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Govt says Help to Buy 2 has seen £365m of mortgage applications

Prime Minister David Cameron says £365m worth of mortgage applications are being processed under the second part of Help to Buy scheme in its first four weeks. 

Writing in the Sun newspaper today, Cameron says 2,000 people have been accepted in principle to use the scheme and put in offers.

He also claims Help to Buy is “cutting mortgage bills”, suggesting that a Help to Buy mortgage on an average property is £2,500 a year cheaper than average deals at the same LTV.

Cameron says the scheme is boosting home building and says there are 30 per cent more homes being built now than last year.

He says: “Put it another way, every single day in the past month, 75 families have been put on the path to owning their dream home. This is working — some people have even got the keys already. But the best thing about Help to Buy isn’t these headline statistics. It’s who is benefiting from it.

“When we launched Help to Buy we heard a lot of scare stories about how this would be a policy for the rich, the South East, the elderly and those who already had homes.

“One month in and the figures show this is nonsense.

“The typical house bought with Help to Buy is just over £160,000 — well below the national average. It’s proving hugely popular across the country, with three quarters of applications outside London and the South East.”



Friends Life sales flat as new business profits surge 41%

Friends Life has reported flat sales in its UK division during the first nine months of 2013, with the profitability of new business written increasing by 41 per cent. Friends Life’s third quarter interim management statement, published today, reveals total sales for the first nine months of the year increased 2 per cent, from £513m […]


Premier to merge three funds after naming new CIO

Premier Asset Management has appointed a new chief investment officer and unveiled plans to merge three funds into a single global equity portfolio. Neil Birrell joined Premier in January and has over 25 years of investment experience including as CIO of Framlington Asset Management. He will become the firm’s new CIO after Mike Jennings departs. […]


What advisers are saying: Instant gratification – Scratching the itch with a tax stick

GAAR has yet to have any notable impact on the business operations of the majority of adviser firms we’ve been speaking to. Despite the sea change only a tiny proportion (8 per cent) of advisory businesses have a GAAR strategy in place, suggesting that while the game’s changed, advisers may still be playing by old […]


MetLife appoints head of technical services

MetLife has appointed former Axa UK regulatory and tax specialist Charlotte Cowell to the newly created role of head of technical services. Cowell, who has previously worked for the provider as senior technical manager and pensions manager, will be responsible for leading the technical team.  She will also work closely with marketing and sales to […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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