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Lib Dems say regulation failure is allowing irresponsible lending

The Liberal Democrat shadow chancellor has proclaimed that regulation has allowed banks to lend irresponsibly.

Commenting on Tuesday&#39s Monetary Policy Committee minutes, Vince Cable, Liberal Democrat shadow chancellor, says: “The most pressing issue for the chancellor is to address the failure of regulation that has allowed banks to lend irresponsibly and fuel unsustainable levels of debt.

“It is clear that house prices are causing a headache for the bank. While the bank tries desperately to create a soft landing for borrowers, and not crush the hard pressed manufacturing sector, the chancellor seems oblivious to the dangerous imbalances in the economy.”

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NatWest increases SVR to 5.84%

NatWest Mortgage Services is increasing its standard variable rate by 0.25% to 5.84%, effective from December 1 2003 for new and existing customers. The interest rates on the NatWest One current account mortgage will also increase by 0.25% to between 4.85% and 5.45% with immediate effect. The interest rate charged on NatWest&#39s Flexible Choice mortgage […]

CML calls for tax breaks on equity release deals

The Council of Mortgage Lenders has criticised the government for failing to introduce tax breaks for equity release products. Speaking at the Mortgage Business Expo yeaterday, Jackie Bennett, senior policy adviser at the CML, highlighted the need for tax breaks on equity release products used for home improvements.

11,000 attend Property Investor Show 2003

The organisers of this years Property Investor Show at the Excel Centre in London say some 11,000 visitors were attracted to the three-day event. Many of the 130 exhibitors reported that the exhibition was a considerable boost to sale, with amongst others, specialist developer Country and Metropolitan revealing extra sales of £12.3m. Elizabeth Williams, sales […]

Lack of independent legal advice fuels equity release mis-selling

Thousands of retired homeowners could have been mis-sold equity release plans by companies that do not require clients to seek independent legal advice, says Key Retirement Solutions. KRS says before purchasing an equity release plan, it is vital for consumers to obtain advice from an independent solicitor who is working solely for them. KRS warns […]

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