Repossession levels rising with interest rates
August 22, 2007
The series of interest rate rises in the UK over the past twelve months have taken their toll in many areas, and as predicted by many analysts and industry experts it appears that the five rate rises of 0.25% each over the past year are now taking their toll on homeowners who have been left to struggle with rising repayments on their mortgages. As a result of this, the level of repossessions in the UK has been rising, and has now reached an average of around 77 per day. Read more
Is Britain’s debt problem worse than we realize?
August 20, 2007
According to a recent report collective debt levels in Britain could actually be around £100 billion more than most people realize.
According to some industry professionals many consumers owe far more than they realize on credit cards, store cards, and other finance, and are simply trying to ignore the problem and failing to monitor how much they actually owe. Collectively, this could mean that Brits owe around £100 billion more than they think, with many owing twice was much as they think they do on finance such as credit cards.
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City Boom Brings Mortgage Misery
August 20, 2007
The UK’s financial market is booming and brings great opportunities for the country, but it can bring problems too. The good news is that increased activity in the City brings wealth, jobs and revenue from taxation.
The bad news is that it sends a lot more money to slosh around in the economy and that increases personal spending. This has shown itself in the London property market which has continued to boom. Some economists feel that this will mean another interest rate rise as the Bank of England’s Monetary Policy Committee continues to grapple with inflation. Read more
Rising number of consumers in serious debt
August 18, 2007
The level of consumer debt in the UK has been at the centre of concern for some years now, and according to recent reports the situation is getting worse, with the level of consumers in serious debt shooting up by around 30% in the last year alone.
Much of this sharp rise has been blamed on interest rate rises, which have shot up from 4.5% this time last year to 5.75% after a series of five interest rate rises in the space of a year, each for 0.25%, which has left many people struggling to manage their finances.
Great life insurance reduction for vegetarians
August 18, 2007
A new life insurance venture is offering vegetarians and fish eaters the chance to enjoy lower insurance premiums, as the insurance companies involved state that this group is a lower risk group when it comes to the possible development of serious, life threatening diseases.
The joint venture has been set up by Animal Friends Insurance and Liverpool Victoria, and offers special life insurance premium discounts for those that do not eat meat.
HIPs Are Here
August 17, 2007
They can be put off no longer. No more delays, no more beating the deadline. Home Information Packs are finally launched today – 1 August. Estate agents have been warned – encourage sellers to bend the rules, and you could be out of a job.
So, there it is: from today all properties with four bedrooms or more being put up for sale must have a Home Information Pack (HIP), which should contain evidence of ownership, local search information, planning or building consents, and the contentious energy efficiency certificate. Read more
Sub-Prime Mortgage Problems In The UK
August 17, 2007
Five brokers who sell sub-prime mortgages are in trouble with the FSA. A review has revealed that some lenders and brokers are offering loans to people who should not have them.
Sub-prime mortgages are for people who find it difficult to get a mortgage in normal circumstances – for instance, they may have bad credit history or have suffered a county court injunction. These people are considered to be at greater risk of defaulting. Read more
Check out your travel insurance before you leave home
August 15, 2007
Summer is the time when many people travel abroad on vacation and want to protect themselves by taking out travel insurance to protect themselves while they are away from home.
Experts stress that it is extremely important for such policyholders to inform the insurance company of any health-related issues in order to avoid any disputes with the insurance company or any problems that may arise if you do need to make a claim. Read more
Take care when dealing with sale and rent back companies
August 15, 2007
Campaign groups and authorities are advising customers to exercise care when dealing with sale and rent back companies. These companies offer buy property from customers and then rent it back to then.
There has been an increase in the number of such companies that have sprung up in recent years. According to the reports, such companies do not have a lot of cash at their disposable in spite of having large amounts of assets that are worth a substantial amount of money. Read more
New system needed for same day payments
August 13, 2007
The banking industry recently announced that it would be introducing a news system whereby payments that were made by telephone or Internet would go through on the same day or the next day rather than there being a delay of three or four days as is currently the case.
APACS, the payment and card clearing agency, had planned the launch of a faster system by the end of this year, where payments would go through far more quickly with phone and Internet transactions. Read more