The Bank of England has today cut the interest rate from 4.5% down to 3%, much bigger than expected. The rate is now at it’s lowest since 1955, and the 1.5% cut is the most dramatic since a 2% reduction in 1981.
The Priminister has asked all banks and building societies to pass on the interest [...]
Author Archives: conveyancing-solutions
Interest Rates Cut to 3%
6 November 2008 – 12:32 pm
LLoyds TSB Announce HBOS Takeover
18 September 2008 – 9:14 am
Lloyds TSB has announced details of its £12.2bn takeover of HBOS after Britain’s biggest mortgage lender lost half its market value in the past week and the government backed a deal. The deal values shares in Halifax Bank of Scotland at 232p each, and could lead to cost savings of £1bn a year.
Nationwide Announces Merger
8 September 2008 – 10:32 am
The Nationwide Building Society has announced plans to merge with two of its smaller rivals, the Derbyshire and Cheshire Building Societies, after they individually approached the Nationwide to help them survive the economic climate and seek protection for their borrowers and savers.
Government Offers ‘Free’ Loans to First Time Buyers
2 September 2008 – 10:59 am
The Government has today announced a package to help first time buyers onto the property ladder and, hopefully, kick-start the stagnant housing market. The new measures will form part of an emergency rescue package for hard pressed home buyers.
Chancellor Announces 12-Month Stamp Duty Holiday
2 September 2008 – 10:01 am
A stamp duty holiday was today unveiled by Chancellor Alistair Darling to help struggling home buyers through the credit crunch. For a period of 12 months, properties worth up to £175,000 will be exempt from stamp duty land tax. This is a temporary raise of the current threshold from £125,000 to £175,000.