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A new online tool from Moneyextra purports to allow consumers to plan and achieve their financial goals with a marked cost saving. Research by Moneyextra found that consumers are wasting an average of £3,800 a year taking out uncompetitive loans or putting their savings into poorly performing accounts. The firm’s free, fully interactive financial planner is designed to help people work towards clear objectives for their mortgages, loans, insurance and savings.Consumers simply type in their current financial situation and let the software compile a personalised action plan.

The managing director of Moneyextra, Mark Fleet, said: “Financial planner will help our users map out their future and ensure that they have a financial plan to achieve their goals.” The site pinpoints specific areas for consumers to focus attention on in order to meet financial goals. It aims to identify what needs less attention and also points out any gaps in people’s current financial situation. Moneyextra already offers a number of online services that seek to enfranchise consumers to make informed decisions about loans, credit cards, mortgages and bank accounts.

The British Standards Institution (BSI) is to launch a kitemark scheme for estate agents. It is hoped the initiative will provide more security for consumers when choosing which agents to use.The new plan follows a survey by the Office of Fair Trading last year which found that nearly a third of buyers have had unsatisfactory experiences with agents and received poor levels of service.The business manager for Kitemark services, Tina Tillard, said: “80 per cent of UK adults recognise the Kitemark as a mark of integrity and trust.”
She added: “Our experience in other industry sectors has shown us that companies which gain the Kitemark see a marked increase in business. Improving business practices and service standards can act as an asset, not a hindrance.”As it stands estate agents are not fully regulated and therefore do not need a licence.As such only 40 per cent of them are members of an independent complaints resolution procedure.The BSI intends to use the Kitemark scheme to form part of a voluntary code for residential property sales.

Wales has the highest proportion of people who own their homes outright in the UK, a new survey reveals.Research by the Royal Bank of Scotland found that more than a third of Welsh homeowners have paid off their mortgages and the average age of people who had settled their debt was 50, slightly younger than the rest of the UK and the youngest age since 1979.The total time that Welsh homeowners spend paying off their mortgages is now down to 24 years, a year shorter than the average mortgage term.

In Southgate near Swansea, 56 per cent of homes are owned outright, the highest percentage in the country.Almost half of those with mortgages surveyed by RBS Offset said security was their main motivation for paying off their mortgage. Meanwhile, 91 per cent of holders said they wanted to pay off their mortgage as soon as possible, 24 per cent higher than six months ago.A spokesman for RBS said, “We are now seeing a wave of people who took out their mortgages in the 1980s and are benefiting from an uplift in house prices.”

First-time buyers are now struggling to raise the funds to purchase a home and are facing a 25-year mortgage when they are older.

Since Mayor of London Ken Livingstone established a target that 50 per cent of new homes in the capital should be affordable, the delivery of total new homes has exceeded the targets set out in his London Plan.The Mayor’s minimum target was 23,00 new affordable homes, but a thousand more than that have now been built - representing 104 per cent of the targetFurthermore many boroughs are meeting both their overall housing and affordability targets at the same time.Neale Coleman, the Mayor of London’s housing director, revealed the positive figures at the launch of the London Delivery Plan at the CBI in London.Mr Coleman said: “It has been argued, by those with vested interest in doing so, that the London Plan affordable housing requirements are holding back housing delivery.

However, the facts demonstrate the opposite is true. “Those boroughs that delivered the biggest increases in supply are also those most committed to affordable housing. He added: “This proven ability to deliver is a tribute to our partners from the public and private sectors as well as to the boroughs and, whilst many are meeting their targets, all 33 London boroughs need to up their game if we are to produce the required social housing and satisfy the desperate need for homes that are affordable to first time buyers.”

Consumers are wasting as much as £6.1 billion by opting for the finance deal that comes with the showroom car, says new research.consumer finance is subsequently urging consumers to shop around when working out how to finance their new car.Its figures are based on the calculation of all the 2.5 million new cars bought last year being financed with a showroom deal.

The site uncovered that people buying new motors when the registration changes on March 1st could be throwing away money by simply not investigating their options.”Our research shows that accepting the deal offered in car showrooms could be costing motorists a lot of money,” said the director of personal loans , Richard Mason.
“Purchasing a new car requires research and buyers also need to spend a little time looking at finance deals,” he added.The compared the finance deals offered by car showrooms with the best personal loans currently available, and found the latter option came out on top.
Some loan rates are still as low as seven per cent APR, compared with showroom rates which average around 15.1 per cent APR.

Bradford and Bingley has today reported a 6 per cent increase in profits for 2004. The mortgage provider puts the bulk of its improved performance down to strong activity in its core lending business. In a statement released on Tuesday, Bradford and Bingley reported pre-tax profits for the year ending December 31 2004 of £280.2 million, before exceptional items.That compares to £264 million for the preceding year.

The bank is also proposing a 4 per cent increase in its dividend, to 17.1 pence. The statement acknowledged that there has been an increase in arrears in the buy-to-let market, but Bradford and Bingley insisted that this was within its expectations. Although this trend is set to continue during 2005, the bank admitted, it predicts continued growth in the market.

Finally, the commercial banks have waken up to the home truths. Concerned over an ‘asset bubble’ on top of a recent warning from the RBI, commercial banks has slowly started going slow on the hosuing loan portfolio. In fact, they are working overnight to slow down their growth rates in the segment.

According to industry experts, housing loan portfolio of most of the public sector banks were growing by about 35% to 40% year-on-year. Recently the Reserve Bank of India (RBI) has asked the banks to focus on productive sectors like infrastructure, small and medium enterprises (SMEs) and curtail the credit offtake to unproductive sectors like commercial real estate, credit card spends, second and third housing loans, clean loans and personal consumption loans. The idea is have a check on the bad debts.

This has forced banks which have grown their home loan books significantly to restrict the advances to the sector. On the other hand, the hardening of interest rates have also slowed down the demand for housing loans as customers are averse to taking loans at higher rate of interest. They are hopeful of the rates moving southwards in the near future.

K Ramakrishnan, chairman and managing director of Andhra Bank said, “as such there are no problems with the credit offtake in the home loans. What has actually happened is that banks have suddenly started restricting their growth to 20% to 25% as against the 35% to 40% growth they had registered earlier. If a customer walks in for his or her first housing loan then banks extend credit. But if it is the second or third housing loan, then it is treated as a commercial deal and banks are hesitant to offer loan. The lull in the home loan segment is because the focus is slowly shifting to productive sectors from the unproductive sectors. At our bank, we will continue to lend to productive sectors but will go slow in the case of unproductive sectors”.

Reserve Bank of India (RBI) notified the reduction in risk weight on hosing loans for up to Rs 20 lakh from 75 per cent to 50 per cent. “It has been decided to reduce the risk weight in respect of housing loans of up to Rs 20 lakh to individuals against the mortgage of residential housing properties from 75 per cent to 50 per cent,” RBI said in a notification issued. The notification follows RBI’s decision to this effect in its credit policy last month.

The central bank also reduced the risk weight for banks’ investment in mortgage backed securities, issued by the housing finance companies, to 50 per cent from the existing 75 per cent. RBI, however, said it would review the risk weights after one year keeping in view the default experience and other relevant factors.