Reduce the cost of insurance cover for younger drivers
December 30, 2007
Over recent months the insurance industry has been fighting back against the illegal process of fronting. This is where a younger driver has his or her car insured under a parent’s name in order to keep the premiums down. However, this is not only illegal but also means that the driver is unable to build up any no claims in order to enjoy cost effective insurance in later years. One insurance company, however, has been highlighting ways in which younger drivers can enjoy lower premiums in their own name. Read more
Former fixed rate customers feeling financial pressure
December 30, 2007
According to information from the Bank of England over one fifth of consumers that have come off cheap fixed rate mortgage deals this year have struggled to keep up with repayments on their mortgage as a result of the interest rate altering. The results of a survey involving two thousand people showed that around 22% of those that had been on cheap fixed rate mortgages had struggled to meet their mortgage repayments after their fixed rate period came to an end. Read more
Banks start to cut savings account rates
December 30, 2007
Earlier this month the Bank of England cut the base rate by 0.25% from 5.75% to 5.5% in a move that was welcomed by many industry officials and borrowers. However, the news is not so good for savers, who are now being hit with interest rate cuts on their savings. According to a recent report a number of banks have already cut the interest rate on savings accounts, and in a double whammy some banks may cut interest rates on savings twice with savers being hit with a 0.5% cut in the space of one month. Read more
Beware the insurance policies with a sting in the tail
December 30, 2007
Life insurance is one of the most important and popular types of protective cover around, and many people think of this type of cover as particularly vital because it enables them to leave something behind for their loved ones when they are no longer there to provide for them financially.
Younger people can usually get life insurance at a reasonable price, with affordable monthly premiums. However, for the elderly finding low cost life insurance isn’t always easy. Read more
Keep your eye on what your lender does with interest rates
December 27, 2007
Earlier this week the Bank of England announced that interest rates were being cut for the first time in two years, with 0.25% being shaved off the base rate taking it from 5.75% - where it has been stuck since July 2007 – to 5.5%.
In response to this a number of major lenders immediately cut their standard variable rates in line with the Bank of England cut, with new borrowers benefiting right away, and in most cases existing borrowers benefiting from the rate cut from the beginning of January. Read more
Massive cash reward offered for return of HMRC lost discs
December 27, 2007
According to a recent report a massive £20,000 reward is now being offered for the safe return of the two discs that were recently lost by HM Revenue and Customs.
The discs were being sent to the National Audit Office, and contained the banking details of 25 million consumers. Although a massive operation to recover the discs was put into place there has been no sign of the lost data, and the search for the discs is now drawing to an end, prompting authorities to offer a rewards as a last resort in order to try and recover the sensitive data. Read more
UK base rate falls following MPC meeting
December 27, 2007
Following the Monetary Policy Committee meeting earlier this week the Bank of England has delivered some much needed good news to homeowners around the country.
Following a series of five interest rate rises since August 2006, and then several months of no movement at all on interest rates, homeowners have been struggling to keep up with repayments on variable rate mortgages, and this has been reflected by a sharp drop in consumer confidence levels, leaving the economy facing a real slowdown. Read more
New limits on ISAs for next year
December 27, 2007
It has been announced that as of April next year the limits on Individual Savings Accounts, known simply as ISAs, will be increased.
The cash and overall investment limits are to go up in 2008, but it could mean that the amount some people can invest in stocks and shares will go down. At present savers can invest up to £3000 each tax year in a mini cash ISA, up to £4000 per tax year in a mini stocks and shares ISA, or up to £7000 in a maxi ISA, £3000 of which can be in cash. Read more
Mortgage lenders to struggle in 2008
December 27, 2007
In a recent announce the UK’s financial regulator, the Financial Services Authority, has told top lenders to prepare themselves for a very tough year ahead.
FSA officials have warned that mortgage lenders are facing a very bleak year ahead, as a result of market conditions and the effects of the credit crunch that has swept across the country’s financial markets. The FSA states that in 2008 many people that come off cheap fixed rate mortgages will find it difficult if not impossible to get on to a more affordable deal. Read more
House prices fall for third consecutive month
December 27, 2007
According to recent figures released by the Halifax, house prices in the UK have taken a tumble for the third month in a row – the first time that this has happened since 1995 based on Halifax figures.
The latest fall is the largest since December 2006 according to Halifax officials, with November figures reflecting a 1.1% drop in property values in the UK. This has taken the annual rate of growth from 8.9% in October to 6.3% for November, with the average property value in the UK now standing at £194, 895. Read more