this [...]

Ice looks to help firms hit by credit crunch

Ice Commercial has introduced a portfolio of professional services designed to meet the demands of businesses struggling with the present economic downturn.
It cites the lack of support that many businesses are receiving from their bankers coupled with the general tightening of credit facilities and overdue payments from customers, as just a few of the reasons [...]

Brits approaching retirement saddled with debt

More than one in three of the UK population over the age of 55 have outstanding unsecured debts and could be heading towards retirement with £66 billion in the red.
This equates to an averaging £11,106 per head.
The analysis based on 4,507 people in the UK aged 55 and over who released equity in their home [...]

First European Securities makes secured loan comeback

First European Securities has re-entered the secured loan market four years after it withdrew.
The lender is distributing its products through a panel of ten introducers, including Broker-Support.
Its range includes unlimited adverse loans from £3,000 to £25,000, available up to 65% LTV, including fees and PPP, plus self-cert loans up to £40,000.
Nick Barron, director at First [...]

25% of Brits halt holiday plans

People living in Wales and the South West of England are the most concerned about the affects of the current economic conditions, according to a new survey.
The poll, conducted by credit reference agency Experian, found that 65% of people in these regions cite “the credit crunch” as the main reason for not planning a holiday [...]

Intermediaries key to debt advice

TCF Debt Solutions, the debt management and IVA firm, believes that mortgage brokers and IFAs are in the best position to help families reorganise their finances to cope with debt and the economic downturn.
It adds that they should look to change their business models to take account of the need for dedicated help.
TCF Debt Solutions, [...]

Banks want BoE to extend liquidity scheme

The Bank of England will be lobbied by high street banks today to extend the special liquidity scheme, put in place three months ago to help free up money markets which have been frozen by the credit crunch, reports The Guardian. The banks are thought to be keen to ensure that the scheme, which allows [...]