Archive for the ‘Featured Articles’ Category
Wednesday, November 23rd, 2011
In a time of economic uncertainty, looking at our personal budgets, our monthly outgoings and where we can cut down our spending is a good habit to pick up. After shuffling around the credit card balances for a better rate, and looking at how much is spent on luxury items, insurances are among the first expenditure items to be cut back for the majority of households.
Which insurances are worth the monthly expenditure?
Throughout daily life, adults can pick up a portfolio of many different types of insurance. Often insurance is offered as an add on sale to gadgets and household items. In the excitement of purchasing a new gadget for the home, it’s easy to get swept up with the sales patter and see a need to sign up to monthly protection for your items.
The same is true when purchasing or upgrading a new mobile phone. Although the new smart phones are materially worth a lot of money, many of them are offered free on new contracts, yet we are still encouraged to insure our phones for monthly amounts that over the span of a year would add up to enough to purchase a new handset anyway. It’s insurances like these that it is easy to live without and to justify putting an end to the policy.
However, it pays not to be too frivolous with the cutbacks if we are consider monthly payments on policies such as mortgage life insurance.
Why is life insurance important?
When looking at the benefits of life insurance versus the cost, we should remember that paying out for life insurance is an unselfish act. The way that you personally would benefit from life insurance, or critical illness cover, would be to have peace of mind that should anything happen to you, your loved ones would be provided for in the first instance. It is of course your loved ones that would benefit from your life insurance long term.
Balancing the monthly cost of life insurance against the benefits.
The average life insurance quotes vary depending on the type and level of cover that you might require. If you are feeling that your life insurance costs are a little too much to justify in your monthly budget, before you decide to scrap this valuable cover, consider getting some new quotes. If your situation has changed medically, financially or family wise, you may find that you can decrease your current monthly payments with a new policy.
Life insurance looks out for your loved ones.
In summary, life insurance is worth it. Your loved ones will be grateful that you chose to make a small monthly sacrifice to protect them when you are gone.
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life,
term,
lot,
Life insurance looks,
average life insurance,
monthly amounts
Posted in Featured Articles, New Articles | No Comments »
Tuesday, May 3rd, 2011
There are many different types of debt solutions available these days for people that are struggling to keep up with their repayments on debts but do not want to bury their heads in the sand and pretend that there is not a problem. Some of the options that are available for those that have debts that they are struggling to repay include Individual Voluntary Arrangements and Debt Management Plans. Another, more recent, option that has become available is DROs or Debt Relief Orders.
Debt Relief Orders are a debt relief option for people that meet specific eligibility requirements and they come with both pros and cons. In order to be eligible for a Debt Relief Order you need to have debts of no more than £15,000, you must have no more than £50 disposable income after all bills and living costs have been paid out, you must own assets worth no more than £300, and your car must not be worth more than £1000.
With Debt Relief Orders the orders last for twelve months, during which time your creditors cannot chase or pursue the debt or take any action without court permission. You do not make any monthly payments over that twelve month period and once the period is over your debts are written off leaving you free to start afresh with your finances.
There are some pros and cons to consider when you are looking at Debt Relief Orders. Some of the pros include being able to have your debts discharged after twelve months, not having to make any payments for the twelve month DRO period, and being able to start afresh after the twelve month period. On the downside you cannot be a homeowner because it would be classed as an asset, you cannot have a pension pot because that would be seen as an asset, you have to meet the strict criteria, and you would sustain damage to your credit.
If you believe that a Debt Relief Order might be the right solution for your debt problems it is advisable to speak to a debt expert about it. You can contact a debt charity in order to learn more about DROs and find out whether you would be eligible. However, even if you are not eligible or suitable for a DRO there are other debt relief options that a qualified and experience debt advice officer can discuss with you.
Tags:
debt management,
GBP,
income,
afresh,
Pension,
court permission
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Saturday, April 23rd, 2011
For many people that have debts and money worries one way to try and reduce outgoings is to look for bargains in supermarkets when doing the shopping. Many supermarkets are riding out the stiff competition that they face from their rivals by offering a huge number of buy one get one free or even buy one get two free deals on their products.
However, whilst these deals may sound really great, and in some cases can benefit people such as when buying frozen produce and items with a long shelf life, there are also many people that fall for the offer and purchase something that they did not want and did not need simply because they realised it was on offer. Often these offers are on items with relatively short shelf lives, and the people that spend their money on them end up not only wasting money on items that they would ordinarily not have purchased but also end up creating a mountain of wasted food because they are unable to consume the free products within the time that they have before they go off.
A recent report has claimed that Brits are creating a mountain of wasted fresh produce that is worth £13.7 billion a year as a result of these promotions. The average household is said to be wasting around £520 a year by taking up these offers and then throwing away the produce because they do not get around to eating it.
The Local Government Association has released the figures and said that the problem is being fuelled by these special two for one or three for one deals that the supermarkets are always promoting. Officials now want supermarkets to look more carefully at the way in which they promote perishable products in order to help reduce the wasted food mountain.
One official said: ‘With more than five million tonnes of edible food thrown out each year, way too much food is being brought into homes in the first place. Retailers need to take a large slice of responsibility for that. Buy one, get one free deals which give consumers a few days to munch through 16 clementines are not about providing value for money. They are about transferring waste out of retail operations and into the family home. Retailers should scrap multi-buy deals which encourage people to take more than they need and replace them with discounts on individual products which will help reduce excess consumption and increase customer choice.’
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number,
fresh produce,
tonnes,
fall,
result,
bargains,
something
Posted in Debt News, Featured Articles | No Comments »
Wednesday, April 20th, 2011
A number of reports recently have suggested that there are many homeowners across the UK who are at risk of defaulting on their mortgage repayments. It is already difficult for many homeowners to keep on top of their mortgage repayments namely because of the soaring cost of living coupled with job losses and frozen pay. With the cost of everything from food and petrol to insurance and energy bills having rocketed many have found that they are struggling to keep up with other financial commitments.
There are fears that if the base interest rate increases those that are on the verge of struggling with their finances will be tipped over the financial edge, leaving them without any means to make payments on their mortgage and leading to possible repossession proceedings. Whilst interest rates are currently at an all time low of just 0.5 percent, where they have been for two years, there are concerns that the Monetary Policy Committee will have to increase the base rate soon in order to deal with soaring inflation.
With this in mind it is advisable for those that believe that they will struggle to get advice as soon as they can rather than waiting for something to happen that will tip them over the financial edge. It is always wise to be prepared in terms of finances, especially given that your house could be at risk if you fall behind on mortgage repayments. This means that households who believe that even if they are not struggling now they could be if the base rate increases should start looking at ways to improve their finances in advance.
There is advice available for those that are struggling with their finances or who believe that they could be struggling with the slightest change in payments such as mortgage, rent, bills, etc. Consumers are able to get free advice from debt charities about their finances and can get themselves prepared for any adverse changes to their financial circumstances by talking to an expert before the rates increase.
A spokesperson from the Consumer Credit Counselling Service stated: “So many households are just managing to make ends meet, that even a small increase in the cost of their mortgage may push them over the edge. As far as possible, families need to think how they could pay such increases and seek help at the earliest opportunity if they feel that they cannot cope.”
Tags:
homeowners,
expert,
UK,
Service,
Monetary Policy Committee,
mortgage,
Inflation
Posted in Featured Articles, Mortgage News | No Comments »
Saturday, April 2nd, 2011
There are many people out there that are wondering how they can make money on their heard earned savings given the fact that savings accounts are offering little to nothing by way of returns. Since the base interest rate fell to just 0.5 percent two years ago many homeowners have welcomed the lower repayments that have come from the base rate drop. However, the news for savers has not been so good, with interest rates on savings plummeting.
For those with life savings to invest there are a number of options available, and some officials believe that now could be a good time to invest money in property. There are a couple of reasons for this. At present property prices are more affordable than they have been over recent years. Whilst some sellers are putting properties up at higher prices they are failing to secure sales because many would be buyers cannot get mortgage finance. This makes it more likely that sellers will drop their price for those that are willing to buy and especially for cash buyers who are ready to make their move.
A second and very significant reason for investing in property is the sky high demand for rented property amongst those that are unable to get mortgage finance or do not wish to take on a mortgage at present. This means that those planning to invest in property and then rent it out could make a nice profit as many people are keen to rent a home privately, with some even placing sealed bids and gazumping one another in terms of how much they are willing to pay each month for the privilege of renting the property.
There are a number of things that you need to think about when choosing a property for investment. For example, it is important to have your property is an area where you will get a lot of interest from would be tenants and where there are essential facilities and amenities nearby depending on your target group. For example, if you want to rent to students make sure that the property is close to a university or college.
Another reason to consider the location is that house prices vary widely from one area to another, as has been shown in a number of recent reports. This will have a significant impact on your initial investment.
Tags:
news,
essential facilities,
present,
cannot,
time,
base interest rate,
finance
Posted in Featured Articles, Mortgage News | No Comments »
Monday, March 28th, 2011
For many people the strain of debt and financial problems has really taken its toll on their quality of life, and with soaring living costs, job losses, and frozen or reduced income the situation could get worse for many people. Finances have been overstretched in many households for some time and many industry experts believe that things could get worse for some households over the course of this year with the budget having delivered little by way of immediate good news for those that are struggling to keep their heads above water in terms of their finances.
However, there are ways in which consumers can help to ease the strain by taking control of their finances. There are a number of steps that you can take to try and reduce your monthly outgoings, which means that you will have more disposable income either to deal with living costs or to reduce your debt levels. Some of these measures are outlined below:
- Switch your services: there are many services that you can switch to try and make reductions in your monthly outgoings, and it is surprising how much you can save collectively simply by switching handful of services. This includes things such as your energy supplier, your broadband and television provider, your car insurance provider, and your home insurance provider. Whilst you might only save a fiver here and a fiver there it can all quickly add up to a fairly tidy sum over the course of the month.
- Consolidate your debt: You may find that it is cheaper and more convenient to consolidate your various debts into one with a low rate consolidation loan. You can wrap up debts such as your credit cards, your store cards, any catalogue balances, smaller unsecured loans, and overdrafts in a bid to try and reduce overall interest and cut monthly repayments. You will also benefit from having just one repayment each month by doing this rather than a number of different payments to make to a range of providers.
- Cut back on your luxuries: Despite the difficult financial climate many of us still have luxuries that we pay for each month. If things are getting really tight consider cutting out these luxuries even if only on a temporary basis. You can do things such as freeze your gym membership if you have the facility, cancel subscriptions, reduce your broadband and television service down to a minimum, and cut back on shopping.
Tags:
television provider,
home,
smaller unsecured loans,
handful,
financial problems
Posted in Debt News, Featured Articles | No Comments »
Tuesday, March 22nd, 2011
For many people it has been difficult over the past few years to decide whether to put any spare money into savings so that they have cash to emergencies or for luxuries and treats, or whether to use their spare money to pay down their mortgage and clear other debts. Of course, few of us have what can be described as ’spare’ money these days. However, for those of us that have variable rate mortgages the repayment amounts have been much lower over the past couple of years because of the rock bottom interest rates stemming from the all time low base rate of 0.5 percent.
Many homeowners with variable rate mortgage have been delighted that interest rates have remained low for the past two years. This has seen their monthly repayments plummet in some cases, leaving them with far more in the way of disposable income each month. However, there are been mixed reactions in terms of how this spare money has been used each month by those that have saved on their mortgage repayments.
Whilst it is important to have some money in savings in order to fund an emergency of in case of a job loss it is important not to focus solely on saving the money each month. Even though many believe that the interest rates could increase soon it is still worth spending however long is left in terms of lower repayments using the money to pay off some debt. Some people have used the spare cash to reduce the mortgage by overpaying on it. However, for those that have unsecured high interest debts such as credit cards and loans it may be an idea to spend as long as possible paying these off with that money.
The first thing to bear in mind is that if interest rates do rise, as is expected, then monthly repayments will also increase. For some people this could come as a financial shock, and if there are also unsecured debts to cope with this could make things very difficult. Paying off the unsecured debts means that if rates and repayments do increase the financial changes will be easier to cope with.
Also, bear in mind that the current returns on savings are very low, which means that you will save far more by paying off high interest debt than saving money in a low interest account.
Tags:
mixed reactions,
Credit card,
low,
unsecured debts,
shock,
time
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Thursday, March 3rd, 2011
In years gone by many people bought their first home when they were in their early twenties, and were able to choose from a range of mortgage options such as deposit free mortgages and even 125 percent mortgages to help them get their new home furnished and set up. However, these days things are very different, with the global financial crisis and recession having had a serious impact on the mortgage and financial markets.
For the last few years first time buyers have been facing increasing difficulties in getting onto the property ladder. Over the past decade many first time buyers have been locked out of the market because of the soaring value of property in the UK. House prices rocketed in the years leading up to 2007 leaving many would be buyers unable to afford to purchase a home. However, in 2007 the global financial crisis made its way to the UK and coupled with the recession saw the value of properties start to decrease.
Whilst this may have been seen as good news for potential first time buyers there was also another problem that came at the same time in the form or mortgage restrictions. Over the past few years lenders have got rid of their 100 percent and even their 95 percent mortgages and have been demanding high deposits of 20 percent or more. Being able tom secure an affordable mortgage has also become more difficult for first time buyers despite the fact that the base rate has stood at just 0.5 percent for the past twenty two months.
As a result of all this the average age of the first time has increased to around thirty one at present, which is way higher than it has been in previous years. Furthermore it is claimed that the age of the first time buyer could increase to as high as 44 years because of the difficulties that people are experiencing in raising a deposit. Officials believe that many younger people are finding it very difficult to save in the current climate, and if they wait until they are thirty to start saving it could take up to thirteen years to save just the deposit for a new home.
One official said: “It is unsurprising that the financial crisis has impacted upon people’s savings behaviours, but the concern is that this has created a generation of people who simply do not save and cannot get onto the property ladder. It is clear that people who want to get onto the property ladder are not making the commitment to saving at a young enough age. We know it is not practical for people today to put aside huge amounts of money, but even still it is critically important that saving does not become a lost art.”
Tags:
art,
global financial crisis,
business,
lenders,
value,
behaviours,
mortgage
Posted in Featured Articles, Mortgage News | No Comments »
Friday, February 18th, 2011
There have been some very gloomy predictions when it comes to personal debt levels and problems for 2011 recently. Many industry experts are predicting that the number of people becoming insolvent will increase sharply this year, with a number of factors being blamed for the ongoing financial issues that consumers and households are set to face.
With money already tight in many households consumers have had to cope with soaring living costs, and hike in VAT, which came into force at the start of this year, government cutbacks affecting benefits and other costs, and continued uncertainty about jobs. On top of all this many people are still struggling to cope with the debt that they accrued over the Christmas and New Year period, which has placed even greater strain on their finances.
With many people expected to be tipped over the financial edge this year consumers should take whatever action they can to avoid becoming a debt statistic in this challenging climate. Consumers who are struggling with debt are being advised to seek advice now, particularly given the fact that over the coming months interest rates may increased, resulting in many households having to cope with increased mortgage payments.
Several weeks ago there were dire concerns over whether enough debt advice resources would be available to consumers due to government cutbacks. However, the government has now found the money to fund these services for an additional year, buying consumers more time within which to try and sort out their debt problems and issues. Anyone that is experiencing problems, or is likely to do so in the near future, should take advantage of these services whilst they are available, as the ongoing cutbacks could mean that resources could be pulled at any time.
The CCCS recently announced that its online debt counselling tool was proving very popular, and that there had been a surge in use of this online resource since the start of this year. Consumers have a number of ways in which they can get the help that they need in terms of debt advice, but they should take action as soon as possible in order to avoid spiralling debt problems that quickly go out of control.
The Citizen’s Advice Bureau and various debt charities can help to point those with debt issues in the right direction, and can look at a number of different options to address the issue as quickly as possible.
Tags:
debt counselling,
issue,
number,
debt levels,
control
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Wednesday, February 16th, 2011
In the past having high levels of debt is something that has commonly been associated with younger people. However, it has emerged that more and more older people are now struggling with personal debt levels, making it difficult for many to be able to enjoy their retirement. For those that still have a fair amount of debt when retirement comes around there is no other option other than to continue working, as otherwise they will find it impossible to make repayments on their debts.
However, those with a decent pension pot may find that they can still afford to retire and can use part of their pension money to repay any debt that they have outstanding at the time that they retire. In order to do this, however, consumers need to ensure that they have an adequate pension that will allow them to make these debt repayments and leave them enough to enjoy a pleasant and comfortable retirements rather than leaving them struggling to make ends meet.
A huge number of people in their 30s and 40s have little or nothing by way of a pension pot, and whilst retirement may seem like it is still a very long way off it can come around far more quickly than many expect. This leaves many people in the difficult situation of having to determine whether or not they can actually afford to retire on the pension that they will receive, which is particularly hard if you still have outstanding debt. For many the only option is to continue working in order to be able to afford living costs.
A survey was recently carried out by the Prudential showing that more and more people that were coming up to retirement age were considering staying on at work for up to ten years in order to earn more money and increase their pension pot. However, some forward planning means that future generations that are coming up to retirement in years to come may not have to face this difficult decision. Prudential officials have said that consumers should start planning their pension early and should seek financial advice from experts to ensure that they get the right pension for their needs.
An official from Prudential said: “This year will see the phasing out of the default retirement age, making it easier for those wishing to stay on at work. Additional retirement income is also becoming more important as the security of a defined benefit pension scheme disappears for many people.” He added: “Seeking advice from a financial adviser should be a prerequisite to ensuring you achieve the level of pension income you want and need.”
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pensions,
time,
decent pension,
official,
age,
difficult situation,
default
Posted in Debt News, Featured Articles | No Comments »
Tuesday, January 25th, 2011
High personal debt levels have been a worry in the UK for many years, but over the past couple of years this is a problem that has increased. The global financial crisis and the recession have left many people in a very difficult position in terms of their finances, with many struggling to make ends meet after going through a few very challenging years.
A recent report from the Bank of England has warned that many people will face yet another year of financial difficulties and debt problems this year, and this is due to a number of factors. Many people are still paying off debt from Christmas, and many are still paying debt that has been accrued over a number of years. On top of this there is the VAT increase that consumers have to deal with, which has resulted in the cost of many items rising.
Sky high petrol prices are adding to the financial misery that many people are facing, as is the soaring cost of living in terms of food and energy prices. A final nail in the coffin is rising unemployment, with public spending cuts and other factors likely to send unemployment levels soaring. All of this will put a huge strain on finances for many people, leaving many on the financial edge.
It is little wonder that so many people are getting more and more worried about their finances, and those in debt will be particularly concerned because of the difficulties that they face when it comes to repayment. If you are one of the people who has been severely affected in terms of their finances by situations that are out of your control then you should look at seeking advice and assistance as early as possible so that you are able to address the issue before it spirals out of control.
There are many debt advice charities and agencies that will be happy to provide you with valuable advice and assistance with regards to your finances. It is always worth talking to one of these agencies if you are concerned about your debt levels, as they could provide you with help that could make a big difference. They can also help you to get a better grasp of managing your finances, so that you are in a position to handle the forthcoming problems such as soaring prices on goods and services.
Tags:
public spending,
year,
European Union,
VAT,
High personal debt,
coffin,
nail in the coffin
Posted in Debt News, Featured Articles | No Comments »
Monday, January 17th, 2011
For nearly two years many homeowners on variable rate mortgages have revelled in the fact that the base interest rate has fallen to an all time low, having dropped to just 0.5 percent in the first quarter of 2008. The drop in the base rate meant that many people saw their monthly repayments plunge, leaving them with more disposable income and enabling them to dodge the risk of losing their property through being unable to meet their repayments.
Over the past couple of years people have used the extra money that they have saved on their repayments for a variety of things, from bumping up their savings or paying off debts and mortgage balances to treating themselves to some luxuries. However, nobody knows how long this low rate of interest will last, and some are speculating that it could come to an end in the near future, with many predicting that interest rates will increase this year.
This leaves consumers in a difficult position. On one hand they the interest rate could stay at this record low for some time to come, enabling the average homeowners to enjoy having more money and make plans for using the money to maximum effect. On the other hand the fact that interest rates could suddenly increase means that consumers have to be prepared and need to ensure that they will be able to afford the repayments.
The problem comes for those with fairly hefty mortgages, as even a relatively small increase in interest rates could make a difference of hundreds of pounds a month, which many may find difficult to get their hands on. This could quickly lead to missed repayments, and ultimately to repossession.
One solution for homeowners who do not feel that they would be able to cope with an interest rate increase would be do look at switching to a fixed rate mortgages, where the interest rate and repayments would remain fixed for a specified period of time, enabling homeowners to enjoy increased peace of mind and stability with their finances. However, this does mean that as long as the base rate stays at this low you will usually be paying more than those on variable rate mortgages.
With an interest rate increase likely over the coming months, based on predictions from industry experts, it is well worth thinking about whether you could cope with a rate rise should it take place, and if not look at the various options open to you.
Tags:
hefty mortgages,
maximum,
increase,
peace,
Picture Ratings,
fact,
interest rates
Posted in Featured Articles, Mortgage News | No Comments »
Wednesday, January 12th, 2011
Over the past year or two many people have fallen into debt, with many accruing higher debt levels through no real fault of their own. In the past we used to borrow on loans and credit cards to pay for luxuries such as new cars and holidays. However, over the past couple of years this has changed, and people have started to take out loans and use credit cards to pay for every day purchases and essentials rather than just for luxuries and one off purchases.
The higher cost of living compared with the lack of increase in salaries means that people are now finding it more and more difficult to cope financially and make ends meet. Petrol and food prices have soared, the cost of vehicle insurance has rocketed, and many other basic living costs have risen, but wages have only increased slightly, been frozen, and for some people have even fallen.
The temptation to start relying on loans, credit cards, and other form of unsecured credit has increased amongst those that are struggling to afford the things that they used to be able to afford. This has led to more and more people turning to finance and credit for things that they normally wouldn’t have put on credit, and is of course contributing to an increased level of debts amongst households.
In fact, a recent survey was carried out by Scottish Provident showing that these days Brits have to be over £15,000 in debt in order to start worrying about their debt levels. Furthermore the survey showed that around 11 percent of people that were in debt and were struggling to pay bills and keep up with financial commitments would still be prepared to turn to finance and take out another loan.
With the new year only just starting now is a good time for those with debt to try and avoid getting into any more debt, and instead look at ways of addressing the situation so that they are not paying out more than they can afford each month, and can pay for essentials without having to turn to additional credit. This could means going to a debt advice expert or charity for help in budgeting more effectively, or could mean consolidating existing debt with a cheaper, lower rate consolidation loan, so that you do not owe any more money than you already do but can reduce the amount that you are paying out each month through lower rates and longer repayment periods.
Tags:
loans,
new cars,
unsecured credit,
form,
budgeting
Posted in Debt News, Featured Articles | No Comments »
Monday, January 10th, 2011
Before getting a personal loan there are some steps that will help the process go smooth and easy if the borrower is prepared. It is possible even with less than perfect credit to secure a loan for education, a wedding, holiday plans or to consolidate debts.
The steps that will prepare you to shop for a loan and be approved are:
• Check your credit score, this way you know what type of personal loan to look for and you also will not be uninformed when the lender checks your credit score. This is important, because a credit score will determine what interest rate lenders will attach to the loan. The better the credit score, the lower the amount of interest that will be charged to the loan.
• It is important to know about any extra charges and fees; these can add an additional cost over top of the monthly payment that interest has already been added too.
• The borrower will need to determine what their capacity is for repayment; prior to taking a loan and also to determine what length of time it will take to comfortably repay the monthly notes.
• Consider using payment protection insurance, this can help to cover the loan payments if health or other issues prevent you from paying the amount. This is a safety precaution that for the unsecured personal loan will avoid bad credit and legal issues. For the secured loan the lender can repossess the property used to secure the loan, cause bad credit and other legal issues.
These are simple steps that help the borrower be more prepared when taking a loan and can keep people from making snap decisions about taking a loan they are not prepared for and could ruin their credit. Taking a personal loan is usually in a smaller amount, rather than to purchase a home, which means in some cases if you are not prepared financially to pay it back and it is for a holiday it might not be a good idea. If you have secure employment, a good credit score and have the need to take a loan, after finding the right lender there is no reason not to obtain a loan.
There are some other important facts about taking a personal loan:
• Do not jump at the first lender, check all the lenders out, with the Internet this can be done easily to see what their rates of interest are, what their repayment options are and what their extra costs and fees are.
• Determine if it makes better sense to attempt to obtain a loan that is unsecured or one that is secured. This decision should not be taken lightly and can also depend on the borrower’s credit score. Having a poor credit score and using property to secure the loan amount will help to get the loan approved. The one caution that will need to be taken is to make sure you are able to repay the loan and not loose the property that was used to secure the loan amount.
Tags:
secured loan,
extra charges,
borrower,
Determine,
repayment,
rate lenders
Posted in Featured Articles, New Articles | No Comments »
Tuesday, December 28th, 2010
With the post-Christmas sales now in full swing many people have rushed out with their credit cards to buy all sorts of things that they don’t want and don’t need simply because the price is lowered at this time of year. This has fuelled concern amongst industry officials with regards to how much debt many people will end up in, having already spent a fortune on Christmas and now giving their credit cards a good bashing at the sales.
So, should you give in to the temptation of the sales or should you simply reflect upon the amount that you have spent over Christmas and try and tone down the purchases for a while? Well, the concern seems to be over people that are rushing to the sales to buy things that they do not actually need simply because the price is right, which in effect makes the purchase a waste of money, albeit a cheaper waste of money than it would have been if not in the sales.
The sales are great for people that are looking to make a purchase and can save some money on the cost as a result of the slashed prices that shops try and entice consumer with. So, for instance if you were planning to buy a new fridge freezer in the coming months buying in the sales could be ideal, as it will save you the additional VAT that will come into force at the start of January and will enable you to enjoy cut prices.
If on the other hand you have a perfectly good fridge freezer but you buy one simply because it is cheaper than it was before the sale then you may effectively be wasting money that you cannot really afford. It is important to think about the purchases that you make in the sales rather than snapping up anything with a reduced sticker on it, as this way you will be saving money on the things you need rather than wasting money on the things that you don’t.
If, for instance, you are going to a wedding in 2011 and you know you will need to get a new outfit, now could be the ideal time to get it so that you can get it at cut price. Another good idea, if you have the available funds, is to start thinking about birthdays and Christmas for 2011. The cost of many gifts is slashed right after Christmas as shops try and get rid of excess stock, so you could save money on everything from gift sets and jewellery to fragrances and more.
Tags:
Value added tax,
post-Christmas sales,
sticker,
price,
rushing,
prices,
right
Posted in Debt News, Featured Articles | No Comments »
Monday, December 20th, 2010
The mortgage market in the UK has been very competitive for a number of years, with a range of lenders vying for the business of consumers when it came to doling out mortgage loans. However, things changed radically several years ago, when the global financial crisis swept across the UK and took its toll on the financial and property markets as well as on household finances.
Suddenly, the many lenders that had been desperate to hand out money without so much as a second glance were shying away from even considering people for mortgage loans. The competition in the mortgage sector throughout the UK plummeted as a result of so many lenders severely restricting their lending levels, and suddenly many of those that would have easily been able to get a mortgage in the past found themselves being turned away from one bank after another.
Whilst things are now said to be easing up a little more following the end of the recession, things are still tight when it comes to mortgage lending and many first time buyers and other potential buyers are still struggling to get the finance that they need to purchase property. First time buyers face a double whammy, as not only are they at the receiving end of banks’ caution to hand out mortgage loans but they have also found themselves unable to get a loan because of the high level of deposit being demanded by lenders.
However, according to recent reports the competition in the mortgage market could be improved in the UK next year, as newcomers to the market make it more likely that consumers will be able to get better deals. One of the big names that is looking to enter the mortgage market next year is the supermarket giant Tesco, which is already in the throes of developing a full service bank and believes that its entry into the mortgage market could prove beneficial for consumers.
It has now been revealed that the UK arm of the State Bank of India will be launching what it describes as ‘competitively priced mortgages’ from next year, and this will be the first Indian bank to make its entry to the UK mortgage market at a time when the nation is desperate for increased competition. The bank has confirmed that it will launch its mortgage range within the next six months, which could make it easier for consumers – including first time buyers – to get the mortgage finance that they need.
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Business Finance,
second glance,
caution,
property markets,
UK mortgage market,
market
Posted in Featured Articles, Mortgage News | No Comments »
Tuesday, November 30th, 2010
It is not unusual these days for people to be in high levels of debt where they are struggling to meet repayments and they cannot make ends meet financially. There used to be a huge stigma attached to being in high levels of debt, but this is now such a common situation that people are now talking about their debts openly.
The number of possible solutions to help those that are experiencing difficulties in repaying their high levels of debt has also increased, and these days there are a number of options available to those that need help, advice, and assistance in order to get their finances on track and make their debts more manageable.
Debt management plans are one such solution and these plans could prove really helpful for those that have a range of unsecured debts that they are struggling to repay with a number of different creditors. There are a number of debt management companies in operation but you need to make sure that you do not go through a company that charges you for advice and to operate your plan, as otherwise you will end up even worse off financially in the long run.
You will find a number of charities and companies that do not charge a fee for debt management advice and assistance, such as Payplan, and these are the companies that you should go through if you are considering a debt management plan. These companies will go through your income and expenditure and will let you know whether you qualify for a debt management plan and how they can help you.
With a debt management plan your debt management company will work out how much you can afford to pay towards your debts each month, and you will then make this one single payment tom your debt management company each month. The debt management company then distributes the money amongst your creditors, paying them on a pro rata basis depending on the balance of your debt.
A debt management plan has its pros and cons. Obviously the main benefit is that you can cut your repayments dramatically each month, which will enable you to make your finances stretch further and pay your living costs, rent, or mortgage more easily. On the other hand you will be paying your debts for a lot longer than you normally would, so you will not be free of debt for a long period of time.
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debt consolidation,
credit,
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different creditors,
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Stigma
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Monday, November 29th, 2010
Every year many of us have every intention of saving money to pay for Christmas gifts so that we don’t have to use credit cards, take out loans, or rely on overdrafts to make our purchases for the festive season. However, for one reason or another we end up failing miserably to save the money that we need, and before we know it we have run up a huge bill on our credit card or taken out a loan that we cannot afford, leaving us paying off the debt for the rest of the year.
One of the reasons many of us end up in this situation is because we do not prepare ourselves for the festive season even though we know that it is going to end up costing us lots of money. There are a number of ways in which you can eliminate the problem of Christmas suddenly coming around and finding that you cannot afford gifts without getting into huge amounts of debt.
One way in which you can do this is simply by being sensible with your finances for the rest of the year. You know that Christmas is going to be coming around at the end of the year, so look at your budget and see how much you can afford to put side in a separate account each month towards the cost of the coming Christmas. If you start in January and put aside just £50 a month you will have £600 by December, which will pay a very good portion if not all of your Christmas present bill.
You can also look at the various Christmas clubs that are around, into which you can pay money each month, and when Christmas comes around you can choose from a wide range of gifts and vouchers to give as gifts. Again, this can take the hassle out of worrying about where the money is going to come from for Christmas presents when the festive season comes around.
Another way in which you can save money on the cost of Christmas is to buy your presents in January ready for the coming December. After Christmas the cost of some fabulous gifts sets and ideal presents is slashed by 50 percent or even 75 percent, which means that you can buy all your gifts for the following year for a fraction of the retail price, and you can be prepared and paid up for Christmas well in advance.
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month,
Another way,
loans,
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credit cards
Posted in Debt News, Featured Articles | No Comments »
Saturday, November 6th, 2010
Most people hate the uncertainty that they feel about their futures, and there are many things that we simply cannot take for granted, such as our health, our relationships, and our jobs. Uncertainty about the latter has been particularly affected in the last few years due to the financial climate, and many people would seriously struggle if they were unable to work due to sickness, injury, or redundancy.
When you think about how much you rely on your income to pay bills, settle debts, put food on the table, and put a roof over your head, you realise just how difficult things would be if you suddenly lost that income. Every year many people find themselves suddenly unable to work due to sickness, injury, or redundancy, and the loss of that income can cause serious problems.
In today’s climate in particular losing an income can be very difficult because not only do people have bills and mortgage or rent to deal with but also debts that they might have accrued over recent years. This would put those losing their income in a particularly difficult position, as it means that they would not be able to deal with their debts as well as not being able to deal with their living costs.
One thing that workers can do protect themselves and ensure that they can continue to meet their financial commitments and pay their living costs is to take out income protection insurance, and this is available from a number of providers. With income protection cover you can protect yourself against losing your income through sickness, injury, or redundancy, and for a specified period you will continue to receive the sum of money that you have covered yourself for if you lose your job or you are unable to work.
You will generally find that with income protection cover you can cover up to 75 percent of your monthly income, although this does vary from one provider to another. The time over which you can receive benefits will also vary, and choices often include six months, a year, two years, and five years. Again, the choices will vary based on the provider.
The cost of cover will vary based on the provider you go through, the level of cover that you choose, and the period over which you want to receive the benefit if you have to make a claim.
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roof,
income protection cover,
relationships,
level,
insurance,
debt,
cost
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Monday, November 1st, 2010
When it comes to getting a mortgage it is important for homeowners to decide which is the best choice for them based on their finances and their financial security. A fixed rate mortgage is a popular choice amongst many people, and one of the main reasons why people choose these mortgages is because of the increased financial stability that they offer.
With a fixed rate mortgage borrowers are able to fix their rate for a specified period of time such as two, three, or five years. For the duration of that time the interest rate on the loan remains static no matter what happens with the base interest rate set by the Bank of England. Whilst this is not so good if the base rate is falling, because those with fixed rate could end up paying more than those on variable rates, it can be very reassuring when the base rate is on the rise, as it enables the homeowner to avoid spiralling mortgage repayments.
A fixed rate mortgage is ideal for those that want financial stability in their lives, which is something that it particularly important these days in the current financial climate. With fixed rate mortgages the repayments on the mortgage will not change for the period over which the rate is fixed, so households can budget far more effectively without the worry of changes and fluctuation.
The current base interest rate is now at its lowest in the history of the Bank of England, standing at just 0.5 percent, which is where it has been for well over a year and a half. As a result of this many people that have taken out mortgages have opted for variable rates because of the low rate deals available. However, there is now speculation that the base rate will have to increase soon in order to keep a lid on inflation, and this means that those on variable rate mortgages will see their repayments increase.
With this in mind anyone that is looking to take a mortgage out now may benefit from opting for a fixed rate mortgage, as this will offer protection against sudden repayment increases that could stem from the base rate rising. Some of the banks are currently offering some great deals on fixed rate mortgages, making them seem even more appealing for those that want to have the financial stability of static repayments.
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getting a mortgage,
stability,
Bank,
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Tuesday, October 19th, 2010
Every year many people overindulge when it comes to Christmas spending, and many spend a huge amount of money on things such as gifts, which leaves them facing huge debts once Christmas is over if they have used credit to buy their presents.
The cost of gifts for Christmas can really add up, and these days most people can ill afford the debt that they already have never mind adding to it by buying more costly gifts for friends and relations. It is therefore worth thinking about how you can cut back on gifts and reduce the amount that you spend on them to avoid getting into too much debt after the Christmas period is over.
Whether you are paying for Christmas on credit or whether you are using your own money or savings you can really benefit from cutting back on the cost of gifts. In fact, you may find that you don’t have to buy new gifts for everyone, because you may have gifts that people have given you in the past that you can re-gift. In the current climate more and more people are re-gifting, using gifts previously given to them to give to others, and this is fine as long as you don’t end up giving the gift back to the person that gave it to you in the first place!
For those that do have to buy gifts from scratch there are a number of options that could save you money on the cost of presents. One idea is to go on auction sites to get your gifts, with places such as eBay offering a huge selection of items often at really cheap prices. You can get items that are nearly or brand new, and by bidding or finding the right ‘buy now’ deal you could save a fortune on the cost.
The internet also offers access to a vast range of goods and products often at knock down prices, and this can help you to save a fortune on the cost of your presents, especially if you are buying for a large number of people. You can compare prices from a range of retailers not only within the UK but also from other destinations around the world. This vast choice means that you can find something that is perfectly suited to your loved ones and you can get it at a knock down price, get it delivered to your door, save money, and avoid the hassle of queues.
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Christmas,
Gift
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Tuesday, October 19th, 2010
For many people these days getting a loan has become increasingly difficult, and this is partly due to the fact that lenders are being so stringent when it comes to lending criteria. With many people desperate to get finance it has become increasingly important for those looking for a loan to do all that they can to boost their chances of success.
There may be many people that are looking for a loan in the run up to Christmas, and with so many people worried about their finances for Christmas many may be relying on getting a loan in order to fund their Christmas spending and purchases.
It is important that you do not apply for a loan if you do not stand much of a chance of getting it, as this could adversely affect your credit, making it increasingly difficult to get finance in the future. It’s a good idea to take the time to order and look through your credit report before you apply, as you can then see whether you are likely to be seen as creditworthy by lenders.
It is also important to ensure that any loans that you do apply for are going to be suited to your needs. You should check the eligibility requirements on any loans you are considering carefully to ensure that you fir the criteria in terms of minimum income, age, credit status, and other criteria that may be in place.
It is also important to ensure that you compare a range of different loans in order to boost your chances of success, and this is something that you can do with speed and ease online. By comparing different loans and lenders you will be able to see which ones offer loans that are suited to your needs and which can offer the best value for money on borrowing.
Also, before you start applying for a loan work out what you want from your loan in terms of whether you want a secured or unsecured loan depending on whether you are a homeowner, how much you need to borrowing, what sort of repayment term you are looking for, and what to sort of repayments you can afford on a monthly basis. You can then focus on lenders and loans that are going to be suited to your needs rather than making random applications for loans that may not be suited to you.
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Unsecured loan,
Personal finance,
finance,
credit history,
Christmas
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Thursday, October 7th, 2010
At the start of every year many people are hit with the sudden realisation that they have accrued a huge amount of debt over the festive season, and many go into panic mode because they have no idea how they are going to repay the money. Some even end up spending the rest of the year paying it off, or even add to the debt the following year because they still haven’t cleared what they accrued from the previous Christmas.
Whilst Christmas is still several months away it is important for those that want to avoid huge amounts of debt once the festive season is over to do some forward thinking about the amount that they are going to spend and how they are going to fund their purchases.
It is vital to ensure that you set a realistic budget for Christmas in the same way as you might if you were going on holiday. Making a list of all of the gifts you need to buy and making a note of the maximum amount you can afford to spend on each person is an effective way to stay within budget as long as you stick to this. It is also advisable to set a budget with regards to how much you can afford to spend on going out and entertainment, and ensure that you stick to this.
Another useful way to cut the cost of Christmas is to think about gifts that you may have received over the course of the year or last year from others, which may be lying around the house gathering dust. If they are still in their packaging and look like new then there is no reason why you shouldn’t re-gift them to others this Christmas. That way you get to de-clutter the house, you save the money of buying a gift for that person, but the person still gets a gift.
Many retailers start selling Christmas gifts and products around this time, and in order to generate interest often sell them at half price or less to start with. This is a good time to start buying your gifts, and try and buy one or two a week or a month until Christmas. This will help you to save money and will ensure that you are not caught up in the last minute rush, which is when things are also often at their most expensive.
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debt,
spending,
gifts,
Christmas
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Wednesday, September 22nd, 2010
These days there are many people in the UK who are renting a home rather than deciding to buy their own property, and whilst this is damaging for the property market in the UK there are a number of reasons why many non-homeowners are continuing to rent and are not getting onto the property ladder.
The fact that so many people are now deciding to rent has pushed up the average rent in the UK over recent months, and this has been coupled with the fact that a rising number of landlords have been selling up, resulting in lower supply of rental properties and higher demand.
The mortgage market has been difficult for some time, with many people unable to access affordable mortgages, and this is particularly true for first time buyers who may have wanted to get onto the property ladder but have been unable to get the necessary finance from lenders.
Another of the reasons that many people are not buying property at the moment is because they cannot afford the deposit that is needed to get a mortgage from most lenders, as this has soared over the past couple of years with many demanding a minimum deposit of at least 15 to 20 percent of the property value in order to offer a mortgage.
For many the financial climate and economic fragility simply isn’t stable enough for them to make such a huge commitment as purchasing a property, and this is yet another reason behind the rising number of non-homeowners that are deciding to rent rather than try and get onto the property ladder. Whilst the recession may be officially over many are still in fear of losing hours at work or even losing their jobs, with the coalition government’s cutbacks in the public sector likely to produce job losses both in the public and private sectors, and this has made many too wary of committing to something as huge as a mortgage loan.
The good news is that whilst the lack of buyers in the property market may be driving up rental prices due to increased demand the same situation is also helping to drive down the cost of purchasing a property because of the lack of demand amongst buyers coupled with an increase in people trying to sell their homes, and recent reports have indicated that asking prices have now fallen for the third consecutive month, which is good news for those that do decide to buy.
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Mortgage loan,
first time buyer,
mortgage,
Property ladder,
Renting
Posted in Featured Articles, Mortgage News | 1 Comment »
Wednesday, September 8th, 2010
Shared ownership is an option that is now being considered by many first time buyers looking to get onto the property ladder. Buying a property outright in the traditional way has become impossible for many first time buyers, and this is due to factors such as mortgage restrictions, high deposit demands, and high house prices, all of which have affected buyers’ ability to get the mortgage that they need.
Shared ownership is a scheme that has given first time buyers a chance to get onto the property ladder gradually, and for many is the ideal solution because there is no huge deposit or mortgage required as there may be when buying 100 percent of a property. With shared ownership buyers only have to take out a mortgage for part of the property value depending on the share that they are buying, which means that the repayments are more affordable, the likelihood of getting the mortgage is higher, and the deposit is not as much as it would be with a fully mortgage.
It is worth bearing in mind that not all lenders offer shared ownership mortgages, so you will need to do a little research to find out which ones are able to help. Shared ownership properties are dealt with by housing associations, so you may be able to get advice from the housing association that you are going through with regards to mortgage lenders that may be able to help.
Over the past few years lenders have placed strict restrictions on their mortgage lending, and whilst prior to the credit crisis lenders were offering multiples of up to five times the borrower’s salary this has all changed now, making it difficult for buyers to get the amount they need to buy a home in the traditional way. In addition lenders want far higher deposits, such as 20 or 25 percent of the property value, and this is something that is impossible for many to raise.
With a shared ownership mortgage buyers may be buying a 25 or 50 percent share of the property for example, which means that they only need a mortgage for the percentage of the property that they are buying. The remainder of the home is rented from the housing association, but as and when the buyer is able to afford to buy more of the property it is possible to staircase and take on a larger share until the buyer has purchased 100 percent of the home.
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first time buyer,
Mortgage loan,
Property ladder,
mortgage
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Wednesday, September 8th, 2010
Trying to deal with a wide range of debts can be difficult at the best of times, but in the current financial and economic climate many people are experiencing real difficulties when it comes to keeping on top of debt repayments. Over the past couple of years many people have built up a range of debts, such as overdrafts, credit cards, store cards, personal loans, and more, and this has left them facing real financial problems.
Those that decide to take action to try and address their debts do so in a variety of ways, as there are a number of options that are open to those that need to sort out their debt issues. Some people who have no hope of being able to repay their debts may opt for solutions such as bankruptcy, Individual Voluntary Arrangements, Debt Relief Orders, and debt management plans.
There are also people who have a variety of debts, but do not want or need to take such drastic action as insolvency or debt management solutions, which could ultimately make their financial future difficult in terms of being able to get credit and finance in the future. For many of these people one effective solution is to consolidate their debts in order to reduce costs and minimise on hassle, and without taking any risks with their financial futures.
Consolidation is not the answer for everyone. For example, for those who have poor credit histories and scores the chances of being able to get an affordable consolidation loan – or any consolidation loan – may be slim to none. Also, those that are severely overstretched on their finances may find that the reduction in monthly cost from having a consolidation loan may not actually be of any real help, as their budgets are still overstretched.
For those that feel that they could comfortably continue making repayments if they wrapped up their other debts with a consolidation loan this could be the ideal solution. In addition to possibly cutting the amount paid out on debts each month these loans will enable borrowers to cut the hassle of having to deal with a variety of debts and creditors, giving them the convenience of having just one creditor and repayment to manage.
For those that do decide to opt for a consolidation loan to bundle their various debts into one it is important to remember that the interest rates, repayment periods, and terms can vary from one provider to another, so it is well worth taking the time to compare different loans and lenders before making any decision.
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debt,
debt consolidation,
finance,
debt relief
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Tuesday, August 31st, 2010
Since March of last year the base interest rate in the UK has been at an all time low of just 0.5 percent, which is the lowest it has ever been in the history of the Bank of England, which spans over three hundred years. However, with inflation getting out of hand it is highly likely that at some point in the near future the Monetary Policy Committee will have to consider increasing the base borrowing rate.
Whilst nobody has a firm idea of when any base rate increase may take place there has been speculation over how quickly and rapidly the rate may rise. Some believe that the rate will be increased this year in order to keep a lid on inflation, whereas others believe that it is more likely to be early of mid-2011 before any rate rises are implemented due to the continued fragile state of the economy.
One industry official has suggested that the base rate could increase surprisingly rapidly over the next couple of years, going as far as to say that the base rate could leap from its rock bottom level of 0.5 percent to as high as 8 percent within the next couple of years.
For homeowners with mortgages this could spell really bad news, as it could mean mortgage rates rising to 11 or 12 percent, which could add hundreds of pounds a month to the average mortgage. With some people still suffering financial problems because of the recent recession and job losses this could have a really negative impact, and could leave many people unable to afford their repayments, which could lead to rising repossession numbers.
With this in mind it may be worth homeowners looking at their options when it comes to their mortgages. Whilst nobody should rush into taking drastic action as a result of the rumours and speculation it is always advisable to have a good idea of the options available so that you can be prepared for when the base rate does start to increase.
For many the choice of a fixed rate mortgage may be a tempting one to protect them from huge increases in interest rates, but before making any changes or committing to any particular mortgage deal it is well worth seeking advice from a professional and experienced independent financial advisor to ensure that you get the best deal.
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Mortgage loan,
base rate,
Interest,
bank of england,
mortgage
Posted in Featured Articles, Mortgage News | No Comments »
Tuesday, August 17th, 2010
Finding a suitable mortgage these days is not an easy task, and with so many lenders imposing restrictions when it comes to offering mortgage loans it is important to be prepared before you take the plunge. Without some sort of preparation and research you could end up wasting your time on mortgages that are unsuitable, that you cannot afford, or that you are not eligible for, so some forward preparation can go a long way.
One of the things you need to check is how much you are able to borrow, and it is advisable to do this before you even start searching for a property, as otherwise you could end up looking at properties that are out of your price range. This will also stand you in good stead if more than one person puts in an offer on the property you want, as the seller will have peace of mind that you can definitely borrow the amount needed.
Another important consideration is the type of mortgage product that you want, such as a fixed rate mortgage, a standard variable rate, a tracker mortgage, or one of the other mortgage products that are available. Many lenders offer a range of different mortgage products, and different ones will suit different needs. However, if you are unsure which is best for you it is always worth seeking financial advice from an independent mortgage advisor.
Your eligibility for a mortgage is another thing that you need to consider, and this includes checking your credit rating, as this may determine whether the lender is likely to take you on. You should check your credit rating as early as possible, and if it is poor it may be worth considering holding off getting a mortgage until you have time to improve it, as the difference in interest, and even the chances of getting a mortgage, can be greatly affected.
Comparing mortgages is vital when it comes to finding the right deal. You can do this yourself using resources such as the Internet, where you will find many lenders and deals. However, getting a mortgage can be a tricky affair, especially for first time buyers, so you may want to consider enlisting the help of an experienced and well connected independent financial advisor. You may have to pay a fee upfront, but can then be sure that the advisor will be working to get the best deal for you rather than one that makes him or her the most commission.
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independent financial advisor,
finance,
mortgage products,
Mortgage loan,
mortgage
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Monday, August 16th, 2010
Although having a credit card is considered convenient and easy by most people it is all too easy to accrue debt on your plastic, and in many cases – especially in the current financial and economic climate – consumers find it difficult to repay the debt. However, those that have a high outstanding balance on their credit cards need to be very careful about how much they are paying off on the balance, as failure to make a big enough repayment could result in the debt lasting for years or even decades, and this is on a relatively modest debt. It is important to remember that by making minimum repayments you will not be making a dent in your outstanding balance but will merely by keeping things on hold, leaving you in financial limbo.
There is another major downside to paying only the minimum repayment on your credit card balance each month aside from the length of time it will take to make the repayments, and this is the amount of interest that you will pay. The longer your debt drags on the more interest you will be paying to the lender, and by sticking to minimum repayments you will end up paying an astonishing amount of interest on a relatively small debt.
Of course, not everyone can afford to make huge repayments on their credit debt especially in the current climate, and this is where it may be worth considering a balance transfer credit card that offers either 0 percent interest on balance transfers or offers a low rate of interest for the life of the transferred balance. This will make it easier for those with credit card debt to repay their debt without having to pay interest, as these cards offer a generous interest free period or a really low rate of interest until the transferred balance in repaid.
For those that feel that they can pay the transferred debt off within a year or so then a 0 percent balance transfer card may be best, and there are some that now offer interest free period of well over a year. However, for those that need to be very careful with their repayments and believe that they need to have a far longer period within which to repay the transferred debt a life of balance transfer card could be the ideal option.
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debt,
Interest,
Credit card,
credit
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Sunday, August 1st, 2010
Many people have found themselves knee deep in debt over recent years, and this results partly from the global financial crisis and the recession, both of which have had a huge negative impact on the finances of many households. For many the financial problems that have hit them over the past couple of years have resulted in huge levels of debt, with many people having accrued debt such as credit cards, overdrafts, and loans.
Whilst some of those that have accrued these debts may now be finding it a little easier to manage their money and honour their financial commitments due to the end of the recession there are still many others who continue to struggle financially, and who are finding it difficult if not impossible to make payment on their financial commitments.
For many of those that have accrued a lot of debt and are finding it hard to keep up with their debt repayments it is vital to find a solution that will enable them to sort their financial problem out as quickly as possible before matters get worse. There are a number of options open to those that have high debt levels, and one of these is known as the IVA or Individual Voluntary Arrangement.
With an IVA those that have above a specified level of unsecured debt with a number of different lenders could be eligible to make set monthly payments based on their income and outgoings, and after a period of five years the remainder of the debt is written off.
An IVA can be a great solution for those that are struggling to pay their unsecured debts, and can really help to ease the financial burden for those that are truly struggling. However, those considering an IVA should bear in mind that it is considered to be a softer alternative to bankruptcy and therefore should not be taken lightly.
An IVA should not be seen as a means of escaping debt, as the long term effects on your credit file and the various side effects can make life difficult. However, it can prove extremely effective for those that truly cannot make their debt repayments.
This interested in opting for an IVA can contact one of a number of debt charities or advice groups, who will be able to go through the criteria and can quickly determine eligibility for an IVA.
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iva,
individual voluntary arrangement,
debt,
credit
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Monday, July 19th, 2010
Whilst there is no doubt that many people are struggling when it comes to their finances following the last couple of years, which have been financially turbulent for everyone, the one good thing that has come into effect for homeowners is the rock bottom base interest rate, which stands at just 0.5 percent, the lowest it has ever been in the history of the Bank of England.
Whilst this rock bottom base rate is good news for homeowners that are still paying on their mortgages, as it means that their mortgage repayments fall if they are on a variable rate mortgage, it is not so good for savers, many of whom are not getting returns on their savings.
As a result of this situation many people have asked themselves whether it is worth putting the money they save on their mortgage repayments into a savings account given the low level of return that they will get on it. Instead, many have opted to use the extra cash to overpay on their mortgage, which could ultimately mean that they pay far less in interest over the term of the loan and could cut the repayment term dramatically.
For some of those people that have seen their mortgage repayments drop as a result of the base interest rate the savings have been significant, and considering that the base rate has been at 0.5 percent since March of last year many would have saved a small fortune if they had put the money into savings. However, by overpaying on their mortgage some homeowners have made even more in the long run because of the huge amount of interest that they will save and the years that they can cut off their mortgage term.
Industry officials have said that by overpaying by a relatively modest amount each month whilst the going is good and the base rate is low some homeowners could shave years of their mortgage repayment term and could save thousands of pounds in interest. On the other hand putting the surplus cash into savings will earn very little in the way of interest in the current climate.
By overpaying on mortgages consumers can really make their money work for them, and even if this is only possible on a temporary basis until the base rate increases and repayments increase it can still make a big difference to homeowners.
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overpay,
savings,
Mortgage loan,
mortgage,
finance
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Tuesday, July 6th, 2010
Payday lenders have received a lot of bad press over recent years over the level of interest that they charge on their short terms loans for borrowers that are looking for money to tide them over for a short period of time. With many payday lenders the APR charges can indeed be very high, which can instantly put some people off. However, there are also a number of benefits to these loans, which could make them useful for some people.
Whilst the APR on payday loans can be high it is important to remember that the loans are designed to be used over a very short term such as several weeks. As the name of the loan implies this type of loan is meant to be taken on a short term basis to tide borrowers over until payday, and this means that borrowers will not really end up paying that much for their borrowing.
Payday loans can prove ideal for those that find themselves short of money one month or have unexpected bills or emergencies arise for which they do not have the funds. These loans are not designed to be used on a regular basis in the same way as many people use their overdrafts every month, as otherwise they will prove costly. However, as a one off or for occasional use they often provide an effective solution for those in short term financial need.
Another thing to bear in mind with payday loans is that there is usually no credit check required, so those with damaged credit will not have to worry. However, borrowers will need to prove their income, personal details, and employment details, as these loans are only available to those that are working and can therefore repay the loan when they get paid.
The upper limits on payday loans can vary depending on the lender and on the income of the borrower. Generally payday loans are for a limited amount of money, with upper limits generally tending to be around £1000 with many lenders. However, this is something that borrowers should check when looking at which payday lender to go through.
For those that need finance on a long term basis a personal loan or credit card is the best option, but for those that just need to bridge the gap until payday comes around again payday loans can prove to be a good choice.
Tags:
Personal finance,
loan,
finance,
credit,
payday loan
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Saturday, June 26th, 2010
Over the past couple of years there is no doubt that things have been very difficult for first time buyers, and for many their dreams of homeownership have been dashed due to high deposit demands, stricter lending criteria, and higher interest rates charged to certain groups such as first time buyers.
However, although there have been extreme difficulties over the past couple of years when it comes to purchasing a home as a first time buyers the market is said to have eased up over the past couple of months, and this could mean that first time buyers won’t have such a tough time getting the mortgage that they need.
So, is it actually easier now for first time buyers to get a mortgage than it was say twelve months ago? Well, in actual fact the mortgage market has eased up to some degree, and there are now more mortgages available that are suited to first time buyers and even aimed at first time buyers, which is great news for those that want to get onto the property ladder.
However, things are nowhere near as easy as they were in the past. Just a few years ago first time buyers could get mortgages for 100 percent of the property and even for 125 percent of the property value, but this has now all changed. These days first time buyers would be lucky to find a mortgage for 95 percent of the property value, which just a few years ago was the norm.
The number of lenders offering 90 percent mortgages for first time buyers has increased, and this is good news for those hoping to get onto the property ladder as it means having to raise less of a deposit, although buyers may still have to stump up a substantial amount to be able to put down the necessary deposit, which can be a problem given that first time buyers have no previous property from which to take equity.
Another thing that could stand between potential first time buyers and home ownership is the fact that property prices are still quite high, and therefore many cannot get the level of mortgage that they need. A way around this is to look at scheme such as shared ownership or Homebuy Direct, which are schemes that make it easier and more affordable for first time buyers to get onto the property ladder.
Tags:
mortgage,
first time buyer,
finance,
Property ladder,
Mortgage loan
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Monday, June 21st, 2010
Over the past couple of years many households have experienced real financial difficulties stemming from the global financial crisis and the effects of the recession. Whilst the recession may be over and the economy is meant to be picking up there are still many people that are suffering financially, having got themselves into significant levels of debt over a short space of time.
During the recession and the credit crisis many people found themselves struggling to make ends meet financially, and this meant that many were forced to turn to solutions such as using their credit cards and overdrafts to meet day to day costs. This has left a huge number of households now struggling to make repayments on their debts, and with speculation over the base interest rate increasing this could be a very worrying situation for many.
It is vital for those that have debts that they are really struggling to repay to take action sooner rather than later, and the wrong thing to do – which sadly many people find themselves doing – is to bury your head in the sand and hope that the problem goes away. All too often this simply leads to the debt problems getting worse and worse, and getting to a point where the borrower ends up having legal action taken out against them.
In order to avoid this it is important to keep an eye on your finances and make cutbacks wherever possible so that you can ensure that your debt repayments are met. However, if you have gone through your finances with a fine tooth comb and cannot find any other areas where you can cut back it is important that you do not simply sit back and hope for the best. If you are struggling on a regular basis to make your debt payments it is advisable to seek advice as soon as possible.
There are two main courses of action that you can take to try and solve your debt problems. The first is to contact your creditors directly and see whether some arrangement can be made to ease the situation. Most creditors are aware of the problems that borrowers are facing, and may be able to reduce your payments by extending your repayment term. It may be a good idea to go in and see your lender in person, as you can then effectively explain your financial situation and get the problem resolved as quickly as possible.
Another option that is available is to seek advice from a debt advice agency, and there are a number of these available these days. These agencies will be able to look at your financial situation and outgoings and will be able to recommend an appropriate course of action, such as a debt management plan, and IVA, or simply suggesting ways of budgeting more effectively to ease the financial strain.
Tags:
Debt settlement,
debt,
credit,
finance
Posted in Debt News, Featured Articles | 1 Comment »
Thursday, June 3rd, 2010
Finding a loan can be very difficult for borrowers these days, and with the restricted number of loans available coupled with the increased stringency of lenders some people really do struggle to find a loan that is well suited to their needs. Some may struggle to find a loan at all, often because they do not have perfect credit and are looking at companies who mainly deal with those that have not had credit problems in the past.
Over the past couple of years it has become even more difficult to find the right loan, as increased restrictions put into place by lenders have made it more difficult for those that want a loan that is both suitable and affordable. Whilst those that are looking for a loan can go through the websites of each of the individual lenders this can be a very time consuming and frustrating task. It also does not necessarily mean that you will find the finance or loan that you are looking for.
Over the past few years specialist websites have been set up known as comparison sites, and these allow users to compare everything from loans and insurance to credit cards, mortgages, and much more. You will find a range of comparison sites to suit your needs depending on the product or service that you are looking for, and these sites can make it far easier and quicker to find the right product or service at the right price.
With a loans comparison site you can really speed up the process by using the filtering facilities that most of them offer, where you can put in details such as whether you want a secured or unsecured loan or whether you have a good or bad credit rating. The results that you get back on the site will be based on the information that you entered, which means that you won’t have to waste a whole lot of time looking through loans that are not going to be suited to your needs and circumstances.
Once you have retrieved the list of loans and lenders from the comparison site you will be able to see at a glance which of them will be suited to your needs, and which are the ones that offer the most affordable repayments. You can then choose a loan that you know is going to be right for you and that you can comfortably meet the repayments on.
Tags:
comparison site,
loans comparison site,
Personal finance,
finance
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Thursday, May 27th, 2010
These days many people are dealing with the burden of unsecured debt, with many having to make repayments on loans, credit cards, store cards, catalogues, and other types of unsecured finance. The past couple of years have been financially turbulent for most people, and many have ended up increasing their debt levels and having far more to cope with in terms of their financial commitments.
Whilst the base interest rate is at the rock bottom level of just 0.5 percent at present this is not always reflected in borrowing rates, and for many the interest rates being charged on loans, credit cards, and stores cards is extortionate given that the base rate it at such a low level. At the same time the interest paid on savings is minimal, which means that those putting their money into savings accounts are getting little to no return.
With this in mind it is worth considering whether there is any point in putting money into any form of savings account if you already have debt to pay off. The returns earned on savings will be far outweighed by the interest charged on debts in most cases, and this means that those that have debts would be better off putting any spare money towards repayments of their debts rather than putting it into a savings account where they will receive very little in the way of returns.
Recent reports have shown that many savvy consumers have realised that they could be losing out financially by putting spare money into savings rather than using it to repay debts, and this has seen the number of people that are paying down their debts rather than saving money surge. For many getting rid of high interest debt has become a priority in the current climate, with many wanting to rid themselves of the burden of debt as quickly as possible.
Credit cards in particular have high rates of interest, with the gap between the base interest rate and the interest rate charged on cards becoming increasingly greater. Consumers who have a balance on a high interest credit card would therefore benefit from transferring the balance onto a 0% balance transfer card or using their savings to repay the debt. This way it is possible to avoid the huge interest costs that some providers charged on credit cards.
Tags:
finance,
saving,
Personal finance,
debt,
Interest
Posted in Debt News, Featured Articles | No Comments »
Saturday, May 22nd, 2010
There are many people that are in debt these days, and a huge number of them are struggling to keep on top of repayments to the point where they are having to cut back not only on luxuries but on day to day items such as food and household necessities.
The recession and the global credit crisis has resulted in an increase in the number of people that are facing difficulties with repaying their debts, and many borrowers do not know where to turn to get the financial assistance that they need.
There are actually a number of options available to those that have unmanageable debt levels, such as contacting a debt charity for advice or simply streamlining spending and outgoings. Another option is to contact the lenders to see whether the terms of the loans can be negotiated, and this is something that lenders have become increasingly used to over the past couple of years.
If you have debt that you are struggling to repay it is important to take action before you get to the point where you literally do not have the money to make the repayment and subsequently start falling into arrears. If you are already struggling and feel that things could get worse it is advisable to take action as quickly as possible.
In the current financial climate most lenders will be sympathetic with those that have always managed to maintain repayments in the past but have now started to struggle due to their financial circumstances. This is why it is well worth contacting the lenders and explaining your situation to see whether there is anything that they can do to help.
If you have a good credit rating lenders may be able to offer a consolidation loan, where all of your different debts will be rolled into one and you would pay over a set period of time based on the amount that you could comfortably afford to repay each month.
If this is not an option lenders may be able to review the terms of your loan and make changes, such as increasing the length of the loan period so that you repay over a longer period of time but you are paying less money each month. You can contact your lender in writing or by phone to discuss your financial problems, but it is always worth making an appointment to go in and explain your financial situation as this will get things moving far more quickly.
Tags:
debt,
loan,
finance,
lenders
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Tuesday, May 11th, 2010
In the current financial climate most people are keen to keep their debts down, but for many people the need to borrow money is inevitable due to their circumstances. Those that do need to take out loans and other forms of finance need to ensure that they are not paying over the odds on their borrowing, which could prove difficult because the banks want to try and charge over the odds.
Following the most recent Monetary Policy Committee meeting it was decided that the base interest rate would remain at its all time low level of just 0.5 percent. The base rate has been at this record low since March of last year, and for many people this automatically leads them to believe that because the base interest rate is low the cost of borrowing must be low.
However, this is not the case, and according to reports UK banks have actually been slyly increasing the rate of interest on loans and borrowing, resulting in those that have to take out credit having to pay more. The misconception that a low base rate means low borrowing rates is a dangerous one for borrowers to have, as they may then drop their guard when it comes to checking and comparing the cost of borrowing.
Officials believe that all that has happened as a result of the base rate falling to such a low rate is that the margin between the base rate and the rate that banks are charging has widened to astonishing levels, and whilst consumers are suffering because of this the banks are actually reaping in the money, enabling them to shore up their finances following the chaos caused by the financial meltdown. It is thought that the banks could be making millions of pounds through these sly increases.
With this in mind consumers that are looking to take out a loan or other form of credit from a bank should make sure that they check the details of the loan agreement carefully to ensure that there are no hidden charges and fees that have been slyly added by the lender. It is also important to ensure that you compare the interest rates on similar loans from a number of lenders so that you can find the most competitive loan, as the interest rates charged can vary from one loan product and provider to another.
Tags:
finance,
interest rates,
loan product,
Bank
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Friday, May 7th, 2010
These days the nation has become so reliant on access to the Internet that many of us have no idea how to do certain things without being able to use the Internet. Those of us that have access to the Internet do not need to worry about alternatives, but it is easy to forget that not everyone has broadband access, and for those that do not life can be more difficult. (more…)
Tags:
broadband access,
Financial advice,
internet access,
consumer campaign,
Citizen's Advice Bureau,
Helplines
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Tuesday, April 27th, 2010
Recently released figures have suggested that many homeowners in the UK are paying a small fortune each year for the security of taking out a fixed rate mortgage. Homeowners that are opting for a fixed rate mortgages are paying around £850 a year more for the security of having this type of mortgage according to industry reports.
There are a number of options available for those that want to take out a fixed rate mortgages, such as two, three, and five year fixed rate deals. The longer the fixed period of the mortgage the more the borrower pays in terms of interest. With the fixed rate deal borrowers enjoy more financial stability as they know exactly what their repayments and interest rates will be for a specified period no matter what happens with the base interest rate.
The nature of fixed rate deals offer peace of mind for many homeowners, especially first time buyers who want some financial stability to get them used to budgeting. However, for those that go for the longer fixed term deals the financial penalties can be huge, leaving them to pay far more interest on the loan, which costs them hundreds of pounds a year.
The interest rates on shorter term fixed rate loans have come down to some degree due to the high level of competition amongst lenders to provide the best fixed rate deals. However, longer term fixed rate deals can be much more expensive, with figures showing that borrowers will pay more than 1 percent more for a three or five year fix compared to a two year one.
One mortgage broker said: ‘whether you think it is a good idea to fix for longer depends on what you think will happen to Bank of England base rate and if you need that reassurance of knowing what your repayments will be. If your situation is likely to change a lot over that period, then it is worth seriously considering if you want to be locked in for that long.’
Those that do want the peace of mind that a fixed rate mortgage can provide are advised to shop around to ensure that they are able to get the best deal possible, as many lenders are now offering fixed rate mortgages but the costs involved can vary relatively widely making a big difference to monthly repayments and overall interest paid.
Tags:
interest rates,
Fixed rate mortgage,
mortgage,
finance
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Thursday, April 22nd, 2010
Those of us that managed to buy our own homes may be counting our blessings for getting onto the property ladder before getting a mortgage became increasingly difficult, as it is now, but there are other problems that homeowners have to worry about, namely how to ensure that they keep on top of their mortgage repayments.
Whilst it’s all well and good to have your own home, your property could disappear in a puff of smoke it you fall behind with repayments and already many people have lost their homes over the past couple of years because they have been unable to keep on top of repayments on their mortgage.
Over the past year things have been very difficult for many homeowners in the UK, with many suffering as a result of the recession, which resulted in massive job losses. The added pressure of the credit crunch added to the financial problems that many homeowners were experiencing, and regrettably many were unable to keep up with their repayments.
With banks clamping down more seriously than ever on mortgage arrears many quickly found themselves losing their homes, which were swiftly repossessed by the banks who were desperate to shore up their own finances by selling them as quickly as they could.
Whilst the situation as eased off a little now, partly due to pressure from the government to use repossession only as a very last resort, there are still many people who may be finding it difficult to make their mortgage repayments and could end up losing their homes eventually unless steps are taken to rectify the problems.
Industry experts are warning those that do experience difficulties in making mortgage repayments not to bury their heads in the sand and hope that the problem will go away. Instead, homeowners that are in financial trouble need to get advice as quickly as possible in order to try and sort the problem out before it gets to the repossession stage.
One option for homeowners is to speak to their bank or lender about their situation, being honest about finances and making suggestions about how they might be able to sort things out. Most lenders will be sympathetic about homeowners’ situations as long as they are made aware of the problem.
For those that do not get any joy from their lender there are also a number of debt advice charities that can help, such as the Consumer Credit Counselling Service or the Citizen’s Advice Bureau.
Tags:
advice,
Banking,
debt,
mortgage,
repossession,
finance
Posted in Featured Articles, Mortgage News | No Comments »
Saturday, April 17th, 2010
It was recently reported that over the past few weeks Brits have been whipping their credit cards back out and hitting the High Street and Internet shopping sites with a renewed confidence. Whilst the recession is not long over and the effects of the global financial crisis are still affecting the nation consumers seem determined to spend their way out of the financial gloom.
However, whilst this increased spending may prove to be good news for the retail sector, which has suffered massively over the past year, it could also lead to consumers burdening themselves with debts that they will struggle to make repayments on. Some consumers are already burdened with debt, and additional debt could tip them over the financial edge.
There are now concerns that increased spending by consumers in the UK could lead to more and more people finding that they can no longer cope with their debts or make repayments on the amount that they owe. Officials believe that this could lead to an increase in the number of people applying for an IVA, or an Individual Voluntary Arrangement, which is a softer form of bankruptcy.
An IVA can have a profound effect on the credit rating and the financial future of the borrower, and should only be used as a last resort by those that are experiencing financial difficulties. However, the more people borrow the more they are likely to be desperate to escape their debt, and for some this may seem like the easy way out, as many fail to recognise the long term repercussions.
Of course, this doesn’t mean that those that have genuine problems with their debts and who are seriously struggling to make repayments do not have some form of help at hand. In actual fact there are many alternatives that consumers could look at which would not have as profound an effect on their financial future as an IVA or bankruptcy.
One potential solution is to contact creditors directly in writing or person, explain the financial situation, and look at making a reasonable repayment offer over an extended term – most lenders will consider this especially in the current climate.
Another option is to go to a debt management agency, preferably a charity run or government run one that does not charge fees. You may then be able to get advice to help you to manage your finances more effectively or may be able to get onto a debt management plan.
Tags:
debt,
finance,
individual voluntary arrangement,
credit
Posted in Debt News, Featured Articles | No Comments »
Friday, April 9th, 2010
Over the past couple of years the mortgage market has really suffered, and as a result of this those that are looking for mortgage loans have also suffered with many being unable to get the finance that they needed to buy a home, and many others having to pay way over the odds in order to get a mortgage loan. The property market has been suffering since the onset of the global credit crisis, which swept across the UK in 2007, and it is only recently that it has started to recover.
Whilst some form of recovery appears to have positively affected the mortgage and property markets there are still many challenges that face buyers that are looking to get some sort of mortgage. Certain groups have suffered more than most, such as first time buyers and lower income families who have been unable to raise the high deposit levels that lenders have been demanding.
However, with spring now in full swing more and more people will be considering either buying a new home or moving home, and this means that more people may be looking for a mortgage in order to fund their purchase. Many of those considering purchasing a property may be looking at ways to improve their chances of getting a mortgage in the current challenging climate, and there are a number of ways through which you may be able to boost your chances of success.
For many people now is the perfect time to buy a home, not just because of seasonal reasons but also because the stamp duty exemption threshold has been increased, which means that buyers can now avoid having to pay stamp duty on a property up to the value of £250,000, which represents a potential saving of up to £2,500.
The first thing to remember is that this stamp duty holiday will bring a rising number of people to the property market, and competition for properties that are for sale will become tougher. You can stay one step ahead of the competition by getting a mortgage agreed in principle, which would make you a more attractive prospect to sellers compare to someone that puts in an offer before having any idea of whether they can get a mortgage.
In order to improve your chances of getting a mortgage make sure that you check your credit report to ensure that all information is accurate and up to date so that this does not adversely affect your chances. Also, make sure that you save as much as possible towards a deposit, as lenders these days want to see some form of financial commitment in order to provide people with mortgages.
Tags:
property,
mortgage,
finance
Posted in Featured Articles, Mortgage News | No Comments »
Wednesday, March 24th, 2010
For many homeowners selling their home can be a very costly affair, with all sorts of costs and fees involved. Taking into consideration that some properties have gone down in value over recent year, despite the recent house price increases, many homeowners will be keen to try and avoid paying more money than they have to when they are selling their property. Most people who sell their properties use an estate agent to do the honours, and this is where a large chunk of the money goes, because estate agents charge hefty fees for selling a property.
There could be some good news in the pipeline for homeowners that are thinking of selling their properties in the future, however, following a report from the Office of Fair Trading. Officials from the OFT have said that they want to try and make it easier for homeowners to sell their own properties. If their plans to make this process easier are successful then homeowners could make big savings on the cost of selling their property, which will prove invaluable in the current financial climate.
Should the OFT plans be successful homeowners that want to sell their properties will be able to enjoy a greater number of options when it comes to selling their property. Whilst some people may still prefer to go through an estate agency so that they have less involvement in the sale of the property others may be able to benefit from revised regulations to get more involved in the sale of their property, which gives them more control as well as potentially saving them money.
The decision to shake up the property selling market was made after the OFT carried out a study into the buying and selling of properties. Officials from the OFT believe that sellers could get a far better deal if changes are made to the property sales market, and in addition to this small firms that want to benefit from getting involved in the online sale of homes could also benefit because the changes would provide them with new opportunities.
The OFT has also stated that current regulations are outdated and need to be changed, but added that sometimes home sellers do themselves no favours because they fail to shop around for the best deal when it comes to finding an estate agent that charges reasonable commission.
The decision to make changes has been welcomed by many people, and one buying agent stated: ‘The OFT is keen to encourage new businesses to challenge the traditional estate agent model and this is positive news for buyers and sellers alike. It’s saying “bring change on, let it happen” and this is fantastic news for the property market moving forward. The fact that it is recommending legislation be updated shows it is serious about the way the industry needs to be changed. The findings of the report are by no means anti-estate agent, in fact they are quite the opposite. The OFT has merely concluded that additional cost and service benefits can be provided to buyers and sellers through innovative new business models and it wants to create an environment where these can thrive.’
Tags:
Office of Fair Trading,
Estate agent,
property,
Real estate broker,
online sale,
real estate,
Home staging,
Economy of the United Kingdom
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Thursday, February 18th, 2010
With house prices having increased over the latter part of this year many people may be considering selling their homes next year, and with interest from buyers on the increase the New Year could prove to be a good time to sell. (more…)
Tags:
house sales,
Mortgage loan,
property market,
mortgage
Posted in Featured Articles | No Comments »
Saturday, December 19th, 2009
For many would be first time buyers the dream of homeownership has never been quite within reach. For many years the price of property in the UK was so high that most first time buyers did not have the income to get the mortgage that they needed, despite the fact that many lenders were increasing income multiples to as high as six or seven times the income. (more…)
Tags:
first time buyer,
property prices,
Banking,
Housing market crisis in the United Kingdom,
shared ownership
Posted in Featured Articles | No Comments »
Tuesday, December 15th, 2009
The mortgage markets have been turbulent to say the least over the past couple of years, and many of the problems that have almost brought the financial sector to its knees have been blamed on irresponsible mortgage lenders over the past decade, where high income multiples, extended repayment periods, lending to those with bad credit, jumbo mortgages, and high risk lending was all part and parcel of the mortgage lending sector. (more…)
Tags:
Citizen's Advice Bureau,
Economy of the United Kingdom,
Personal finance,
British Bankers Association,
Financial Services Authority,
finance,
mortgage
Posted in Featured Articles | No Comments »
Wednesday, October 14th, 2009
Recent speculation about green shoots in the UK economy has been further fuelled over recent months because house prices have seen a small yet sudden revival after over eighteen months of falls. (more…)
Tags:
house prices,
house price rise
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Thursday, October 1st, 2009
It is not surprising to hear of many customers being turned down when they apply for a loan from one of the many UK lenders in these times of economic uncertainty. (more…)
Tags:
loan application,
loan rejection,
loans,
reasons for loan rejection
Posted in Featured Articles | No Comments »
Monday, August 24th, 2009
There is no doubt that over the past couple of years, since the onset of the global financial crisis, many families have been driven to financial ruin, and matters have been made even worse over the past year, with many families being hit with redundancy following the onset of the recession. (more…)
Tags:
debt help,
insolvency,
avoid debt,
debt problems
Posted in Featured Articles | No Comments »