Mark Williams's Blog (104)

In the first change of its kind since 1926, new Intestacy rules come into effect from today that will change the way in which relatives inherit assets from someone who has died without a Will.

In short, particularly for non-married couples, it’s vital to make a Will to ensure that those they wish to inherit…

With millions behind on their household bills, UK bill payers need to consider how they would cope if they were to lose their income due to illness or injury.

Research released this month by price comparison site, uSwitch, found that 4 million households in the UK are in debt to their energy supplier, while a further 2.6 million are struggling to pay monthly bills.

We're hearing more and more about how people are living beyond their means, and spending more than they…

People must consider taking out cover earlier in life as around one in four claims for critical illness (CI) occurs before the age of 40, research has found.

According to recent data, which looked at the percentage of life and critical illness claims in the UK by age group –

8% of people aged 25-40 had a life insurance claim.

24% of people aged 25-40 had a critical insurance claim.

Other findings showed –

61% of people aged 40 to 60 had a life…

Borrowers could be forced to wait weeks for an appointment with lenders’ mortgage advisers after the Mortgage Market Review as firms race to get qualified staff in place.

Last week, a Nationwide business development manager warned that customers could expect waiting times of up to a month to see one of their mortgage advisers.

He also said that…

Base rate is likely to rise next spring, Monetary Policy Committee member Martin Weale said today.

Speaking to Sky News Weale said once base rate rises, further increases will be gradual.

He says: “I think it is very helpful that we try and explain the most likely path for interest rates that the first rise will come perhaps in the spring of next year, and then the path is likely to be relatively…

People who are divorced, or those whose relationship has broken down, are being penalised because many mortgage lenders don’t accept child support as income, meaning that they could be forced to keep their ex’s name on the mortgage, or be denied a mortgage altogether.

Two lenders, don’t accept child support payments as part of a borrower’s income at all.

Two others don’t generally accept child support as income, but say they will look at applications on a…

The interest-only mortgage timebomb is ticking loudly and will only get louder according to statistics revealed in the Financial Conduct Authority’s (FCA) thematic review into interest-only mortgages, which was published earlier this year.

The review revealed there are now 2.6m interest-only mortgages due for repayment by 2041.

Worryingly, as many as 48% of those face a shortfall at repayment day, with an average figure of around £71,000.

Even more worryingly, the review…

The quarterly inflation report out today suggested the Bank of England could raise rates as early as the end of 2014 if unemployment continues to tumble and the economy improve.

Governor of the Bank of England Mark Carney commented Bank statisticians forsee a 40% chance unemployment will reach the 7% threshold by the end of next year. He added there is a 60% chance it will happen by the end of 2015.

Under the terms of Carney's Forward Guidance, the MPC…

A sharp spike in swap rates has prompted a warning that fixed rate pricing has bottomed out and borrowers could miss out if they wait to secure a mortgage.

Between 12 and 14 August, two-year swap rates have jumped 7 basis points to 0.84 per cent, while five and 10-year swaps have rocketed by 17 and 15 basis points to 1.75 per cent and 2.76 per cent, respectively.

Perhaps surprisingly, swap rates remained fairly static in the days after new Bank of England governor Mark…

Three point nine million - so what's the significance?

Is it the miles a London tube train runs before serious refurbishment?

Or the golden parachute a chief executive of a bank when shareholders have had enough after a few years of highly paid incompetence?…

Bank of Ireland is writing to 13,500 of its buy-to-let and residential customers on tracker mortgages to warn them of plans to more than double the base rate differential it charges them.

Around 7 per cent of Bank of Ireland UK mortgage customers will be affected by the changes to the interest rate differential, over 50 per cent of which are buy-to-let holders.

For…

Figures from housing charity Shelter have found that 56% of borrowers would struggle to keep up with their mortgage payments if interest rates rose by 1%.

More worryingly, 11% said they would be unable to pay monthly payments altogether.

Campbell Robb, Shelter's chief executive, said: “These shocking findings show that over half of mortgage holders are living on a…

Life insurance premiums for women will rise by up to 15% before the end of the year with implementation of the EU Gender Directive due on 21 December 2012.

So if you want to do something about it, the time to do so is rapidly running out.

Although life cover has been traditionally cheaper for women because on average they live longer than men, premium costs are likely to…

Santander UK intends to increase its Standard Variable Rate from 4.24% to 4.74% from 3 October 2012.

There will also be an increase in the lender's SVR cap margin – the maximum amount above the Bank of England base rate that it can charge – from 3.75% to 4.99% from 24 September.

Santander said its competitors increased their SVRs by similar amounts earlier this year,…

The Financial Services Authority (FSA) is to instruct banks to charge for current accounts, according to a report by consumer group Which?.

Research found charges for going overdrawn for two days per month without permission range from £120 to £900 a year, leading to confusion for consumers.

Customers who stay in credit also lose out through punitive charges levelled on…

We have an electronic pass system at our Basingstoke office which means you have to swipe to get into the building beyond reception.

If I change suits between visits I might forget to put my pass in the new jacket pocket and so have to ask for a temporary pass. Of course when I go back to the original suit later on the odd occasion I have had the pleasure of finding a ten pound note in the pocket, or at least…

Tighter mortgage criteria has led to an increased number of consumer complaints about mortgage products, according to a report by the Council of Mortgage Lenders (CML).

The trade body, using data from the Financial Ombudsman Service's (FOS) annual review, said that a 'significant proportion' of complaints were caused by providers changing their lending criteria due to difficult market…

Buckingham Palace is estimated to be worth £1bn, up 9000% since the Queen took the throne when it was estimated to have been worth £11m.

Were it ever to be sold, that would equate to £70m in stamp duty.

Windsor Castle’s estimated value was £2m when the Queen began her reign in 1952 and it is now estimated to be worth 9350% more at £189m – so that would be a mere £13.2m…

There is rising concern that the Government’s flagship NewBuy scheme has hit trouble, just two months after its launch.

The scheme, which launched on March 12, allows first-time buyers and home movers to purchase a new-build house worth up to £500,000 with a 95% mortgage, with taxpayers and developers underwriting the loan.

But the scheme has been dogged…

Next week will see history made in the mortgage market.

From next Tuesday the Co-operative Bank and Britannia Building Society will no longer offer mortgages on an interest-only basis.

Customers will now only be able to take out mortgages on a capital and repayment basis.

The lender says it expects the changes being proposed in the Mortgage Market…