Personal Finance News

Shares lower on AIG cash call

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.

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.

Read the small print on your motor policy
Thousands of UK motorists relying on urban myths (and not reading the small print on their insurance policies) are running a major risk of not being covered to the extent they think they are, according to new research.

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.

Shares mixed - base rate left on hold

April in the stock market - Fred gets shredded
If the banks were strapped with cash in April the same couldn't be said of the oil majors - Royal Dutch Shell and BP - both of whom posted record profits as the price of crude headed north of $115 a barrel. Royal Dutch Shell made profits of £3.9 billion in Q1, while BP posted £3.38 billion - up 48%.

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.

Jupiter to launch Strategic Bond Fund
Investment manager Jupiter is to launch its Jupiter Strategic Bond Fund on June 2nd - the fund aimed at investors with a medium to long term outlook and who are seeking income with the potential for capital growth.

(Some) women miss out on retirement
New research from HSBC reveals that while more women than ever in the UK have pensions, confusion over eligibility means almost two million of them are losing out on potential pension income.

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.

SLI opens GARS to retail investors
Standard Life Investments has announced the launch of its Global Absolute Return Strategies (GARS) Fund to retail investors.

Demystifying fund management - how those clever men and women make money
Many books have been written on the techniques fund managers use but you don't necessarily require a maths degree to understand their basic strategies. Above and beyond the number-crunching there are several approaches most managers favour depending on the type and objective of their funds.

Markets shrug off downbeat manufacturing data

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%.

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.

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.

Home mover in a hurry? Here's how to sell and buy at the right prices
If you have to move home, now isn't exactly the best time but, unfortunately, some of us have no choice in the matter because of our job, change in marital status or to be near a child's new school. Despite the difficult environment, having a carefully planned strategy for moving will go a long way and help you get the best price for your existing home. You'll also need to work out a budget for the cost of moving and apply for a new mortgage if you need to borrow more.

More Miles with your credit card
MBNA and Miles & More have announced the introduction of a new credit card - the Miles & More American Express Credit Card from MBNA offering users the chance to earn Miles & More award miles, which can be redeemed for flight, upgrade and travel awards; and for a wide range of non travel related goods.

Natural resources - the big FTSE 100 play?
Natural resources edged ahead of banks in April in terms of weighting in the FTSE 100 Index. Around 16% of the blue-chip benchmark is now invested in mining and basic resources companies, a whisker ahead of beleaguered banks.

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).

Markets stage late rally

Investment Commentary: Sell in May and go away? No!
The $64,000 question is whether we should treat this as a suckers' rally and take advantage of it to bale out. At least one experienced fund manager of my acquaintance believes this to be the case. He has been investigating taking out an out-of-the-money put option on the Footsie. Will I be joining him? Despite my concern that the credit crunch still has some unpleasant tales to tell, my answer must be - not on this occasion.