Virgin Money is the fourth lender to join Help to Buy

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Virgin Money is the fourth lender to join Help to Buy

Virgin Money is the fourth lender to join Help to Buy
Virgin Money yesterday became the fourth bank to sign up for the Help to Buy Scheme, which from today will offer state guarantees to homebuyers. It joins RBS, Lloyds’ Halifax brand and challenger bank Aldermore in offering mortgages with deposits worth as little as five per cent of the home’s value.
City AM London, p. 2

Help to Buy may harm financial stability, say MPs
The chairman of the Commons Treasury select committee has warned that the government’s Help to Buy scheme could threaten financial stability, if it fails. MPs also warned that the Bank of England must be able to halt the scheme if it threatens a housing bubble.
The Guardian, p. 2
Also appeared in : Independent i, p.7, Financial Times, p.1, The Daily Telegraph Business, p.4

Help to Buy mortgages on offer to thousands
The government’s Help to Buy scheme enters its latest phase today that will allow potential house purchases with a minimum 5 per cent deposit to buy a property worth up to £600,000. The Government guarantees up to 15 per cent of the loan. The government is pushing ahead with the scheme despite the claims from Vince Cable, the Liberal Democrat Business Secretary, that it could create a housing bubble.
The Daily Telegraph, p. 1
Also appeared in : The Times, p.12

Northern homebuyers put down less
The high loan-to-value mortgage – widely blamed for the troubles of the likes of Northern Rock in the financial crisis – has made a dramatic comeback in the North of England as the Government’s Help to Buy programme starts affecting the market in key marginal constituencies.
Independent i, p. 40

Banks can start with Just £1m capital, says regulator
The minimum capital requirement to set up new banks is to be reduced from £5 million, marking a successful exemption from European Union rules, according to the Prudential Regulation Authority. The European Commission has accepted the PRA’s proposal that “micro” banks can be launched with just £1 million as long as they fulfil socially useful functions, such as providing current or savings accounts, lending to small businesses or providing residential mortgages.
The Times, p. 36

Customers want banks to care more
Britons still have a very low opinion of banks, five years after the financial crisis of 2008 that saw the taxpayer bail out Lloyds TSB and the Royal Bank of Scotland.
The Times Money Matters, p. 3

City watchdog says it already has power to claw back bank bonuses
The bank of England has the power to confiscate bonuses years after they are paid out as a new way to punish any rogue bankers who fiddle markets, the regulator said yesterday.
City AM London, p. 3

Bank moves on bonus deferrals
The Bank of England will begin consulting over a pay code for City firms next year to incorporate the recommendation of a commission report that bonuses should be deferred .
The Guardian, p. 30

Britain seeks E.U. permission to split Royal Bank of Scotland
The British government has filed for permission from the European Union to split Royal Bank of Scotland into two entities, a move that would essentially wall off troubled assets that led the bank to receive a government bailout five years ago, the European Commission confirmed Monday.
International Herald Tribune, p. 17

UK ‘must raise its game’ for foreign trade, warns HSBC
HSBC, Britain’s biggest banking group, has warned that the Government must overhaul its model for helping businesses to trade overseas if it is to achieve its target of doubling exports by 2020. The bank said that the UK needed to “raise its game” if it was to capitalise on burgeoning emerging markets.
The Times, p. 41

Chief reaps £500,000 in rights issue
A company filing has revealed that Antony Jenkins, the chief executive of Barclays, has reaped a paper profit of more than £500,000 from shares he acquired as part of the bank’s £5.8bn cash call on Friday. His total holding of more than 3 million shares in Barclays was worth £8.4 million at yesterday’s closing price.
The Times, p. 36
Also appeared in : City AM London, p.3

The above articles appeared on 08/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.