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10 years ago: What made the news in September 2008

Burgeoning financial crisis yet to rewrite the rules

18 August 2008: Over-55s owe more than £37,000 on mortgages

The news that older homeowners owed an average of £37,316 on their mortgages was met with much consternation in 2008. Ten years on and SunLife report that the average owed for the same age group now stands at £55,044. That 2008 figure adjusted for inflation is £49,257…

25 August 2008: Landlords reject regulation

Ten summers ago, 85 per cent of landlords declared that further regulation could cause some of them to exit the rental market, and Mortgage for Business then-managing director David Whittaker asked: “What more is there to regulate?” The new tenant bill is crawling through parliament as we write.

8 September 2008: Don’t give up on remortgages

Bank of England statistics showed that remortgage deals plummeted month-on-month. Mortgage broker Alexander Hall insisted that brokers shouldn’t give up on clients, and to stay in touch in case deals became available again. As UK Finance figures showed this August, remortgages now dominate transactions.

8 September 2008: Overhaul Stamp Duty, say experts

A Stamp Duty holiday for properties valued at £175,000 and below was seen as something of a damp squib by some, with Ami asking for “root and branch reform” instead, and suggesting that the tax should be linked with house prices. A decade later and arguments about stamp duty still rage. Plus ça change!

22 September 2008 Central banks pump £100bn into markets

As September drew to a close we rather breathlessly reported on the injection of £100bn into world markets in response to the ongoing financial crisis. At the time the figure looked astonishing. Subsequent government actions revealed it to be a hopelessly inadequate amount.

Recommended

Accord

Accord Mortgages withdraws three products

Accord Mortgages has announced that it will soon be withdrawing three products from its residential range. From 8pm on 3 October, intermediaries will no longer be offered the two-year fixed remortgage at 1.74 per cent, the five-year fixed remortgage at 2.01 per cent, and the 10-year fixed purchase and remortgage product at 2.49 per cent. […]

Accord Mortgages announces major move into Help to Buy market

Intermediary-only lender Accord has announced that it is moving into the new-build and Help to Buy market with a suite of dedicated mortgage products alongside the formation of a new specialist support team. The company hopes that this move will forge Accord’s reputation as being “a new-build lender, not just a lender that does new-build,” […]

In Focus image

In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.

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