Shadow housing minister thinks HIPs are a waste of time
March 31, 2008
In a recent statement the shadow housing minister has stated that the controversial Home Information Packs, which were introduced and implemented over the course of last year, are a waste of time. This comment comes after a recent trial showed that HIPs were not proving as effective as officials had hoped, largely because only one in every six potential property purchasers were seeing the pack before making an offer on the property. Read more
Chancellor pressing for long term fixed rate mortgages to be made available
March 31, 2008
Since Alistair Darling took over as the Chancellor of the Exchequer last year one of the issues that he has been addressing on a regular basis is the housing and mortgage market, and how increased stability can be brought to these markets. The chancellor has been stating for some time that long term fixed rate mortgages are necessary in order to bring stability to the markets, and this is something that he has brought up recently in his first budget. Read more
Loans and mortgages still inaccessible due to credit crunch
March 29, 2008
Industry professionals have recently stated that consumers are continuing to find many loan and mortgage deals inaccessible in the UK due to the damaging effects of the credit crunch in the finance sector. The credit crunch has had a profound impact on the financial markets, and due to its effects many lenders have had to look at taking some loans and mortgage deals off the market, as well as raising rates on some finance deals, and even restricting lending by making lending criteria more stringent.
There are some groups that are likely to suffer far more than others as a result of this situation. Those with good credit, and those with a substantial amount of money to put down on a mortgage, are likely to find things easier than those with damaged credit and first time buyers with little or no savings to put down on a property. A number of lenders have taken some or all of their sub-prime deals off the market recently, and are minimising on risk by refusing to lend to higher risk customers. Read more
Energy suppliers need to act to help the more vulnerable
March 29, 2008
The UK’s major energy suppliers have been warned that they need to do more to help those on low incomes and the more vulnerable when it comes to energy price affordability. This is the warning that came from the Chancellor of the Exchequer, Alistair Darling, in his recent first budget. Darling has expressed concern over the affordability of energy prices for poorer and more vulnerable consumers, and has said that energy forms must do something to address this issue. Read more
Central bank governor and deputy governor did not agree on interest rates
March 29, 2008
Following the recent Monetary Policy Committee meeting earlier this month the Bank of England announced that it would be keeping interest rates on hold at 5.25%, stating that the risk of rising inflation had to be considered in addition to the slowing economy. Interest rates have already fallen twice since December, and industry experts predict that they will fall at least one more time before summer and then again in the latter half of the year. Read more
Credit crunch does not stop credit card addicts
March 27, 2008
According to a recent report over three millions Brits are juggling five or more credit cards, and although the credit crunch has hit hard over recent months many are continuing to spend, spend, spend on their cards, accruing high levels of debt and paying huge amounts in interest. Credit cards have been blamed for a large portion of the UK’s personal debt mountain, and the number of people with over five cards reflects how reliant many have become on plastic and credit. Read more
Decrease in capped balance transfer cards
March 26, 2008
Balance transfer cards have enjoyed enormous popularity over recent years, and this is because they enable consumers to save a fortune in interest by transferring their balances from high interest credit cards onto the balance transfer card, which offers a period of interest free or low interest credit on the transferred balance depending on which card you choose. With a 0% balance transfer card a fee is charged, and this transfer fee usually equates to 2-3% of the total amount being transferred. Read more
Cash injection for the banking industry
March 26, 2008
The Bank of England has announced that it will be providing a surprise cash injection to the banking industry in order to try and relieve the problems that the industry is experiencing when it comes to liquidity. Industry officials have been calling for more cash from the Bank of England for some time in order to try and increase liquidity, and the central bank has now released an additional £5 billion into the banking sector in addition to a further £6 billion that had already been pledged by the Bank of England. Read more
Many younger consumers too optimistic about financial future
March 25, 2008
A recent report claims that many younger consumers in the UK are too optimistic about their financial futures, fuelling speculation that many are not educated enough when it comes to financial matters. The report showed that many of the consumers interviewed – aged between 11 and 19 – had very high hopes when it came to their financial future, with many expecting to be in high paid jobs with a home, car, and no debt by the time they were in their mid twenties. Read more
Young, male professional in London at highest risk of identity theft
March 25, 2008
Over recent years an increasing number of people have become more and more concerned about identity theft and fraud, and this type of criminal activity has become rife – not helped by the level of data loss blunders that have been seen over the past year. However, according to a recent report those at highest risk of becoming victims of identity theft are young, male professionals living in the London area. Read more