Should you remortgage or just take out a secured loan?
April 28, 2008
If you are a homeowner and you are looking to raise money against the equity in your home, there are a couple of routes that you may be able to take depending on your needs and circumstances. The two main choices that you will have are a remortgage or a secured loan, and it is important that you give each option careful consideration in order to ensure that you choose the right solution for your needs. Read more
Nationwide mortgage customers could face hikes of £1300 a year
April 24, 2008
Many Nationwide mortgage customers could be facing mortgage repayment hikes equating to over £1300 a year as a result of the recent mortgage interest rate hike applied by the building society. Nationwide ha recently announced another price hike, making this the fifth mortgage interest rate hike that the building society has applied since the start of the year – despite two base rate cuts over the course of the last few months. Read more
Consumers could benefit from five year fixed rate deals
April 22, 2008
A recent report has suggested that whilst many consumers are wary of taking on a very long term mortgage, as suggested by the Chancellor of the Exchequer, Alistair Darling, many could benefit from taking out a slightly longer fixed rate mortgage, as this could end up saving them thousands of pounds. Industry officials have suggested that taking out a fixed rate mortgage over a five year term rather than the more traditional shorter term of two years could save some homeowners a fortune. Read more
Cheap fixed rate mortgage customers could benefit from HSBC offer
April 19, 2008
There has been a great deal of concern recently over the number of homeowners that are due to come off cheap fixed rate mortgage this year, with worries over how these homeowners would manage the increased interest rates and repayment after coming off rates as low as 4.25%. However, the HSBC has recently announced that it has launched a new product for a short period of time that could provide help and peace of mind to those due to come off their cheap fixed rates. Read more
Consumers should put aside at least three months salary
April 18, 2008
Independent financial advisors in the UK are urging consumers to ensure that they have some savings put aside for emergencies, stating that consumers need to put aside the equivalent of at least three months salary wherever possible in order to cover a range of eventualities and possibilities. Consumers are advised that they need this sort of ‘financial cushion’ in order to protect them should unexpected emergencies arise. Experts are advising that this is very important for those that are self employed, as they may need the cash to subsidize their wages in the event that they earn far less than they expected to one month. Read more
Did FSA fail to do enough over Northern Rock problems?
April 16, 2008
The Financial Services Authority, the UK’s financial regulator, which was set up seven years ago, has responded recently after accusations that the agency failed to do enough when dealing with the Northern Rock crisis back in August and September of this year. Northern Rock became the victim of the first run on a British bank in nearly 150 years, and according to some experts the FSA’s failure to do enough has resulted in the agency’s biggest challenge since it was set up. Read more
Getting a mortgage is getting more and more difficult
April 16, 2008
Most of has seen the damaging effects that the global credit crunch has had on the housing and mortgage sectors, and over recent months things have become more and more difficult for both lenders and borrowers. Lenders have found it increasingly difficult to get the finance that they need to fund their mortgage lending operations, and this has resulted in far tighter credit conditions, higher mortgage borrowing costs, and a far smaller choice of mortgage products. Read more
Little choice for those wanting longer term fixed rate mortgages
April 14, 2008
Over recent months the Chancellor of the Exchequer, Alistair Darling, has been pushing for longer term fixed rate mortgages in the UK. Darling believes that longer term fixed rate deals for 20 or 25 years could help to bring stability to the housing and mortgage markets, as well as offering consumers peace of mind and security, as their mortgage repayments would remain the same throughout most or all of their mortgage terms, no matter what happened with interest rates. Read more
Bank of England under pressure to cut rates
April 12, 2008
The Bank of England has found itself facing pressure to cut interest rates again, following reports that house price growth had fallen to its lowest level in twelve years. According to officials from Nationwide house prices today are just 1.1% higher than they were at this time last year, and this reflected the smallest increase since 1996, when the Conservative Party was still in power. Read more
Drop in insolvency numbers
April 11, 2008
A recent report has shown that the number of people that are being declared insolvent in the UK has fallen across England and Wales. The third quarter of the year saw a drop of 3% on the previous quarter in terms of personal insolvencies. The third quarter of the year also saw a drop of 5% in the level of personal insolvencies compared to the third quarter of last year. Read more
Some borrowers can still enjoy good mortgage deals
April 11, 2008
Some officials have recently stated that there are still some competitive mortgage deals available for borrowers despite the gloomy predictions and outlook that has been seen in the mortgage sector of late. Officials from the online comparison site, mform, have stated that the outlook and panic relating to the mortgage market in the UK has been ‘overdone’ and there are still some competitive and affordable deals around for those that meet the lenders’ criteria. Read more
Mortgage lending restrictions put in place by smaller building societies
April 8, 2008
A recent report has shown that the global credit crunch is also taking its toll with smaller building societies as well as larger banks and lenders, with a number of smaller building societies reporting that they have had to restrict their lending because of lack of finance to fund their lending. Many consumers hoping to get their mortgage through a smaller building society may be affected, and may find it increasingly difficult to get a mortgage. Read more
Many say BoE should have reduced interest rates
April 3, 2008
In an announcement following the November Monetary Policy Committee meeting the Bank of England stated that interest rates would be kept on hold for a fourth month in a row, at 5,75%. They have been at this level since July of this year following a series of five 0.25% rises that took the base rate from 4.5% in August 2006 to 5.75% by July of 2007. Although the move had been widely expected by economists and analysts the Bank of England has been slated by many for not bringing down the interest rate following the meeting. Read more
Call to Bank of England to cut interest rates
April 1, 2008
A number of industry professionals and agencies have been calling upon the Bank of England to cut interest rates to benefit the economy, according to recent reports. Since August 2006 interest rates in the UK have gone up five times, each time by 0.25%. This has taken the base rate from 4.5% to 5.75% leaving many consumers struggling to keep up with mortgage repayments and debt repayments, and leaving many others to face crippling rises in repayments when their low rate fixed rate mortgages come to an end in the coming months. Read more