Bank Lloyds gets cold feet over interest-only home loans

Lloyds Banking Group has reviewed its interest-only mortgage offering and withdrawn the non-repayment option on loans of over £500,000. The lender, which operates the Halifax and Cheltenham & Gloucester brands, has also upped rates on interest-only loans, which are now loaded with a 0.2% premium. The end of the house price boom has left banks…

Home insurance Defaqto reveals low protection in home contents insurance

Defaqto, the financial research firm, has uncovered a huge degree of variance in the levels of protection afforded for “contents in the open” under home insurance coverage. Less than £1,000 of coverage is provided by more than four out of 10 (42%) of policies, with an almost identical proportion (43%) offering coverage of between £1,000…

Credit cards Visa, Mastercard dive on fee limit proposal

Edinburgh-based insurer, Standard Life, has today posted a 30% rise in sales for the first quarter of 2010 – far exceeding analysts expectations. The insurer said global sales grew to £4.6 billion in the first three months of the year compared with £3.56 billion in the same period a year ago. Long-term UK savings sales…