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UK Loan News - 2005
Our archive section for 2005's loan news.
Welcome to our news archive for August 2005.
The trend for consumers to borrow smaller amounts to fund things like DIY projects or car purchases has been picked up on by the loan companies. This week has seen two loan companies, Abbey and Northern Rock, drop their rates to below 6% for unsecured personal loans over £5,000
There’s been a lot of news lately about the Consumer Credit Bill and improving loan rules to make them fairer to consumers. Well news in this week is that the rules are changing and contain many improvements which consumers and consumer groups should welcome.
While HSBC has revealed borrowing was up in March by 1.2% the figures are not as high as in 2004 and it would appear that while consumers are still keen to borrow money we are cautious about borrowing and what we spend the money on.
Those who are considering taking out a personal loan in the near future should take note of the findings of an investigation carried out in Suffolk.
According to new research, the financial services market will see online sales rise sharply in 2005. In particular credit card, insurance and personal loan companies are expected to experience a rise in sales.
High Street sales in April slumped by almost five per cent compared with the same period in 2004, the biggest fall in a decade. News on Friday confirmed that Britons owe a staggering £1 trillion in mortgage borrowing, credit cards, personal loans, bank overdrafts and forms of credit.
As many lenders rush to bring lower fixed-rate to the market, millions of homeowners look set to gain a reprieve from rising monthly mortgage repayments. This comes about, despite the Bank of England’s recent decision to hold the base rate, as lenders reduce mortgage levels in anticipation of future interest cuts.
Fist-time buyers in the housing market are not only in good position when it comes to negotiating the price for their first house, they are also in a strong bargaining position when shopping around for a mortgage due to the currently slow housing market.
If you are considering taking out a high loan-to-value mortgage, beware. Hidden amongst the small print may be a little something called a ‘higher lending charge’, which some lenders levy on high-risk loans.
As a large number of mortgage lenders have increased the cost of paying off mortgages, switching lenders has become even more expensive.
Student loans have recently came under the spot light, after a former student called Gina Turner, had the princely of £564 from her account for a loan that was paid off between four and five years ago
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