Figures from the Bank of England highlight an upturn in the amount of mortgage equity being withdrawn.The Bank’s estimate of mortgage equity withdrawal has risen to 8.7bn for Q2 2005 from 6.4bn from Q1 of the same year, an increase of 2.3bn. Dean Mirfin, business development director of Key Retirement Solutions, says people have been hopeful of this change. Mirfin says: “There has been consumer uncertainty about going ahead with a further increase of equity until now and this change may be because of the recent period of stability in property prices.” But the Bank’s estimate is still down on the figure for the same time last year of 12.4bn. The figure had been gradually falling since the end of 2003 when it peaked at 17.5bn. And Mirfin suggests there may be another reason behind this reversal in trend. He says: “I have found in conversations with mortgage brokers that there’s a certain amount of caution out there because a lot of their clients who are remortgaging are not doing so for the same amount as their mortgages and are taking more equity.” In 2003, the initial decline in the amount of equity being withdrawn came at a time when interest rates had been reduced to combat excessive house prices.
Nemo Personal Finance has opened its new offices at Trafalgar House, Cardiff following rapid growth and a strong first six months of trading.The secured personal loans company launched for business in February 2005. Under the leadership of managing directors Phil Jones and Sam Marshall, business volumes have exceeded forecasts and the company now has more […]
The former directors of AIT were sentenced to imprisonment today for criminal market abuse. Carl Rigby, 43, the former chairman and chief executive of the software firm, was sentenced at Southwark Crown Court to three years imprisonment and was disqualified from being a company director for six years. Gareth Bailey, 36, the firm’s former financial […]
Jackie Didcock has been appointed Skipton’s regional intermediary sales manager for the North of England. She will be responsible for the 10 sales managers between Aberdeen and Nottingham.
GMAC-RFC says that over three-quarters of brokers are satisfied with its level of service. A recent survey shows 79% of brokers said the service was above or better than average and 67% reported turnaround times were good or excellent. GMAC-RFC attribute its competitive standards of service with its POSD system, which benefits brokers by freeing […]
Charitable employees at Health Shield — a health cash plan provider — have donated more than £8,000 to Beating Bowel Cancer UK after a year of fundraising events in aid of the national charity.
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