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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. The 16% increase; year-on-year, takes the number claims to their highest level since 1992 - the last time the UK economy had a major housing market downturn.

Meanwhile, the number of court orders awarding possession of properties to lenders rose to 26,930 in Q1, up 11% on the year - 53% of those being immediate (as opposed to suspended) possession orders. The number of claims made by landlords against tenants in arrears rose by 4% year-on-year to 38,878.

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Savings News

Saving for a rainy day

Chelsea Building Society has announced the launch of its Rainy Day Savings (3rd Issue) account - the account paying a variable rate of 6.10% gross pa/AER, 4.88% net. Corresponding monthly rates are 5.94% and 4.75%.

Halifax ups Web Saver Extra rate

Halifax has increased the rate for its Web Saver Extra account to 6.35% gross (6.07% AER). This includes a 0.35% gross bonus until July 18th 2008.

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.

B&B rolls-out new notice accounts

Bradford & Bingley has confirmed the launch of two new notice accounts - both paying up to 6.30% AER.

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.

Saga launches online savings account

Saga Personal Finance has unveiled a new online savings account with the guarantee that the rate will not be more than 0.25% AER below the average of the top 5 variable internet accounts, currently 6.25% gross (6.43% AER), 5% net.

Get tracking with Leeds

Leeds Building Society has launched a new Postal Tracker savings account guaranteed to track Bank of England Base Rate + 1.50% until December 1st 2008 - the current rate payable being 6.60% AER (6.50% gross).

Bank of England - Credit crunch overplayed?

In its latest Financial Stability Report, the Bank of England says the economic fallout from the credit crunch may not end up being as bad as originally feared.

Bonding with Abbey

Abbey Savings has announced the launch of its latest one-year savings account - the deal paying 6.30% gross pa. (5.04% net) on balances from £1 - £29,999; 6.55% (5.24% net) from £30,000 - £2 million.