Barclays is now known to be Britain’s worst bank known for cheating customers. Woolwich, the mortgage arm of Barclays has the worst record of passing on interest rate cuts to the troubled homeowners. Its savings account also offers an extremely low interest of 0.1 per cent to their customer which is below most of its rivals. (more…)

The Financial Services Authority (FSA) has approved to the proposed merger of Scarborough Building Society and the Skipton Building Society. The agreement was made in November last year agreeing to proceed in the first quarter of 2009. Both the building societies are Yorkshire based and have similar business models therefore making the integration smooth and easy. (more…)

Homeowners in the UK are striving hard to get out of the debt because of the sluggish property scene and unwillingness of banks to provide customers with loan. In the past, when the property market wasn’t this bad, customers could think of Remortgage their property but now homeowners are “locked within their property” and can hardly depend on cash lifeline to bail them out. (more…)

Latest figures published by the Council of Mortgage Lenders show that mortgage lending dropped to an eight year old low last month as the gross value of Home Loans fell from £11.67 billion in January to £ 9.9 billion in February. However, in February, £25,043 billion was given away in the form of mortgages. Though the figures are more than usual at this time of the year, it is in tune with the forecast of £145 billion gross mortgage lending in 2009. (more…)

Paul Broadhead, head of mortgage policy at the Building Societies Association claims that struggling consumers who are not able to make Mortgage repayments get all the necessary help from building societies. (more…)