UK Finance News

Proving that lenders who rely on the markets for funding don’t actually react to Bank of England interest rate cuts, the Nationwide was last night set to raise it fees and fixed rates.
As well as capping mortgages at £1m, fees for their 5-year product will rise by up to £200 to nearly £700 with a rate [...]

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An on-line Annuity Service is being launched later in April as part of the Pension Advisory Service’s guide to retirement options.
Currently only a third of pension scheme members shop around – with their legal right to an Open Market Option [OMO] – to find the best annuity rate.
The tool will guide investors through their options using FSA [...]

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Banco Santander the ever-growing owner of Abbey and sponsor of Lewis Hamilton’s F1 efforts, have bought GE Money’s UK Motor finance  and card operations along with those in Austria, Finland and Germany.
On a Part-ex basis GE have taken Italian commercial bank, Interbanca, off Santander’s hands. In total the two companies have agreed mutual acquisitions valued at around [...]

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The City watchdog are expected to be called upon to investigate the loss of a computer disc holding the account details of 370,00 HSBC customers, that went missing four weeks ago.
The disc was last seen leaving the HSBC offices in Southampton with an external courier, en route to a re-insurer. The disc contains the names, [...]

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The Bank Of England has warned to expect a credit squeeze, predicting that the contracting home loans market will shrink even further as credit conditions deteriorate over the next three months.
Another 2,972 mortgage products were withdrawn in March, reducing the number available to just 4,754 against the 13,000 available a year ago.
The Bank warns that tightening [...]

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