Archive for the ‘business opportunity’ Category

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Should we stretch for a mortgage?

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/10/property-mortgage-renting-self-employed

Q We are renting?a house, having sold our flat in December 2008. We have about £70,000 in the bank and would like to buy again. My partner has a permanent (and, we think, safe) job that he’s been in for 11 years. I have been self-employed on and off since 2006 (but I don’t have any ongoing accounts – I was claiming unemployment benefit for a couple of months in 2007 and have claimed state maternity allowance in the last two years, too) but I’m self-employed until the end of July 2009 (it will have been a job for one year).

I am looking to work again after this job ends (there is a chance it may continue, but nothing is definite). We have a toddler and would like another child relatively soon, but I’d also like to remain working.?

I earn a good income and we have lots of spare cash (I do save a bit), but when I’m not working?we can just about get by on my partner’s wages.?

I’m not sure whether to stick at the freelance work, or if I’d be best getting something permanent that will count towards a mortgage – but I know I’ll earn?less, possibly half my?freelance day.?

I guess my question is, how much should we stretch ourselves in terms of the mortgage? If we shop around for mortgage offers, then we will know our situation – I think it’s possible that my income could be taken into account (but it’s so uncertain). We are thinking about moving out of London to get a cheaper property. However, I am more likely to get work in London and I can’t see how we can both logistically commute with our small child (I don’t want to leave him too long). HW

A Being self-employed is not, in itself, a barrier to getting a mortgage but you do need to have at least two years’ evidence of income. This doesn’t necessarily need to be formal accounts, as lenders will happily take tax statements issued by HM Revenue & Customs as evidence. If you don’t have these, I would start to worry.

If you are self-employed and tax is not deducted from what you earn at source (which is unlikely), you are legally required to file a self-assessment tax return each year. If you haven’t been doing this, you face financial penalties and a big bill for unpaid tax.

But, assuming that you have been filing tax returns, you should also have tax statements which will provide the evidence of income that you will need to have your income taken into account when applying for a mortgage. So you don’t need to give up your freelance work just to get a mortgage.

As far as how much you should stretch yourselves, a lot depends on your future income. If you are planning to have another child, you need to take that into account when looking at the cost of mortgage repayments. And you also need to look carefully at the financial implications of moving out of London. Although you may be able to get a cheaper property, you have to factor in the cost of commuting – not to mention child care costs for the time you spend on your way to and from work.

  • Mortgages
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Lloyds to close C&G branches

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/lloyds-cheltenham-gloucester-close

• The latest round of cuts will see the demise of 1,600 jobs
• Unite condemns the move as ‘nothing short of disgraceful’

The entire Cheltenham & Gloucester branch network is to close by November, as Lloyds Banking Group cuts another 1,660 jobs after the merger with HBOS.

The bank, which yesterday began repaying its multibillion-pound loan from the taxpayer, confirmed this lunchtime that all 164 C&G branches will shut within five months. This will mean about 1,000 employees will lose their jobs.

Lloyds is also cutting 265 positions across its personal loans division, which will lead to job losses in Chester and Cardiff, with other jobs also going across its retail, personal finance and mortgage sales operations.

The Unite union attacked the move as “nothing short of disgraceful”. It will mean the end of the C&G name on the high street after more than 150 years, but the brand will continue to exist on mortgages sold through brokers.

News of the closures broke this morning, sending Lloyds scrambling to inform C&G staff of the plan and sparking fierce debate online.

One branch worker said that C&G customers should not panic, as “branches will not close for months”. From November, they will have to use one of Lloyds’ 1,800 remaining branches.

Lloyds said that compulsory redundancy would be “a last resort” if it could not find new roles for those affected.

“It is always difficult to make decisions about our business that affect our colleagues,” said Helen Weir, Lloyds’ group executive director for retail banking. “We will work through these changes carefully and sensitively and continue to consult closely with our unions throughout the process.

“Cheltenham & Gloucester is a very strong brand. The strategic focus for C&G from now on will be to further strengthen its intermediary and direct savings businesses. Another major priority for us is to ensure that we manage the closure of the C&G branch network so that it causes as little disruption as possible to our customers. We have a number of measures in place to achieve this.”

Lloyds has already eliminated about 3,000 positions since finalising the takeover of HBOS. Last week it announced 510 job losses across its retail banking arm. It has also decided to drop the Clerical Medical name, which was part of HBOS, with the loss of 300 jobs.

Lloyds employs 140,000 people, and City experts believe 25,000 jobs could eventually go once HBOS is fully integrated.

Unite had already called on Lloyds to end the uncertainty hanging over its workers. Its general secretary, Derek Simpson, warned this morning that closing the C&G network would “rip the heart out of hundreds of local communities up and down the country”.

“Hundreds of staff who have worked hard for years to make the C&G brand a success will view this news as a kick in the teeth,” he said. “UK taxpayers have not poured billions of pounds into this organisation just to see it sack thousands of hard-working people.

“Front-line staff in banks across the country are blameless for the mistakes of management which have brought the important finance industry to the point of collapse. Yet these workers now face an uncertain future as Lloyds abandons C&G’s high street branches. This is truly a dark day for the financial services sector in this country.”

C&G was founded in 1850 in Cheltenham, and was acquired by Lloyds in 1995.

Industry experts had predicted several months ago that Lloyds might drop C&G in favour of Halifax, which is the UK’s biggest mortgage lender and is perceived to be a stronger brand.

Alex Potter, banking analyst at Collins Stewart, believes the closure of the C&G branch network could be an attempt to prevent the European Commission blocking the merger. Shares in Lloyds plunged by a third on 20 May after the bank warned shareholders that it may be forced to slim down its business to win state aid approval from the commission.

“There are still antitrust concerns about the Lloyds-HBOS merger at commission level,” Potter told BBC Radio 4’s Today programme. “Perhaps this is a sop to the regulators.”

Lloyds launched its takeover of HBOS last autumn after the government said it would waive competition rules that would otherwise have made the deal impossible.

Cuts at RBS

Unite also said today that 500 staff at RBS have been told that they are at risk of redundancy.

“The closure of a cash centre in Glasgow impacting around 140 staff and 360 job losses throughout other UK locations will devastate staff. Unite is opposed to compulsory job losses and through continued consultation with the bank will seek to find suitable alternative employment for workers,” said Unite national officer Rob McGregor.

These cutbacks are part of the wide-ranging cutbacks announced in April by RBS, which plans to cut its UK workforce by 4,500.

  • Lloyds Banking Group
  • Banking
  • Job losses
  • Trade unions
  • Financial crisis
  • HBOS
  • Redundancy
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House prices buoyed by property shortage

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/09/rics-house-prices

A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says

Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).

Rics’s members said buyer inquiries increased for the seventh month in a row in May, and at the fastest rate since 1999. Estate agents also saw a rise in sales, albeit from very depressed levels. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.

At the same time new instructions have continued to fall: the average number of properties on estate agents’ books has dropped in the past month to 58.4 from 69.4, and by more than a third over the past year.

Rics said the lack of new supply coupled with the increase in activity is providing some support for house prices, but warned there could be further price falls to come. Spokesman Ian Perry said: “The housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising.

“However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. Moreover, with the economic backdrop still quite uncertain, unemployment set to continue increasing sharply and finance for first-time buyers still in short supply, there are a number of significant obstacles for the market to overcome over the coming months.”

The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.

In London, the improving market is being driven by first-time buyers who have built up equity over the past two years, or who have been lent deposits by their parents, taking advantage of lower prices, according to estate agent Ludlow Thompson.

Director, Stephen Ludlow, said: “Sentiment has changed considerably – at the end of last year nobody could see a floor for prices. Whilst prices may not have reached the very bottom buyers are no longer worried that the market is still in meltdown mode.

“The pickup in demand in May was so sudden that it has been the lack of supply of properties actually on the market that caused the bounce in prices. We’ve had to move lettings staff on to sales to deal with the surge in activity.”

However, Howard Archer, chief UK and European economist for IHS Global Insight, said he remained sceptical that house prices had bottomed out.

“It is not uncommon for there to be months of rising prices when house prices are still trending down. Most recently, the Halifax reported that house prices rose by 2% month-on-month in January but then fell sharply during February-April before rising again in May.

“Housing market activity is still very low by past norms and at a level consistent with falling house prices, and despite markedly rising buyer interest we believe that the pickup in actual house purchases is likely to be gradual and fitful for some time to come.”

  • House prices
  • Property
  • First-time buyers
  • Housing market
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House prices buoyed by property shortage

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/09/rics-house-prices

A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says

Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).

Rics’s members said buyer inquiries increased for the seventh month in a row in May, and at the fastest rate since 1999. Estate agents also saw a rise in sales, albeit from very depressed levels. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.

At the same time new instructions have continued to fall: the average number of properties on estate agents’ books has dropped in the past month to 58.4 from 69.4, and by more than a third over the past year.

Rics said the lack of new supply coupled with the increase in activity is providing some support for house prices, but warned there could be further price falls to come. Spokesman Ian Perry said: “The housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising.

“However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. Moreover, with the economic backdrop still quite uncertain, unemployment set to continue increasing sharply and finance for first-time buyers still in short supply, there are a number of significant obstacles for the market to overcome over the coming months.”

The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.

In London, the improving market is being driven by first-time buyers who have built up equity over the past two years, or who have been lent deposits by their parents, taking advantage of lower prices, according to estate agent Ludlow Thompson.

Director, Stephen Ludlow, said: “Sentiment has changed considerably – at the end of last year nobody could see a floor for prices. Whilst prices may not have reached the very bottom buyers are no longer worried that the market is still in meltdown mode.

“The pickup in demand in May was so sudden that it has been the lack of supply of properties actually on the market that caused the bounce in prices. We’ve had to move lettings staff on to sales to deal with the surge in activity.”

However, Howard Archer, chief UK and European economist for IHS Global Insight, said he remained sceptical that house prices had bottomed out.

“It is not uncommon for there to be months of rising prices when house prices are still trending down. Most recently, the Halifax reported that house prices rose by 2% month-on-month in January but then fell sharply during February-April before rising again in May.

“Housing market activity is still very low by past norms and at a level consistent with falling house prices, and despite markedly rising buyer interest we believe that the pickup in actual house purchases is likely to be gradual and fitful for some time to come.”

  • House prices
  • Property
  • First-time buyers
  • Housing market
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House prices buoyed by property shortage

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/09/rics-house-prices

A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says

Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).

Rics’s members said buyer inquiries increased for the seventh month in a row in May, and at the fastest rate since 1999. Estate agents also saw a rise in sales, albeit from very depressed levels. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.

At the same time new instructions have continued to fall: the average number of properties on estate agents’ books has dropped in the past month to 58.4 from 69.4, and by more than a third over the past year.

Rics said the lack of new supply coupled with the increase in activity is providing some support for house prices, but warned there could be further price falls to come. Spokesman Ian Perry said: “The housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising.

“However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. Moreover, with the economic backdrop still quite uncertain, unemployment set to continue increasing sharply and finance for first-time buyers still in short supply, there are a number of significant obstacles for the market to overcome over the coming months.”

The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.

In London, the improving market is being driven by first-time buyers who have built up equity over the past two years, or who have been lent deposits by their parents, taking advantage of lower prices, according to estate agent Ludlow Thompson.

Director, Stephen Ludlow, said: “Sentiment has changed considerably – at the end of last year nobody could see a floor for prices. Whilst prices may not have reached the very bottom buyers are no longer worried that the market is still in meltdown mode.

“The pickup in demand in May was so sudden that it has been the lack of supply of properties actually on the market that caused the bounce in prices. We’ve had to move lettings staff on to sales to deal with the surge in activity.”

However, Howard Archer, chief UK and European economist for IHS Global Insight, said he remained sceptical that house prices had bottomed out.

“It is not uncommon for there to be months of rising prices when house prices are still trending down. Most recently, the Halifax reported that house prices rose by 2% month-on-month in January but then fell sharply during February-April before rising again in May.

“Housing market activity is still very low by past norms and at a level consistent with falling house prices, and despite markedly rising buyer interest we believe that the pickup in actual house purchases is likely to be gradual and fitful for some time to come.”

  • House prices
  • Property
  • First-time buyers
  • Housing market
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Unpaid taxes rise to over £17bn

Monday, June 8th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/unpaid-tax-debt-rises

• Almost a third of all taxes are paid late
• Report criticises HMRC for failing to manage debt

Nearly a third of all taxes are paid late and the amount of unpaid tax has shot up by a fifth to over £17bn, a key parliamentary committee says today as it urges Revenue & Customs to get tougher with people who deliberately pay late.

The Public Accounts Committee says tax debt rose 22% in the 2007-08 financial year and stood at £17.3bn in unpaid taxes, penalties and interest as at 31 March 2008 – the latest date for which figures are available.

“[HMRC] must try every means it can to tackle what is likely to become a growing problem of tax debt, while making allowance for people and businesses in temporary financial difficulties,” said Edward Leigh, chairman of the committee.

The report acknowledges that paying taxes on time can be more problematic during a recession, but says HMRC has been slow to take advantage of the key techniques used by other organisations to manage debt owed to them.

“It has started to make more methods of payment available to taxpayers – such as credit cards and direct debits – but it could take advantage of the latest developments in payment technology. Its debt collection activities also tend to be conducted on a 9 to 5 basis, which is not always the best way of contacting tax debtors,” said Mr Leigh.

The committee notes that HMRC has decided it cannot afford a new IT system to link all the tax records of an individual taxpayer, meaning it cannot automatically link debts owed on different taxes by the same taxpayer.

Linking debts is crucial to effective debt management and HMRC should introduce a staged programme towards that end, the committee says.

The report is critical of the fact that HMRC does not “risk score” its debtors. “Risk scoring would allow it to tailor the help it gives to those who do not understand their obligations or are in financial crisis, while dealing promptly with debtors who deliberately pay late. Other organisations and tax authorities have significantly improved their performance by using risk profiling,” it says.

In 2007-08, HMRC collected around £450bn in tax and national insurance contributions from 35 million taxpayers. The report recognises, though, that HMRC must balance the need to maximise revenue for the exchequer with that of offering support to individuals and businesses in temporary financial difficulty.

“Balancing these objectives becomes more difficult in a recession,” it says.

Since launching the Business Payment Support Service in November 2008, HMRC had by February this year agreed over 60,000 “time to pay” arrangements with individual businesses, worth ££1bn in deferred tax.

  • Tax
  • Recession
  • Income tax
  • Family finances
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Homebuyer interest up while retail sales drop

Monday, June 8th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/retail-sector-june2009-economy

Shop sales fell back last month in spite of growing optimism that the recession may be coming to an end, with retailers reporting that market conditions remain “extremely challenging,” the British Retail Consortium reports today.

The BRC’s latest monthly report shows that retail sales on a like-for-like basis – which excludes the effect of changes in floor space – fell 0.8% in May compared to May 2008, which was a strong month.

“Negative results show spring has been extremely difficult for most non-food retailers. The turnaround in sales of big-ticket items such as furniture and large electricals, which would indicate real change in the mood of customers, still eludes us,” said BRC director-general Stephen Robertson.

Helen Dickinson, head of retail at the report’s sponsors KPMG, said: “These figures may look disappointing after last month’s positive results were flattered by the timing of Easter, but extremely challenging market conditions – particularly for the non-food sectors – continue.

“We might have expected better figures as, while there are consumers struggling financially due to actual, or the prospect of, job losses, there are also those with greater disposable income due to lower mortgage payments, easing inflation and lower fuel costs. It remains to be seen when those who have cash to spare will feel confident to start spending again.”

The survey showed that clothing and footwear fell below last May’s strong sales while big-ticket homewares and furniture sales remained “difficult”.

Further evidence that the economy remains under pressure came from a survey by recruitment specialists Manpower showing that employers’ hiring plans have fallen to their lowest in 17 years, although the pace of decline has slowed.

Its quarterly survey of 2,100 firms show that the majority expect to maintain their staffing levels in the third quarter of the year, rather than reduce them further or increase them. This would explain why young people leaving school or university have found it so difficult to get a job.

The Royal Institution of Chartered Surveyors reports today that new house buyer interest rose for the seventh consecutive month in May. Sales also rose, albeit from very depressed levels, indicating that the increase in footfall of potential buyers is steadily improving activity in the housing market, RICS said.

The net balance of surveyors reporting a fall in house prices rose from a negative balance of 59% to 44%, the best result since November 2007. The survey still suggests prices are falling, though, in contrast to reports of rises from the Nationwide and Halifax for last month.

RICS spokesman Ian Perry said: “On the face of it, the housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising. However it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. With the economic backdrop still quite uncertain, unemployment is set to continue increasing sharply and finance for first time buyers is still in short supply, there are a number of significant obstacles for the market to overcome.”

  • Recession
  • Credit crunch
  • Retail industry
  • Economics
  • Green shoots
  • Property
  • House prices
  • Consumer affairs
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Keydata Investment Services goes into administration

Monday, June 8th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/08/keydata-investment-administration

Administrators freeze £3bn of Keydata funds

Keydata Investment Services, which specialised in creating “innovative” high income products, went into administration today, leaving a huge question mark over the future of the £3bn in investments it controlled.

The Financial Services Authority said the group was insolvent, following an application to the courts last week. It is unable to say whether investments are safe.

Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers (PWC) have been appointed as joint administrators.

PWC told the Guardian that it had frozen the funds to protect investors but it did not yet know what funds might be at risk or whether investors had lost their money. But it added that Keydata funds based on easily valued investments such as portfolios of Alternative Investment Market shares in venture capital trusts would continue to be traded.

Keydata promised “investment solutions for the 21st Century” – these were mostly “structured products” which relied on complex derivatives of the type which ruined Lehman Brothers.

Some were “exotic”. The “Defined Income Plan”, based on “portfolios of US life insurance contracts” paid out around 7.5% for five years but did not guarantee investors would get their capital back at the end of that period. This depended on enough US policyholders dying early.

Keydata previously told the Guardian that these life contracts had never failed to produce income but admitted they were difficult to trade.

Others products depended on creating complex structures with swaps and other derivatives on stock market indices – again to create a higher income but with a risk of investors losing their savings.

One bond claimed to magnify any growth in the FTSE 100 index by a factor of 10 times. Keydata had continually to fend off accusations that its funds were similar to the now disgraced precipice bonds, sold heavily a decade ago, that left many investors penniless.

The plans were heavily promoted to independent financial advisers who earned 3% commission on sales.

Keydata was set up by Stewart Ford, now a Geneva resident according to records at Companies House. He founded the first Keydata companies in 1997, providing investment fund information to IFAs. But his big move forward was with the formation of Keydata Investment Services in 2001. He appears to own the majority of the shares.

Dan Schwarzmann said: Our focus is the consumers. This is a complex situation and we know many investors will have serious concerns. We will do all we can to get a clear understanding of the position as soon as possible. We will keep in regular contact.”

For more information, check PWC’s website or phone 020 7804 4424.

  • Investments
  • Investment funds
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Bankruptcies rise among over-45s

Monday, June 8th, 2009

Multiple marriages and falling house prices leave over-45s increasingly vulnerable to economic downturn

The over-45s are experiencing the biggest rise in bankruptcies as multiple marriages and falling house prices take their toll on people’s finances, it was claimed today.

The number of individuals in that age group going bankrupt increased by 124% between 2004 and 2008, rising from 10,600 to 23,800, according to research by accountancy firm Wilkins Kennedy. Over the same period the total number of bankruptcies rose by 89% to 67,500.

The firm, which analysed figures from the Insolvency Service, said an increase in second and even third marriages was a factor. One in five people divorcing in 2007 had a previous marriage ending in divorce compared to just one in 10 in 1980.

Anthony Cork, director of Wilkins Kennedy, said: “By the time people hit 45, many will have established a second or even a third family with additional numbers of children and ex-wives or ex-husbands to support financially.

“This could mean people are having to help pay off part of the mortgage for their ex-husbands’ or ex-wives’ home, contributing to expensive child care and maintenance costs whilst paying for a second set of school fees and mortgage payments from a new marriage.”

Cork added that recent double-digit falls in house prices meant those who had previously turned to their homes for finance in times of crisis were now finding they had less equity or were unable to remortgage.

“The property boom saw a lot of people remortgaging their houses to cash in on the rising value of property, but with the crash many people now haven’t got much equity, if any, to rely on if they are made redundant or if their incomes fall.

“The problem may get worse if property prices continue to fall and unemployment continues to rise.”

  • Bankruptcy and IVAs
  • Borrowing & debt
  • Property
  • House prices
  • Divorce
  • Divorce
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