According to a recent report consumers in the UK have a very challenging twelve months ahead of them, and the nation has been warned to prepare itself for a drop in living standards over the coming twelve months. The warning comes from the new deputy governor of the Bank of England, Charlie Bean, who said that rising oil and fuel prices were adding to the strain that households were facing in terms of their finances. (more…)
At a time when the financial climate is already extremely difficult, and many consumers are struggling financially, lenders have hikes up the arrangement fees on their mortgage by an astonishing level in some cases, leaving those that are looking to take out a mortgage or remortgage really struggling to cope with affordability. Recent reports show that some borrowers could now be facing mortgage arrangement fees of thousands of pounds. (more…)
Tags: mortgages, arrangement feesThere are times when most of us need to take out some form of loan, whether it is a personal loan to make a major purchase, a consolidation loan to wrap up all of our existing debts, or even a mortgage loan to purchase a home. Finding the right loan has always been a time consuming and frustrating task, with so many lenders and different loans to choose from. However, since last summer the whole process has become even more difficult and this is because of extremely tight credit conditions and tighter eligibility criteria from lenders. (more…)
Tags: brokerOver recent months the number of property sales going through estate agents in the UK has plummeted, with estate agents reporting some of the lowest property sales figures in years. In fact, according to recent figures estate agents have only been averaging around five property sales per months each, which is the lowest in several decades. The government has been urged by industry officials to try and revive the housing market, but so far seems to have taken steps that have actually made the situation worse. (more…)
Tags: stamp dutyAccording to recent figures consumers in the UK are still paying a fortune to take out a mortgage, even though the swap rates, which are indicative of interest rates on mortgages, have come down slightly. A number of lenders have cut the interest rates on some of their mortgage products over the past couple of weeks, but officials have said that the cost of mortgages is still running high for consumers. (more…)
Tags: mortgagesSecured loans have become increasingly popular over the years, and with property prices in the UK having soared over the past decade many people have turned to secured loans for their finance needs, using the rising equity in their homes to give them increased financial leverage and the chance to obtain affordable finance. Whilst property prices have been falling over recent months industry officials are quick to point out that property prices are still way higher than they were two, three, and even five years ago, and this means that many homeowners may still have considerable equity levels in their homes, and so may find that a secured loan is their most suitable option. (more…)
Tags: secured loansUK banks have been warned by the Chancellor of the Exchequer, Alistair Darling, to stop ripping off consumers with regards to the arrangement fees on mortgage loans, after it was revealed that many lenders have hiked up the fees charges on mortgage loans, leaving many consumers to try and find thousands of pounds in order to be able to get a mortgage. The chancellor also said that the he will be discussing the issue of arrangement fees with the financial regulator, the Financial Services Authority, in order to try and work out what can be classed as a fair fee. (more…)
Tags: mortgages, arrangement feesOver recent months consumers and industry officials have seen the value of properties in the UK falling over recent months, and many reports from different agencies have shown the level of falls in house prices. More recently, a report has been released that predicts the house price slump in the UK could last around four years. Officials stated in the report that it could take around four years for property prices in the UK to exceed the peak that was seen in 2007. These predictions were made by the Society of Business Economics, and around two thirds of the 225 members of the society thought that a recovery in house prices could take four years. (more…)
Tags: house pricesWith the global credit crunch still in full force in the UK there is no doubt that many consumers are finding it increasingly difficult to get their hands on affordable finance, and in some cases any sort of finance at all. Lenders have really tightened up on their lending criteria, and the tighter credit conditions in place mean that many people, particularly those with low incomes or bad credit, could find it impossible to get finance from a mainstream lender. (more…)
If you are looking to take out a loan, whether secured or unsecured, it is important to do your homework and research the market thoroughly, particularly given the current financial climate, where the cost of borrowing has been rising despite the recent base rate cuts. The global credit crunch has made it all the more important for borrowers to make sure that they browse and compare different loans, as otherwise you could find yourself lumbered with a costly loan with high interest payments and unmanageable monthly repayments. (more…)
Tags: loansTrying to find a suitable and affordable mortgage can be very stressful at the best of times, but over recent months this issue has become increasingly difficult and time consuming as well as increasingly demanding. The global credit crunch that swept across the UK last summer has really taken its toll on the nation’s financial markets, and continues to do so. One of the hardest hit sectors has been the mortgage sector, and over recent months consumers have seen the number of mortgage products plummet, which means that there is very little choice for many consumers. (more…)
Many people have suffered financial difficulties in the past because of their poor credit rating. A poor credit rating is achieved when you make regular late repayments on bills and debts, or worse still miss repayments altogether thus defaulting on your financial obligations. Once you have a bad credit rating you will find it difficult to get any sort of affordable finance in the future, and this includes loans, credit cards, and even a mortgage. (more…)
Tags: loanDefaults of mortgage repayments have been rocketing over recent months, with many families facing severe financial hardship. With rising energy bills, soaring petrol prices, increased food prices, high borrowing costs, tighter credit conditions, and below inflation wage rises, many families cannot make ends meet each month, and for many this is resulting in missed mortgage repayments. Of course, this could eventually end in repossession, and many families have become desperate to find a way to keep the roof over their heads. (more…)
Tags: OFTConsumers across the UK are being urged to bear in mind that the cost of building work and home improvements has rocketed over the past couple of years, which means that those planning to carry out home improvements rather than move house in the current climate may find that the whole process if far more expensive than they originally thought. Many people may have decided to carry out home improvements rather than move given the fact that house prices are falling and properties sales have slumped. (more…)
Tags: home improvements