The expertise of the Moneyfacts team is regularly in demand, with journalists from across the national and financial spectrum relying on us to provide accurate information and useful insight at a moment's notice. Here are just a few places we've been in the news recently.
- Our research into mortgages – where we revealed that mortgage rates no longer appear to be impacted by wholesale costs, with providers instead adopting a 'wait and see' approach – was covered in Mortgage Strategy, Mortgage Solutions and Financial Reporter. "It is probable that mortgage providers may be stepping back and waiting for greater economic certainty before they return to making strategic changes to their mortgage ranges," noted Daren Cook, finance expert at Moneyfacts. "The average shelf life of a mortgage product on our database increased to 48 days this month, [and there's a clear] lack of movement in the average two and five-year fixed mortgage rates, with both rates decreasing by just 0.01%."
- Spring is in the air, and with it comes stories of how to spring clean your finances. Our press release on this very topic was picked up by the Sunday Post, and bespoke work by our resident finance expert Rachel Springall was used to inform a piece in The Times, where she urged people to move from a poor-paying savings account to one of the top deals – which could see them earn 10 times more in interest in the process.
- Further bespoke work was used to inform a piece in the Daily Mail, which discussed the improved JISA allowance and how parents could build up a significant cash sum for their child, and in a similar vein, Which? used our expertise to discuss the best ISA rates currently available and how to make the most of the new tax year.
- Which? also sourced our data when discussing the news of Nationwide launching into the retirement interest-only mortgage space, while Yahoo Finance and AOL asked Rachel for a quote and extra information on this same topic: "It's fantastic to see such a well-respected high-street brand stepping up to offer a solution to older borrowers who feel they have nowhere to turn," she said. "People are living longer but they may not have enough pension provisions to fund a longer retirement, so it is inevitable that they will need to secure a way to fund their later life. The equity release market is also booming with over 200 options available to choose from and more individuals are turning to a lifetime mortgage to fund their later life."
- Speaking of equity release, our data was used to help inform a piece in the Daily Mail, while our mortgage figures were used in Mortgage Strategy, the Mirror
and The Times, with the latter also sourcing bespoke insight from Darren into the cost of failing to switch mortgage deals. "If your two-year fix came to an end recently, it is likely that you have reverted to a higher standard variable rate, therefore you have a greater motivation to remortgage," he said.
- The big news in the banking sector last week was the change to current account perks offered by some providers, and Rachel's insight was relied on heavily in several publications, including The Independent, The Telegraph and AOL. "It's disappointing news that TSB will be dropping its lucrative credit interest rate by 2 per cent in July," she said, "[though it] is still a decent offer and it should be considered against the rest of the competition. "Thankfully, customers can still earn 5 per cent elsewhere, such as with Nationwide's FlexDirect that pays 5 per cent for the first 12 months."