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Inflation rises above 2% target

Posted by MMB Finance Swindon and Gloucester on 23 May 2019

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CPI inflation increased from 1.9% in March to 2.1% in April - above the Bank of England’s 2% target - according to the latest ONS data. CPIH inflation, which the ONS now uses as its headline measure and includes owner occupiers’ housing costs, rose from 1.8% to 2.0% over the same period. Rising energy prices and air fares, which were influenced by the timing of Easter, produced the largest upward contributions to change in the rate between March and April.

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Tesco Bank to pull out of mortgage market

Posted by MMB Finance Swindon and Gloucester on 22 May 2019

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Tesco Bank is stopping new mortgage lending and is looking for ways to sell its existing mortgage portfolio. The bank, which started offering mortgages in 2012, has more than 23,000 mortgage customers, who have total lending balances of £3.7bn. Tesco Bank chief Gerry Mallon said: "In recent years, challenging market conditions have limited profitable growth opportunities."

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Bank of England to hold rates as Brexit delay renews uncertainty

Posted by MMB Finance Swindon and Gloucester on 30 April 2019

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Bank of England policymakers are set to hold rates firmly at 0.75% next week as the “fog” of Brexit continues after the six-month EU departure delay. The Bank’s latest rates decision – which will be accompanied by its quarterly Inflation Report forecasts – comes amid signs that Brexit stockpiling has boosted recent economic growth figures. Data suggests the economy may have expanded by 0.4% in the first quarter, up from 0.2% in the final three months of 2018. But this was largely due to “no deal” precautionary stockbuilding ahead of the original March 29 Brexit deadline and relatively mild weather, which experts believe will unwind in the April to June quarter. Until the “fog” of Brexit – as Bank governor Mark Carney put it earlier this year – is lifted, policymakers are seen as remaining in wait-and-see mode for some time.

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Mortgage loans hit a nine-month high

Posted by MMB Finance Swindon and Gloucester on 28 April 2019

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Lenders shrugged off Brexit uncertainty on Friday as mortgage loans hit a nine-month high in the month that the UK was supposed to leave the European Union. Industry data from the UK Finance industry body showed High Street banks approved 39,980 mortgages in March, up 6% on a year ago and 2% ahead of the previous month. 

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Mortgage prisoners given help by City regulator

Posted by MMB Finance Swindon and Gloucester on 14 April 2019

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A change of rules aimed at helping lower the housing costs of thousands of so-called "mortgage prisoners" has been proposed by the City watchdog. Some 150,000 homeowners are stuck on high interest-rate home loans with unregulated or inactive firms, and are unable to switch to a cheaper deal.

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