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The voice of building societies
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Between 1 January and 30 June 2018, 89% of cash ISA transfers have been completed within seven working days, above the 85% commitment made by the BSA, UK Finance and TISA.
Commenting on today’s Bank Base Rate rise, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:
“Today’s MPC decision means the Bank Base Rate is now at its highest level for over nine years, although interest rates still remain low relative to their historic averages.
BSA publishes its submission, responding to the FCA Mortgages Market Study Interim Report as the BSA, UK Finance and IMLA announce a cross-industry voluntary commitment to help 'ineligible' borrowers tied to reversion rates switch products
BSA, UK Finance and IMLA announce a cross-industry voluntary commitment to help 'ineligible' borrowers tied to reversion rates switch products. The initial agreement was reached between 59 lenders covering 93% of the mortgage market., but more lenders have subsequently signed up - the up to date list of lenders who have is here
“The BSA welcomes the FCA’s discussion paper on Price discrimination in the cash savings market.
“The paper notes that building societies ‘tend to offer higher interest rates than banks already and many have relatively small back-books’. This is reinforced in recent independent Savings Champion data...
Independent research from Savings Champion revealed that building societies continue to outperform banks when it comes to savings.
Seven in 10 (70%) of us say that the difficulties young people have getting onto the housing ladder is one of the biggest problems we have in Britain today.
Released today, lending and savings figures from the BSA for Q1 2018 show that building societies were accountable for 43% of the growth in the mortgage market, and took 40% of cash savings deposits between January and March.
Stephen Mitcham, Chief Executive of Cambridge Building Society has been elected as the new Chair of the Building Societies Association. Stephen who has held the post of Deputy Chair since May 2017 takes over from Jonathan Westhoff, Chief Executive of the West Brom.
In the opening speech of the two-day BSA Annual Conference in Manchester, BSA Chief Executive Robin Fieth outlined the seven themes which should be on every building society board agenda.
“It is positive to see the FCA recognise that there are high levels of customer engagement in the mortgage market and that the commercial relationships between lenders and mortgage brokers broadly work. Although the study focuses on increasing consumer choice early in the process there appears to be a lack of consistency in the approach from price comparison websites...
The weak economic outlook and continued uncertainty about the impact of the UK’s exit from the EU are factors that are generally driving consumer sentiment about the housing market down right across Britain. However people in Scotland have become a little more optimistic than they were a year ago. Propertry Tracker results.