The trend for consolidation in the mutual building society sector continues, with Newcastle Building Society announcing yesterday that it swallow up its smaller local counterpart Universal Building Society.

Customers of life insurers that have demutualised and become limited companies have ended up £14,000 worse off on average than those who have stayed with mutual organisations, according to the Association of Mutual Insurers (AMI).

Kent Reliance, a building society based in Chatham, Kent, has abandoned rules insisting that customers opening accounts forego the right to any windfall that may be payable should the society convert to plc status.

Those debt-laden UK borrowers currently seeking help could take 77 years to pay off all they owe, according to Citizens Advice.

The FTSE 250 index was hit by its biggest points fall ever on Monday amid falling markets worldwide.

Location remains the most important factor in determining a property’s value, with a good location typically adding 35.9% to the possible selling price.

Half of second-time homebuyers are stuck on the property ladder, unable to afford the next move up the property ladder. As a result, 42% are planning to stay in their existing property and build an extension instead.

People on relatively high incomes are increasingly battling rising personal debts, according to the Consumer Credit Counselling Service (CCCS).