Here is a quick summary of the weekend papers.
The Sunday Times reports mortgage applicants at Santander will have to be UK residents. Santander is the first big UK lender to confirm changes ahead of the end of the Brexit transition.
Elsewhere first time buyers face more than 5% interest with a 10% deposit with Aldermore. This recent period marks the highest mortgage rates have been since 2013 when there was a widespread concern of a triple-dip recession.
Ali Hussain reports Lloyds, Barclays and Natwest are all offering their current account customers to move their cash into investment products. Spurred on by ‘Robo-advice; firms, it marks the first shift in this direction from high street banks since tightening regulation following 2008.
The Telegraph reports older homeowners have given struggling relatives £500m in 2020. The most popular reason for over 55’s to pass on wealth was helping to fund a deposit. Young people in London receiving gifts worth an average of £133,000.
Stagecoach shares that were a bargain during the pandemic have recovered sharply since announcements of a vaccine. High hopes for a dividend as Stagecoach has an excellent track record of converting profits into cash.
The paper also calls for a moral stance against energy meters, following Utiilita’s potential ban for refusing state-imposed smart meters.
The Mail on Sunday reports Lloyds Natwest and HSBC stop taking on new customers amid a rush of bounce back loan cheats. Only Natwest is set to reopen to applicants from start-ups and entrepreneurs before Christmas.
Speculation mounts as to whether Andrew Bailey will give the green light to Banks dividends, as provisions for bad loans were not as large as feared in the bank’s recent results – suggesting they may have the cash.
The Financial Times this weekend shares insight into Japan’s history of zero interest rates, and what the UK investor may learn from them. Key areas are to watch out for are property stagnation and banks offering temptingly high-interest rates in foreign currency investments.