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Property investments bring a loss of 8m

Property-related investments hit Bradford & Bingley as it suffered an 8m loss in the first four months of this year.

The loss compares with a 107m profit in the first quarter of last year.

The credit impairment charge for the first four months of 2008 rose to 36m compared with 23m in the whole of 2007 and includes a 15m charge for mortgage fraud.

The firm says the increase is due to the recent worsening of economic conditions which have led to house price deflation and an increase in accounts three months or more in arrears to 2.16 per cent from 1.63 per cent at the end of 2007.

The board warns that the tough environment will continue to push arrears higher but says stricter lending criteria mean the overall increase should not be as steep as in the first four months.

Executive chairman Rod Kent says: “This is a disappointing trading update reflecting a more difficult market.”


Five-year fixed deal from Network Data

Network Data is offering an exclusive five-year fixed-rate mortgage deal from Abbey up to 60 per cent loan to value. Maximum loan is 550,000 and there is a 1,499 fee.

NDFA renews dividend offer

NDFA is offering another issue of its regular fixed-income plan which takes advantage of the new tax treatment of non-UK dividends announced in the Budget.

World view

It would seem that the expanding fund universe should offer plenty of choice for advisers. However, the fund universe isn’t really growing, at least not as much as one would expect, considering that there have been nearly 500 launches in the past five years. Numerous closures have kept the overall number of funds fairly consistent for much of the past decade.


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