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Pensioners urged to think before taking out equity release mortgagesEquity release plans allowing pensioners to unlock cash from the value of their house should only be a last resort, according to a new report.Despite highlighting improvements to the schemes, the study by the Actuarial Profession argued that there are cheaper and more profitable ways of raising cash.The report explained that an equity release plan was likely to strip any inheritance estate of its most valuable asset.

The report found that there is a significant gap between current and planned pension provision, and consumers’ needs. The Actuarial Profession added that many people will have to work for longer to afford decent pensions, however with the housing wealth of those over 65 standing at around £1.1 trillion, equity release mechanisms do have a significant role to play in funding many peoples’ retirements.But Ged Hosty, chairman of the equity release working party, cautioned: “Since it is likely to be the last major financial transaction anybody enters into, it is essential that everybody considering such a step makes sure they are fully aware of the financial and other implications before committing themselves.”

While mortgage lending strengthened for banks in December, it fell for building societies. Net mortgage lending for banks rose £5.2 bn in December, while building society net loans fell to £907 million from £1,499 million the previous year. British Bankers’ Association director of statistics, David Dooks, said: “After four months of slower mortgage lending growth, December saw an underlying monthly rise similar to those seen in the first half of last year.”He told that the disparity in the figures between banks and building societies could represent banks taking market share.Mr Dooks pointed to the “competitive attractiveness of specific products” as boosting mortgage performance, but added that the increase may have been due to a “catch-up following the advent of mortgage regulation”.

Adrian Coles, director general of the Building Societies Association commented on the dip in the building societies’ performance.

Credit card companies are boosting profits through “dubious” sales practices and “unjustifiably” high charges, Which? has reported.The consumer watchdog has calculated that credit card companies make over £400 million a year charging customers who pay bills late or exceed credit limits, with one in four people charged at least once in the last year for either of these.

Most card companies charge £20 to £25 for these slip ups - above the cost of dealing with late or missed payments, as letters are generated automatically and penalty charges are simply added on to the next bill. Which? also found that 42 per cent of its members had had their credit limit increased without them requesting it, with the people most in debt those most likely to receive extra.Malcolm Coles, editor of Which?, said: “The credit industry has an alarming number of tricks up its sleeve to wring every last penny it can out of its customers.
“Lenders seem to have no qualms about persuading people to take on more debt than they can afford and they’ll carry on doing it as long as they can get away with it.”

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.

New research published today has highlighted a lack of awareness amongst teenagers about the general costs of living, including personal finance, budgeting and loans. While two-thirds of the 300 teenagers questioned by ICM knew the price of an Apple iPod mini, three quarters did not know the cost of a pint of milk, the Telegraph reports.Many also did not know the meaning of being “in the red”, with one in eight believing it means to be embarrassed.Consumer charities and financial experts expressed concern that many children lack knowledge of the financial basics.
Stuart Gitsham, the editor of a new financial guide for young people entitled ‘Money, Money, Money’, stated: “Life is about making choices and the research demonstrates that while teenagers know the price of desirable items, they have no concept of the cost of everyday goods.”The leaflet published by Sesame Services, a network of financial advisers, offers teenagers tips to save money and will be sent to every secondary school and further education college in Britain.

Credit card companies make £500 million each year by paying off their customers’ cheapest debts first.Nationwide Building Society has revealed that the way they allocate the payments means they are able to make money. Effectively, this makes it more expensive for consumers and more profitable for the companies.Nationwide’s executive director, Stuart Bernau, said: “This is a policy that enables the banks to make half a billion pounds of profit every year - or £50 per year for every credit cardholder affected.”Mr Bernau added: “I don’t believe that consumers really understand how they are charged interest on their credit cards.

At a time when banks should be seeking to rebuild trust amongst consumers, this is exactly the sort of practice that undermines that trust.”How it works is that card providers will allocate payments to outstanding balances, which have the lowest rate of interest first, for example, zero per cent balance transfers.They therefore leave balances at higher interest rates, such as purchases and cash advances, to continue to accrue interest.
“Any debt counsellor worth his salt would tell you to pay off your most expensive debt first, yet most credit card providers do exactly the opposite,” concluded Mr Bernau.According to Nationwide, customers that use cash advances are the most vulnerable to this scheme as they carry high interest rates.

Reducing and paying off debts is the top financial goal for people in the New Year, a new study reveals.According to Alliance and Leicester 49 per cent of respondents said debt reduction was their key financial ambition for 2005. Second was increasing savings, the ambition of 43 per cent of people.To reduce their debts more than half (61 per cent) of people said they would budget and try to spend less and a third said they would try and earn more or take on a second job.However, one in ten said they would consider debt consolidation as a solution to reducing their debts in the New Year. Commenting on the findings, Andy Bayes, of Alliance & Leicester, said: “People are beginning to see that by budgeting better, personal debt can be reduced considerably.

This doesn’t just mean spending less, but also paying less interest on your debts. “Consolidating your existing debts onto one loan will not only save money, but offer a disciplined approach to repayment which can help bring down overall monthly expenditure,” he explained.

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.