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Read about the latest mortgage news with deals and offers from Barclays Bank

Barclays Reduce Family Springboard Mortgage Rate.

Barclays Reduce Family Springboard Mortgage Rate.

The Funding for Lending scheme has prompted a mortgage price war with several lenders slashing their rates in recent months. However, much of the strongest competition so far has been to attract borrowers with bigger deposits.

As the cost of fixed-rate mortgage deals continues to fall, lenders are slowly starting to offer more competitive deals to those with smaller deposits. Read more

Barclays the Worst bank in PPI Reclaims.

Barclays the Worst bank in PPI Reclaims.

Payment protection insurance (PPI) is an optional policy often taken out with either loans, mortgages, overdrafts and credit cards and should cover consumers in the event they can not meet their repayments due to involuntary unemployment, illness, accident or disability.

A court case in April found that many payment protection insurances (PPI) had been mis-sold, this then forced financial institutions to set aside large sums of money in order to make repayments.

Statistics have shown that many of the major financial institutions are now repaying customers with the minimum of fuss.

Barclays has stated that they will acknowledge  an initial complaint in writing within 5 days of its receipt and will then contact the customer directly within 8 weeks with a decision based on the individual case information.

If the bank is then offering a refund they aim to make sure that customers are then paid within 28 days of the mutal agreement of the offer.

However, it has emerged that due to the huge number of claims being noted by Barclays, the bank has been stretching its payment protection insurance (PPI)  repayment deadline.

Although the lender has created around 300 new jobs just to handle the rise in complaints.

Research has revealed that Barclays was one of the most complained about  banks in Britain and the lender saw the largest number of payment protection insurance (PPI) complaints especially in the first 6 months of 2012 and this totalled around 19,522.

The Financial Service Ombudsman, which deals with issues that banks, building societies and insurance companies have failed to resolve on their own, have recently stated that more of Barclay’s cases are referred to them than any other bank.

Some experts believe that Barclays makes is customers with a valid complaint ‘fight tooth and nail’ for a payout.

Many of Britain’s banks have suffered heavy losses as a result of millions of claims for mis-sold payment protection insurance (PPI), none more so than Barclays.

In a recent report the banking giant Barclays has set aside another huge sum of around £700 million to further cover costs from customers who are now claiming the money back from payment protection insurances (PPI) they were mis-sold in the past.

This move now takes the total estimated bill of money the lender has put aside for repayment of these claims to a whopping £2 billion and this brings the industry’s bill on a whole to around £10 billion.

This latest disclosure from Barclays comes just months after the lender raised hopes within the industry that the worst of the payment protection insurance (PPI) scandal was over.

In June 2012, Chris Lucas, finance director at Barclays, said “the volume of payment protection insurance complaints received by the bank have started to fall following a surge at the start of the year”.

However, in October 2012 the bank was forced to back track on their original statement as the trend started to reverse and this saw claim volumes rise once again in August and September.

Barclays Launch New First Time Buyer Deal.

Barclays Launch New First Time Buyer Deal.

In recent years the number of first time buyers in the market has fallen rapidly, this in part is thanks to tighter lending restrictions and high deposit requirements.

However, according to recent figures from the Council of Mortgage Lenders (CML) lending to first time buyers has now reached its highest point since 2008, but it is still much lower than the figures seen in 2007. Read more

Barclays LIBOR Scandal

The latest banking scandal looks to threaten the integrity and public perception of the entire financial system.

In order to protect themselves in the height of the financial crisis, Barclays recently admitted that they had conscious decision to falsify LIBOR rates. Read more

Barclays New Re-mortgage Deals

It seems that last month more than a million people have been hit with higher standard rates, lenders including the Halifax, the Co-operative, Royal Bank of Scotland (RBS) and Santander, to name but a few.

Home owners who are unhappy with their current variable rate and are worried about the cost and difficulties involved in changing their mortgage can feel like they have been ‘walled’ in with no chance of escape. Read more

Official Mortgage Figures

Those borrowers who are looking to take advantage of the sustained low Bank of England base rate of 0.5%, but are worried about future raises and want some sort of protection from them should look at capped mortgages.

Recently a leading financial website highlighted that the number of capped mortgages available on the market has increased over the past few years. Both HSBC’s telephone bank, First Direct and Barclays mortgage brand, The Woolwich are currently pushing their capped mortgage range. Read more

RBS Fight Misrepresentation Claims

RBS is one of 17 banks being taken to court in the US by the US Federal Housing Finance Agency (FHFA) over claims that there have been “improper actions by the firms and individuals”
During the credit crisis over half a billion dollars of mortgage bonds went sour resulting in the UK governments bail out of the Royal Bank of Scotland group.  The group is now majority owned by the UK government and ultimately the British Taxpayer.
A arm of the US Government is now suing the Royal Bank of Scotland for the mortgage deals that went bad.  In a lawsuit filed in Kansas, in a Federal Court, the National Credit Union Administration (NCUA) is arguing that mortgage bonds sold by RBS were partly to blame for the collapse of up to five of the largest credit union.  The NCUA is the body that regulates all the small US Banks, commonly known as credit unions. Read more

Barclays in Rate Rigging Scandal

It has emerged this week that Barclays is under investigation as US and UK regulatory bodies probe suspected improper conduct in an alleged rigging of the benchmarking of the interbank lending rate.  This rate, the LIBOR, is used as a reference point for $350,000 billion in financial products. Read more

Capped Mortgages Good Value or a Bad Bet?

Those borrowers who are looking to take advantage of the sustained low Bank of England base rate of 0.5%, but are worried about future raises and want some sort of protection from them should look at capped mortgages. Read more

Barclays and RBS in the Dock

In a typically and somewhat predictable move, the bankrupt US lender; Thornburg Mortgages Inc and its trustees is suing Barclays, Royal Bank of Scotland and Goldman Sachs. These are just a few of the top banks being sued for close to $2.2 billion (£1.3 billion). Read more

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