Holmesdale Building Society has agreed terms to merge with Skipton, subject to approval.

The merger will probably start on the 1st October 2018 and Skipton has already received consent from the PRA to approve the proposed merger.

Holmesdale started in 1855 and has 1 branch in Reigate, employing 26 people. Holmesdale decided that “it is in the best interests of current and future members to merge with a much stronger building society able to offer more choice and value to members in the long-term”.

Skipton will keep the branch in Reigate for at least 2 years from the start of the merger, then will be subject to the Society’s ongoing branch review process. Holmesdale members will be able to transact in any branch of the enlarged Society from the merger date.

Mike Kirsch, Chief Executive of Holmesdale Building Society, said:

“We firmly believe that this proposed merger is in the best interests of our members. Without the merger we would not be able to continue to provide the same range of products or good value pricing to our members. We believe we can offer enhanced security by merging with a much stronger building society able to offer more choice and value to members in the long-term.

“A merger with Skipton will result in Holmesdale members having access to Skipton’s large national branch network, its online, post, telephone and financial advice offering, and to a broader range of attractive products and services – from the time when the merger becomes effective.”

David Cutter, Skipton’s Group Chief Executive, added: “We have always made it clear that we would consider further merger activity where it is in the best interests of our members. We look forward to welcoming Holmesdale members on board and sharing with them our full range of financial solutions to help them plan for their life ahead.”

There are just 387 properties currently for sale at £300,000 or less in London Travel Zones 1 and 2 that would be stamp duty exempt for first-time buyers, according to HouseSimple data.

Extending the search area to include Travel Zone 3, the number of stamp duty exempt properties increases to 1,235.

Not surprisingly, the Royal Borough of Kensington and Chelsea has the fewest stamp duty exempt properties, with just six, including a tiny 113 square foot studio flat, in SW5, Earls Court. The boroughs of Camden and City of Westminster, both have just 18 stamp duty exempt properties currently on the market.

First time buyers should head to the borough of Croydon for the largest number of stamp duty exempt properties on the market today. Croydon has 795 properties

From the 23rd January onwards, Santander mortgage customers will automatically be moved onto a new follow-on rate (SVR) at the end of their fixed or tracker rate period unless they choose a new product.

Previously, customers were automatically moved onto Santander’s SVR at the end of their product term, which is currently 4.74%.

Santander’s new follow-on rate is a variable rate that tracks at 3.25% above the Bank of England Base Rate, giving a current rate of 3.75%.
The differential of 3.25% is guaranteed for as long as customers remain on the product. The rate payable will track all changes in base rate, either upwards or downwards.
Citizens Advice recently urged the FCA to make all lenders provide clear information to new and existing customers about how much they could lose by rolling onto a standard variable rate.
Its research found that customers who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal face an average penalty of £439 a year.