Archive for the ‘Financial News’ Category

Fight Debt Pay With Cash

With the ongoing mortgage crisis still unfolding, a lot of homeowners have had to go to great lengths to keep on track with their mortgage – even using their credit cards to make mortgage payments!

While credit cards can be a great thing to have in case of emergencies, they have a lot of harmful side effects and it can be argued that they are bad for society as a whole. Once it was the norm to pay with cash. If you couldn’t afford something, you simply didn’t buy it. (more…)

Rent Hits All Time High

UK rents surpassed their pre-downturn peak in September to reach a record high,  according to the latest Buy-to-Let Index.

In September,  UK rents rose to £689,  exceeding those seen in August 2008,  the previous market high.  The average UK rent is now 3. 1% higher than at the same time last year,  following 8 consecutive months of rises. (more…)

New Fixed Rate Secured Loan

Link Loans, secured loan lenders, have launched a new secured loan product with a fixed rate for 3 years, This new loan is available to both employed and self-employed borrowers, with a maximum LTV(Loan To Value) of 75%. (more…)

Why Credit Card Statement Checking Is A Must

Credit Statement

The credit card statement may not be a welcome piece of mail in most homes, but if it is not checked correctly or thoroughly credit card holders could be incurring more costs than they realize.

At first glance the credit card statement can be confusing, but once you know what to look for you can save yourself money and even protect yourself against fraud.

First you’ll want to ensure that you look over the “purchases or new charges” section to review what you purchased over the previous period. Ideally you should keep your charge receipts for all purchases so that when you receive your statement you can check those charge slips against the charges listed on your statement. (more…)

Home Loan Approvals Are Up

Home Loans

Home loan approvals rose a little in March, after a slight drop in February, almost 20% up on the year. Mortgage lending has eased off as homeowners paid off debt.

Approved loans for house purchases rose to 34,905 in March from 33,360 in February and up from 29,212 in March 2009 according to The British Bankers’ Association.

The BBA said the figures indicated the effect of the reversal of a temporary increase in the property tax threshold at the start of the year. This had impacted the demand for home loans in February. (more…)

UK Inflation Up More Than Expected

UK Inflation

The Office for National Statistics have said that consumer inflation rose more than anticipated in March, led by a knock-on effect from gas bills that remained static last month after falling a year ago.

Consumer inflation rose to 3.4% in March from 3% in February, another contributing factor resulting in the increase was higher fuel and air fare prices. (more…)

Government Debt Advice Strategy Labelled Failure

Debt Help

A “complete failure” is what a committee of MP’s have labelled the management of the government’s strategy for helping people in debt.

51 different projects since 2004 have been uncoordinated with no-one in charge said the Public Accounts Committee.

The UK population’s total personal debt has almost reached £1.5 trillion. According to the committee’s report 11% of adults were struggling with debts. (more…)

UK Home Owners Inject £4 Billion Equity

Home Equity

UK home owners injected more than £4 billion of equity into their homes in the 4th quarter of 2009 as record low interest rates encouraged home owners to pay down their debt.

Figures release by the Bank of England on Tuesday show home owners added £4.038 billion of housing equity between October and December, the equivalent of 1.6% of post-tax income. (more…)

House Prices May Dip Again

House Prices May Dip

The housing market may take another dip as potential buyers struggle to get mortgages according to Bank of England policy maker Kate Barker.

The global credit crisis saw house prices in the UK drop by 20% at the lowest point as banks wary of risking new lending withdrew from the market and confidence was dented.

The market has however come back strongly since hitting bottom.

Barker, who has penned reviews of Britain’s housing supply and planning for the government and helps to set the interest rate said she had been surprised by the rebound.

“It seems more likely than not to me that mortgage finance is clearly not going to be available going forward on the terms it used to be,” Barker told MPs. (more…)

House Prices Up 6.1% In The UK

Rising House Prices

House prices in England and Wales are now 6.1% higher than they were a year ago, the largest monthly rise since April 2007 according to a survey by Right Move.

The average property price nationally in February was £229,398 a rise of 3.2% on January.

In London prices were up 5% on the month to a record £427,987, prices are now higher then at the peak of the property boom in 2007 after rising 10.3% over the last year. (more…)