EPC requirements postponed on new build properties
November 23, 2007
A recent report has revealed that the government has delayed requirements for Energy Performance Certificates (EPCs) on new build properties.
The EPC forms part of the Home Information Packs that are now required for properties of three bedrooms or more that are being marketed for sale. From 6th April the builder responsible for new builds will also be responsible for ensuring that there is an EPC available. This move was supposed to commence in January, but has been delayed by several months. Read more
Standard Life pensions customers at risk due to security breach
November 23, 2007
Thousands of pensions customers at Standard Life could be at risk after a serious breach of security involving the loss of a CD containing personal details on around fifteen thousand customers.
The CD was on its way to the Standard Life head office in Edinburgh from HM Revenue and Customers – sending such information on CD is a routine process. However, the CD went astray enroute when being taken from HMRC by courier service. Read more
Reducing the risk of getting rejected for loans and credit cards
November 23, 2007
Getting turned down for a loan or a credit card can result in a double whammy for consumers in the UK, as it not only results in disappointment at being unable to get the credit that you need, but each rejection also leaves a black mark on your credit file, which in turn can affect your credit rating and further reduce the chances of being able to get credit in the future.
This is why it is important to take the necessary steps to reduce your chances of rejection and minimize on the adverse effect on your credit rating. Read more
Bank Keeps Rates On Hold
November 21, 2007
Last week’s decision by the Bank of England to hold interest rates at 5.75% spared homeowners another bout of misery. It is the second month running that the Bank has decided to leave the rate unchanged from the level it was raised to in July.
However, the Monetary Policy Committee (MPC) took the very unusual move of issuing a statement with its decision. (This has only happened on two previous occasions since the Bank gained independent decision-making from the government and these were at times of global financial crises.) Read more
Shops may suffer due to decreased credit card spending this Christmas
November 20, 2007
Millions of credit card users may be looking to rein in on their Christmas credit card spending this year according to reports, and this could spell bad news for retailers, who stand to lose out on millions of pounds worth of transactions.
Recent reports indicate that as consumers try and curb their credit card spending retailers could experience a real slow down over the festive season. Around 25% of Brits are looking to cut back on their credit card spending this Christmas according to reports. Read more
No change for interest rates in UK
November 20, 2007
The Bank of England has announced this week that for the fourth month in a row interest rates in the UK are to remain on hold at 5.75%.
The Bank did not give its reasons behind the decision when it announced that interest rates were to remain on hold, but for many economists and analysts the news came as no great surprise. Many had predicted that interest rates could fall following the October MPC meeting, but many of these then changed their views over the course of the month. Read more
Most banks don’t offer best value mortgages
November 20, 2007
According to a recent report most banks in the UK fail to deliver on best buy mortgages, with building societies being identified as offer the majority of the best deals on home loans.
Research suggests that the vast majority of the best value mortgages on the market are available from building societies, and as a result of this consumers are being warned to think twice before approaching banks for a good value mortgage.
Some experts state that based on the research consumers have a better chance of getting an affordable mortgage from a building society rather than from one of the UK’s big banks. Read more
CAB accuses financial regulators of sleeping on job
November 19, 2007
Financial regulators in the UK have been accused of being ‘asleep on the job’ by an official from the Citizen’s Advice Bureau.
CAB officials are concerned that many lenders are pushing consumers into higher and higher levels of debt, and that the financial services industry is doing little to stop this irresponsible lending, thus fuelling rising levels of consumer debt that are already causing concern across the UK. Read more
Being a landlord means having to be wealthy
November 19, 2007
In a recent report the Royal Institute of Chartered Surveyors has claimed that in order to be a landlord in the UK these days you need to be well off, with buy to let becoming a facility that is only really available to those with money.
According to officials from the Royal Institute of Chartered Surveyors only those with money can afford to access buy to let mortgages in the current economic climate, with a rise in the level of despot required, which makes these mortgages inaccessible to the average consumer that may be interested in getting involved with buy to let. Read more
Spending won’t be affected by house price crash
November 18, 2007
There has been a great deal of speculation over recent weeks regarding a possible house price crash in the UK, and many analysts have stated that house prices will tumble in the coming months.
September saw house prices fall by 0.6% unexpectedly, and this has further fuelled speculation of a house price crash over the coming months. Many think that a house price crash could see a real slowdown in the economy in general, as consumers battle to control their spending and rein in on their finances. Read more