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Viewing entries posted in July 2018

FCA considers minimum interest rate for savings

Posted by MMB Finance Swindon and Gloucester on 25 July 2018

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The FCA is in discussions over plans to introduce a basic savings rate (BSR) to tackle price discrimination in the cash savings market. The regulator says it is concerned that the interest rates that longstanding customers receive on easy access cash savings products are generally lower than those received by customers who shop around.

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First-time buyers outstrip homemovers for first time since 1995

Posted by MMB Finance Swindon and Gloucester on 22 July 2018

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The number of people moving home dipped in the first half of the year to make up 49% of the housing market – the first time homemover numbers have fallen behind first-time buyers since 1995, according to research. There were 170,000 homemovers in the first half of 2018, down by 1,700 (1%) compared with the same period last year and down by 33,000 (16%) from the second half of 2017. This coincides with a 3% rise in first-time buyers to 175,500.

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Government planning to 'kill off' pensions dashboard

Posted by MMB Finance Swindon and Gloucester on 17 July 2018

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The government is reportedly considering abandoning the roll out of the pension’s dashboard, which has already been successfully tested for 15 million consumers. According to The Times, Esther McVey, who became secretary of state for work and pensions in January, "has moved to kill off the project" as she does not believe the service should be provided by the state.

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How will changes to mortgage benefits affect protection payouts?

Posted by MMB Finance Swindon and Gloucester on 15 July 2018

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Clarification from DWP about how pay outs from protection policies will be treated following changes to the Support for Mortgage Interest scheme. Support for Mortgage Interest had previously been paid as a free benefit covering the interest on mortgages for those claiming benefits such as pensions credit, income support and Universal Credit.

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Landlords must prepare for next deadline

Posted by MMB Finance Swindon and Gloucester on 10 July 2018

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In April 2018, the Minimum Energy Efficiency Standard (MEES) came into force in England and Wales, which required buy-to-let landlords to meet new MEES with a minimum rating of E, with a view to encouraging landlords and property owners to improve the energy efficiency of their properties by a restriction on the granting and continuation of existing tenancies where the property has an Energy Performance Certificate Rating of F and G. Landlords now must prepare for next EPC deadline. All Buy-to-let landlords with existing tenancies on properties rented out in the private rented sector are being reminded to take note of the next deadline that relates to the energy performance of the building. 

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