POUND NOTES
FINANCIAL FACT
THERE’S some good news for first-time buyers. Average two and five-year fixed rate mortgage deals on the market for people with a 5% deposit reached 3.42% and 3.79% respectively in January – the lowest rates for these types of deal since website Moneyfacts. co.uk’s records started in 2008.
FIRST DIRECT GIVE CUSTOMERS SOCIAL MEDIA PAYMENTS BOOST
FIRST Direct customers can now make payments while chatting on messaging apps, without needing to log into their online banking.
The internet and telephone bank said customers can now make secure payments seamlessly while using social media apps such as WhatsApp and Facebook Messenger, using its new service fdpay.
CONSUMERS REPAY OVER £2BN IN SHORT-TERM LOANS
CONSUMERS borrow £1.3bn per year in high-cost short-term credit such as payday loans – and pay back £2.1bn – the City regulator has found.
For the year July 1, 2017 to June 30, 2018, the total value of loans originated was just under £1.3bn and the total amount payable was £2.1bn, according to the Financial Conduct Authority (FCA).
The total amount payable by the borrower is the sum of the amount borrowed plus the total charges payable, such as interest.
CO-OP RE-ENTERS THE LIFE INSURANCE MARKET
THE Co-op is returning to its roots in the life insurance sector, with cover offering some flexibility for customers.
Co-op Life Cover, which is being launched alongside its partner Royal London, will support policyholders who may at times have periods of financial difficulty.
People will be given the option to take two six-month payment holidays throughout the lifetime of the policy, after a 12-month qualifying period, allowing the policy to remain in force if the customer hits unforeseen difficulties.
The last time the Co-op was in the life market was 2013. Initially, products will focus in on the protection market, with the range expected to broaden in the years ahead.