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Viewing entries posted in 2020

Homeowners could find it almost impossible to remortgage

Posted by MMB Finance Swindon and Gloucester on 27 September 2020

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Homeowners could find it almost impossible to find a new mortgage if they have only a small amount of equity in their homes when their current deal ends. Lenders have pulled almost all of their remortgage deals for those borrowing at a high loan-to-value (LTV) rates. 

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Sunak announces new 'Job Support Scheme'

Posted by MMB Finance Swindon and Gloucester on 24 September 2020

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New Job Support Scheme to replace the furlough scheme from the 1st of November. The six month scheme will allow employees to work a minimum of 33% of their normal hours. Employers will continue to pay the wages of staff for the hours they work - but for the hours not worked, the government and the employer will each pay one third of their equivalent salary.

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FCA proposes 'significant reform' of general insurance market

Posted by MMB Finance Swindon and Gloucester on 23 September 2020

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The FCA is proposing "significant reform" of the general insurance market to enhance competition, ensure consumers will receive fair value, and increase trust in the market. The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. For example, if the customer bought the policy online, they would be charged the same price as a new customer buying online.

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Speculation rises over negative interest rates as BoE rules out tightening

Posted by MMB Finance Swindon and Gloucester on 18 September 2020

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The Bank of England's Monetary Policy Committee has voted unanimously to maintain Bank Rate at 0.1%. At its latest meeting, the MPC said it "does not intend to tighten monetary policy until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably". The Committee noted that the outlook for the economy remains "unusually uncertain", noting that health concerns are continuing to drag on activity and the unemployment rate is projected to rise markedly. Twelve-month CPI inflation fell from 1.0% in July to 0.2% in August and is expected to remain below 1% until early 2021.

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FCA confirms next stage of support for mortgage borrowers

Posted by MMB Finance Swindon and Gloucester on 14 September 2020

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The FCA has confirmed the support mortgage borrowers will receive if they continue to face payment difficulties due to coronavirus. The guidance covers those who still face financial difficulties, as well as those whose financial situation may be newly affected by coronavirus after the current guidance ends.

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