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Archive for August 2014

Interest rates: Minutes show two Bank policymakers voted for rise

mortgages and loans

http://www.bbc.co.uk/news/business-28863492 Two members of the Bank of England’s Monetary Policy Committee (MPC) voted to raise interest rates in August, the first time in three years that policymakers have done so. The minutes of the meeting on 6-7 August show Ian McCafferty and Martin Weale voted for a 0.25% rise to 0.75%. It means the nine-member…

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Final bidders battle for Ulster Bank portfolio

debt

FOUR investment firms have been named as the final bidders for a portfolio of assets being sold by Ulster Bank he portfolio, which is being traded under the moniker ‘Project Achill’ has a par value of €1.2bn. It includes a host of commercial properties including business parks and hotels in the UK, a number of…

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Merchant Hotel: Ulster Bank sells loans attached to Belfast hotel

Ulster Bank is selling loans attached to Belfast’s high profile Merchant Hotel, according to a report. They are part of a portfolio known as Project Nadal which includes loans attached to pubs and hotels across Ireland. The bank is selling a variety of loans in a move to reduce its involvement in property-related lending. Beannchor,…

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Repossessed homes sell for less than half of their value

Negative Equity

Repossessed homes in Northern Ireland have been selling for around 42% of their ‘true’ market value, according to a mortgage administration company. HML’s research said foreclosed homes in the province, which are usually sold at auction, were fetching the lowest percentage of market value of any region in the UK between 2008 and 2013. Scotland…

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