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RBS And NatWest Fined For Mortgage Advice Failings

RBS and NatWest are facing a large fine after the FCA revealed "serious failings" in mortgage advice given to customers. The fine, which is nearly £14.5m, was reduced from over £20m after the two firms agreed to an early settlement.

Mortgages Approvals Fall In July, According To BBA

The British Bankers Association has revealed that the number of mortgage approvals fell in July from the previous month, as the availability of cheap lending for new homes was reduced. In total, there were 42,800 mortgage approvals in July, while June figures stood at 43,200.

Central Bankers To Announce Action On Housing Market

Central bankers are expected to announce whether or not they will take any action to cool the UK housing market. House prices have been rising significantly in certain areas of the country, especially in London and its surrounding areas.

Cable: Housing Boom Must Be Stopped

Measures need to be taken to stop a housing boom from “getting out of control” in certain parts of the UK, according to business secretary Vince Cable. Various surveys and reports have revealed that house prices have been rising throughout the country by as much as 8% per year. However, the majority of the country has been outpaced by London, as house prices in the capital have increased by as much as 17% over the last year.

Royal Bank Of Scotland To Curb Mortgage Lending

The Royal Bank of Scotland (RBS) has announced that it will be restricting mortgage lending from June 2014. This will mean that mortgage applicants can only lend up to four times their annual income for loans of £500,000 or more.

Mortgage Activity Starting To Cool

Nationwide Building Society has claimed that the housing market may be starting to cool, despite house prices rising by 11.1% over the last 12 months, the fastest increase in seven years. Whilst house prices have risen considerably over the last year, this looks to have slowed down in recent months as prices increased by just 0.7% in May compared with 1.2% in April 2014.

Mortgage Approvals Fall Again

The number of mortgage approvals has fallen for the third consecutive month, according to the British Bankers’ Association (BBA). Whilst approved loans peaked at more than 48,000 in January, this fell consecutively every month up until April 2014 when there were 42,173 approved mortgages.

London Housing Market Facing €�natural Correction”

The London housing market could slow down as a result of a �¢??natural correction�¢?? to inflated house prices. House prices have increased nationwide recently, with this effect being particularly exacerbated in the London area.

Lloyds To Limit Mortgage Lending

Lloyds Banking Group has announced it will limit mortgage lending to four times an applicants income for mortgages worth more than £500,000. They said the reason for the cap was a result of “specific inflationary pressures in the London housing market”.

Record Number Of Mortgage Complaints

The Financial Ombudsman has received a record number of complaints about mortgages and claimed that a rising number of people are in â??debt denialâ??. The service received 13,659 complaints about mortgages and secured loans in the past 12 months, an increase of 5.63% year-on-year. This is despite home repossessions dropping recently.

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