News Archive From November 2006

• Don’t Assume Supermarkets Offer Good Value On Loans [30.11.06]
  Over recent years, big name supermarkets in the UK have diversified enormously, and along with your tinned goods, bread, toiletries, and other shopping you can now pick up one of a range of financial products, from credit cards and insurance to loans.
• FSA To Investigate Sub-Prime Mortgage Brokers [29.11.06]
  The Financial Services Authority (FSA) has referred an additional four sub-prime mortgage brokers to the financial watchdog’s enforcement division on the basis of mis-selling its services and products resulting from misleading promotional materials they distribute to customers.
• Survey Shows Mortgage Repayment Rise By A Third In Three Years [28.11.06]
  A recent survey carried out into the cost of mortgage repayments has indicated that the annual average repayment on a UK mortgage has rocketed by a third in the past three years, with the average annual mortgage repayment rising from £4711 to £6284.
• Mortgage Payers Set To Pay Thousands More In Interest Payments [27.11.06]
  The Halifax has issued a recent warning to mortgage payers in the UK, claiming that many could be wasting as much as seven and half thousand pounds over the term of their mortgage simply because of the way the interest is calculated on their mortgage loan.
• Consumers want high interest lenders to be taxed more [26.11.06]
  A recent survey carried out by BDO Stoy Hayward has revealed that one of the top demands being made by consumers in preparation for Gordon Brown’s pre-budget report, due on 6 th December, is an increase in tax for lenders that make high interest loans to consumers.
• FSA Takes A Stand Over Hard Sell PPI Products [25.11.06]
  A huge number of consumers in the UK take out some form of loan or credit, and for many of these people protecting their repayments is of the utmost importance.
• Secured Loans Could Offer Those In Debt A Fresh Start [24.11.06]
  With unsecured consumer debt on the rise in the UK, with a large number of individuals and households trying to juggle a range of high interest debts, and paying out a fortune on their loans and borrowing each month, many now think that secured finance could be the ideal solution.
• Mortgage Costs Rise By A Third [23.11.06]
  According to a report published earlier this week by mform, a newly launched online mortgage company, the annual average cost of paying a UK mortgage has risen by a third in the past three years.
• Prepare yourself for post-Christmas spending [22.11.06]
  Christmas is usually a very expensive time of year for most people, and after spending money on gifts, clothes, outings, entertainment, and food for the big day, you could find yourself pretty strapped for cash once January comes around.
• Shop Around For Loan Insurance [21.11.06]
  When it comes to taking out finance such as loans and mortgages, most of us want to enjoy the peace of mind that comes with protecting our borrowing so that we are covered in the event that something unexpected happens, such as illness, redundancy, or even death.
• UK To Introduce New Debt Relief Orders For Small Time Debtors [20.11.06]
  Under the proposed Tribunal Courts and Enforcement Bill, a Debt Relief Order will be issued to those who have debts of £15,000 or less, with assets amounting to £300 or less and with surplus income of £50 per month or less.
• Remortgages Hit A Five Year Low [18.11.06]
  According to data released by the Council of Mortgage Lenders in the UK, the figure for remortgages has hit a five year low this year, with dramatic reductions in the number of people taking out this type of secured loan.
• Adverse Credit Mortgages Are Second Largest Specialist Group In 2005 [17.11.06]
  A recent report has been released showing that in 2005 adverse credit mortgages made up the second largest specialist lending group after buy to let mortgages.
• Property Prices Still On The Rise In The UK [16.11.06]
  In the light of the recent interest rate hike of 0.25% announced by the Bank of England, a study had shown that house prices in the UK are also on the rise, resulting in a double whammy for those trying to get on the property ladder.
• Britain’s Biggest Mortgage Lender Offers 125% Mortgages [15.11.06]
  Britain’s biggest mortgage lender, HBOS, has launched a new home mortgage loan package for recent graduates and young professionals which will allow them to borrow up to 125% of the value of their property.
• 300 Brits a Day Declaring Themselves Insolvent [14.11.06]
  With the Bank of England’s latest round of interest rate hikes less than a week old, a report recently published by the Department of Trade and Industry shows that 300 Brits a day are now finding it so hard to come up with the money they need to repay their debts they’re deciding to call it a day and declare themselves insolvent.
• 25% of UK Homeowners To Struggle With New Rate Rise [13.11.06]
  As widely expected, the Bank of England increased UK interest rates for the second time in three months from 4.75% to 5.0%. Having already faced a difficult financial year with increased utility and energy bills, approximately one in four UK homeowners now fears that they will have serious difficulties following the latest rise in interest rates.
• Brits Now Face A Life Time Of Mortgage Repayments [12.11.06]
  There was a time, not too long ago, when UK mortgage lenders placed a maximum repayment period of 25-years on mortgages. These days, according to new research published by Money Expert, UK homeowners can look forward to prospect of repaying their home mortgage loans for the best part of their adult working life.
• Bank of England Pushes Up Interest Rates [10.11.06]
  It was the move that many experts had been predicting for some time. Yesterday the Bank of England Monetary Policy Committee wrapped up its monthly meeting and revealed that the interest rates in the UK were to be pushed up from 4.75% to 5%, a rise of 0.25%.
• Divorcees Reliant On Loans To Make Ends Meet [10.11.06]
  Getting divorced can be a stressful enough situation, but the problems don’t end once the marriage does. For many divorcees this is just the start of many problems to come, in particular financial problems.
• Cash Back Loans Could Cost More [09.11.06]
  Nobody knows what the future holds, and this is why many consumers that take out loans want to ensure that they have payment protection, so that should anything untoward happen they or their loved ones and not lumbered with an unmanageable debt to repay.
• Rise In Interest Rates Set to Increase Pressure on Homeowners [06.11.06]
  Homeowners are likely to find their mortgage repayments rise as the Bank of England are widely expected to raise interest rates for second time in two years, after August’s hike in rates.
• ABCUL recommends personal loans over credit cards [03.11.06]
  The Association of British Credit Unions (ABCUL) has recommended that consumers worried about debt problems and issues could be far better off taking out a personal loan rather than a credit card if they are looking to raise finance.
• Is the time right to be re-mortgaging your UK home loan? [01.11.06]
  With Reuters predicting that there is an 80% chance that the Bank of England’s Monetary Policy Committee is going to increase UK base rate again in November, and with many industry experts predicting that UK base rate is likely to reach 5.25% by end of first quarter 2007, many UK homeowners with variable home mortgage loans are starting to question whether or not the time might be right to jump ship and settle on a fixed rate UK home mortgage.