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22 million set for income tax cut

An estimated 22 million people saw their income taxes cut, Tuesday, as the beleaguered Brown Government sought to put closure on the row caused by the scrapping of the 10p tax band.

Basic rate taxpayers will get an extra £120 this year - the initiative aimed at compensating 5.3 million lower paid workers who suffered after the 10p rate was canned. The move will be financed by an additional £2.7 billion of Government borrowings.

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Mortgages News

Moneyextra - A trusted force in online finance!

Moneyextra, the UK's longest-established personal finance website, is now under new management committed to building the online brand. The website is being backed with fresh investment and a renewed commitment to presenting a compelling online solution to site users.

Mortgages - Nationwide cuts (some) fixed rate deals

Nationwide Building Society has announced that it's cutting the price of some of its fixed rate mortgage deals by up to 0.30%.

House price falls most widespread for 30 years

House price falls across the country are now more widespread than they've been for 30 years, according to the latest housing market figures from RICS (Royal Institution of Chartered Surveyors).

New mortgage deals from A&L

Alliance & Leicester has introduced a new range of mortgage products - the latest offers including a 2-year fix and 2-year base rate tracker.

More home repossession pain

The number of mortgage possession claims (non-seasonally adjusted) brought to court by lenders increased from 34,689 in Q4 2007 to 40,442 in Q1 2008, according to new figures from the Ministry of Justice.

Bank of England - Base rate held at 5%

As expected the Bank of England has opted to keep base rate on hold at 5%. Indeed, last week only 5 of 65 economists polled by Reuters were forecasting a rate cut.

Mortgages - Woolwich raises deposit requirement

Effective Thursday, the Woolwich will require borrowers to stump up a deposit of a minimum 10% as it lowers its maximum LTV (loan to value) rate from 95% to 90%.

Consumer confidence hits all-time low

Latest consumer confidence data from the Nationwide Building Society shows the credit crunch having a major impact - the Nationwide Consumer Confidence Index in April hitting its lowest point since the Index was first compiled back in May 2004.

First time buyer property values slump, says Moneyextra

The relatively small number of first time buyers looking to get on the property ladder is having a dramatic effect on the prices they're prepared to pay, according to independent financial website, Moneyextra.com.