This week the money sections have decided to delve into the worlds of pensions and mortgages and we are sad to report that it does not make for a cheerful read.
James Coney in Money Mail focused on how UK mortgages are giving unfortunate homeowners the worst value in the world with the highest mark up. James Coney and Lauren Thompson went on to highlight, by way of a special investigation, that banks simply are not lending to would-be homeowners, as a report from Council of Mortgage Lenders (CML) reveals that the amount of money handed out to homeowners in August was the lowest for a decade.
In light of this CML research, along with the latest lending figure from Halifax, Joanne O’Connell in the Daily Express gave some handy tips for those looking to get on the first rung of the housing ladder. She cited options such as living for free (in vacant homes through either property guardianship or short life housing) and asking parents for help.
Pensions also made their way onto the pages for the money sections, looking at how to save enough for retirement and close the pension gap. Both the Express and the Mail looked into pensions on the back of the latest report by Aviva which revealed that Britons need to save an extra £10,300 a year for a comfortable old age – Holly Thomas (Daily Express) looked into the options for saving such as ISAs and employer schemes, while James Salmon (Money Mail) concentrated on the sad state of the nation’s pension provisions with payouts at record lows.
In other news, Graham Hiscott in the Mirror reflected on the plight of the loyal customer to the high street bank which has seen a 40 per cent cull in the last two decades.
A round up of topics is as follows:
Credit cards 9%