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Bank of Mum and Dad helps a third of FTBs

Credit Action’s 2006 report has revealed that almost 38% of parents across Britain have either helped their children with a property purchase or intend to do so in the future.

A quarter of these parents are contributing between £1,000 and £6,000, while 13% provide at least £20,000 in financial support.

Furthermore, more than three quarters don’t expect the money to be repaid.

Credit Action as revealed that the total secured lending on homes has exceeded £1 trillion and at the end of November 2006.

This has increased 11.4% in the last 12 months.

Total UK personal debt has exceeded £1.25 trillion.

The growth rate increased to 10.4% for the previous 12 months, which equates to an increase of £111bn.

The report also shows that nearly one in three people failed to save a penny during 2006.

A fifth admitted to not saving as much as planned during the past 12 months, although, more than eight out of 10 say they have earmarked 2007 as the year to sort out their savings.


AMI concerned by FSA mortgage advice findings

The Association of Mortgage Intermediaries says it’s concerned by the Financial Services Authority’s findings on the quality of intermediaries’ mortgage advice.While the FSA gave larger networks and brokerages a thumbs up, describing them as having “robust” processes in place, smaller firms were found to have work to do to improve their advice and record keeping […]

Warning on payment shock

Mortgage comparison website warns that more than 315,000 home owners who took out fixed rate mortgages at the end of 2003 and the start of 2004 could be heading for a shock when their special deals run out.

IT advances mean change all round

The technological advances being made by lenders could mean that brokers, packagers and networks have to rethink their panel strategies, says Frank Eve

Chelsea promotes Ford to executive board

Chelsea has promoted Peter Ford to its board as resources director.Ford has worked for Chelsea for 17 years in a variety of management roles and has been part of the executive team since January 1 2003. He is a chartered accountant and will be responsible for the staff, communications, legal, business change and IT functions. […]


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