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News Archive From August 2007
- UK Debt Exceeds GDP [28.08.07]
New research suggests that a record number of households in Britain are facing serious debt repayment problems. Indeed, Britons owe more money than the economy can generate in a year.
- Debt may rocket by end of year in UK [27.08.07]
According to a government report that was released earlier this month debt levels in the UK are set to soar by the end of this year, with current figures and debt levels reflecting the debt problems that continue to rise in the UK.
- US credit crunch starts to take effect on UK sub-prime market [27.08.07]
The recent credit crunch in the sub-prime mortgage market in the United States has dominated the financial news over the past week or two
- London House Prices Slip [24.08.07]
London house prices have shown signs of slipping for the first time this year. Asking prices in the capital are often seen as the engine of the property market across the country.
- Mortgage Exit Fees To Be Refunded [24.08.07]
It has emerged that homeowners could be entitled to refunds which might total £2bn for mortgage exit fees which have been unfairly charged by lenders.
- Unanimous vote to keep interest rates on hold [22.08.07]
According to the minutes recently released from the August Monetary Policy Committee meeting the decision to keep interest rates on hold earlier this month was a unanimous one.
- Banks could be sued by IVA companies [22.08.07]
According to a recent report a number of IVA companies are looking into suing UK banks for hindering the IVA process and therefore promoting an increase in the number of bankruptcies within the UK.
- Calls For Stamp Duty Reform [20.08.07]
New Chancellor Alistair Darling has been called upon by experts in the property industry to give stamp duty a complete overhaul after figures showed that 60% of first-time buyers are having to pay the tax.
- Sub-prime Crisis Affects Global Markets [20.08.07]
It seems that the problems in the US with sub-prime markets may be reverberating around the world. These days it is virtually to limit a large financial crisis to one country.
- Slow down in rise in personal insolvencies [18.07.08]
The rise in personal insolvencies in England and Wales has taken a dip in the second quarter of this year.
- Consolidate your way to financial freedom [18.08.07]
According to one financial adviser in the UK many consumers could find their way to financial freedom more easily by consolidating their existing debts.
- No Rise In Interest Rates - MPC [17.08.07]
In August the Bank of England’s Monetary Policy Committee (MPC) voted to hold UK interest rates at 5.75%, the level set the month before. The 5.75% rate was the highest since March 2001 and represented the fifth rise in twelve months, having taken the base rate from 4.5% last August.
- Homeowners adding value to their homes with loans [17.08.07]
Over recent years secured, homeowners loans have become increasingly popular in the UK, and one of the leading factors in this rise in popularity is the growth in property prices.
- Global Market Crisis [15.08.09]
It seems the US sub-prime crisis has finally spread around the world – with a vengeance. Global stock markets took a hammering last week as a knock-on effect from the problems that started in the United States.
- Number of people in serious debt rockets [13.08.07]
According to a recent report the number of people that are in serious debt has risen by around 30% in the last year alone. Debt levels in the UK have been at the centre of concern for some years, as the debt mountain continues to rise and bad debt levels smash through unprecedented barriers.
- Leading mortgage lender announces mortgage exit fees will be scrapped [13.08.07]
A number of major lenders in the UK have recently announced that they have scrapped mortgage exit fees, which are charged to borrowers when they repay a mortgage or when they close a mortgage account to switch to another lender.
- Halifax’s 25 Year Fixe Rate Mortgage Offering [09.08.07]
Halifax (HBOS) has joined those offering 25-year fixed rate mortgages with a rate of 6.39%. The deal has an arrangement fee of £599 and an early repayment charge of 3% over the first ten years.
- No change to interest rates this month [07.08.07]
The Bank of England has announced that there will be no rise in interest rates this month following the Monetary Policy Committee meeting. Interest rates have gone up five times in the past year by 0.25% each time taking the rate from 4.5% last August to 5.75% in July.
- HIPs: Doubts Still Remain [06.08.07]
Home Information Packs (HIPs) became law on 1 August, but concerns remain that house sales might be delayed because there is still a shortage of home inspectors in some areas. There are also niggling doubts about a number of loopholes that exist in the system that will allow some avoidance of the packs.
- Property Market Round-Up [02.08.07]
Property prices have had a good run for their money - they have been rising steadily since 1997 and have outstripped all other potential investments.
- Next three months to be turbulent for fixed rate customers [01.08.07]
The next three months are set to be very turbulent ones for hundreds of thousands of UK consumers that signed up to fixed rate deals on their mortgages two or three years ago. In the past year interest rates have rocketed from 4.5% to 5.75%, with five rate rises of 0.25% each.
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