Early this year the government announced that it was taking over the stricken bank Northern Rock, and passed legislation to allow the rapid nationalisation of the bank. The government has now used this same legislation to rush through the nationalisation of another struggling lender, the Bradford & Bingley. The government has announced that it is taking over the loan books of the bank, which stand at £50 billion, much of which has been lent to buy to let investors. (more…)
Archive for the ‘Loan News’ Category
Government takes on the loans of another bank
Saturday, October 11th, 2008
Further rate cuts may be put on hold for this year
Saturday, September 13th, 2008In a recent speech the governor of the Bank of England, Mervyn King, said that there was a good chance that any further interest rate cuts for the remainder of this year would be put on hold, with the central bank now concerned that the soaring rate of inflation is getting more and more out of control. Despite the state of the economy, with many concerned that the nation is on the brink of recession, the governor has indicated that there could be no further interest rate cuts this year. (more…)
London estate agent closes its doors on sales
Sunday, September 7th, 2008The poor activity in the housing market in terms of sales has affected many different industries, such as property removal industry, property lawyers, furniture retailers, and estate agents. Over recent months there have been many concerns raised about the number of estate agencies that could end up closing down as a result of poor property sales, and recently a London estate agency announced that after seventeen years it was finally closing the doors on property sales. (more…)
House prices now more than 10% lower than last year
Friday, September 5th, 2008Following a ten year house price boom, which lasted until last October, homeowners in the UK have seen the value of their homes fall month on month, with property prices having dropped for the last consecutive ten months according to industry officials. This has raised concerns for many over falling into negative equity. One recent report has shown that annual house price falls have now hit double digits for the first time in eighteen years, with the last double digit fall seen in 1990. (more…)
OFT will look into payday loans
Monday, September 1st, 2008According to a recent report the Office of Fair Trading is to look more closely at payday loans, and this follows calls from a variety of debt campaigners and charities to launch an investigation into payday loans because of the high rate of interest that is charged on these loans. Payday loans are short term loan for relatively small sums of money, often used by those that need some money to tide them over until payday comes around, and with household finances getting increasingly tighter more and more people may be relying on loans such as these to get by each month. (more…)
Can you get a loan if you have poor credit?
Saturday, August 9th, 2008Many people have suffered financial difficulties in the past because of their poor credit rating. A poor credit rating is achieved when you make regular late repayments on bills and debts, or worse still miss repayments altogether thus defaulting on your financial obligations. Once you have a bad credit rating you will find it difficult to get any sort of affordable finance in the future, and this includes loans, credit cards, and even a mortgage. (more…)
Homeowners urged to talk to lenders if they are struggling
Sunday, July 13th, 2008Homeowners who are struggling with their mortgage and debt repayments are being urged by industry officials to seek assistance and talk to their creditors as early on as possible, to avoid getting into even deeper financial trouble, and more importantly to avoid the risk of repossession. Many homeowners are now struggling with their finances for a number of reasons. Many are still reeling from the five interest rate hikes that were applied between August 2006 and July 2007, and whilst the base rate has been reduced a few times over the last six months many lenders are still continuing to hike up borrowing costs. (more…)
No change for the base rate for June
Thursday, July 3rd, 2008Last week saw members of the powerful rate setting Monetary Policy Committee meet up for their monthly meeting, and following the meeting the Bank of England announced that the base rate would be staying on hold at 5% for this month – a move that many industry officials have already been expecting. Most already knew that the decision faced by MPC members was a tough one, as they have to balance the slowing economy with soaring inflation levels when determining interest rate movement. (more…)
House prices have plummeted since last year
Monday, June 30th, 2008According to a recent report the value of homes across the UK has plummeted since last summer, with industry officials claiming that house prices have fallen by around £15,000 on average since last summer. The data was recently released by the Halifax, with claims that house prices peaked last August, around the same time that the global credit crunch began to make its way to the UK, and since then have been declining. (more…)
Don’t take loans from doorstep lenders
Sunday, June 22nd, 2008With many consumers unable to get their hands on an affordable loan due to the restrictions that have come about from the global credit crunch, many are turning to more expensive methods of trying to bridge the gap each month when they find that their income does not cover their outgoings. According to some officials many of those unable to get finance elsewhere due to poor credit or low incomes are turning to doorstep lenders and paying a fortune in order to borrow money. (more…)
Middle classes now struggling with loan repayments
Thursday, June 5th, 2008Whilst many people on lower incomes and bad credit have been struggling to meet loan and debt repayments for years, it seems that the global credit crunch has resulted in a new breed of consumers now struggling to make ends meet when it comes to their finances. According to a recent report more and more middle class consumers living in fairly affluent areas with their own homes are now struggling to keep on top of debt and loan repayments. (more…)
Overdraft popularity increases as loan accessibility is reduced
Tuesday, June 3rd, 2008As many consumers will be only too aware accessibility to loans of any sort has become far more difficult over the past nine months, since the global credit crunch swept across the UK, wreaking havoc in the nation’s financial markets. Many consumers who may have been eligible for a loan a year ago may find that the tighter credit conditions in place now mean that they can no longer get an affordable loan – or in some cases any loan – which has made things very difficult for some, particularly given that many households and experiencing real financial worries due to increased living costs. (more…)
Consider a credit union for your finance needs
Tuesday, May 27th, 2008Most people are only too aware of how difficult and expensive it has become to get any sort of finance these days, with the global credit crunch maintaining its grip on the UK money markets and lenders exercising increased caution with regards to who they will lend to. Even finding an affordable personal unsecured loan has become extremely difficult if not impossible these days, and this has marred the chances of many consumers who are looking to raise finance. (more…)
Lenders needs to be more careful on checking applicant information
Monday, May 26th, 2008A recent report has shown that a worrying number of lenders are failing to carry out important checks into the income of applicants that apply for unsecured finance, and there are concerns that this could lead to many people getting into unmanageable debt levels and could result in an increase in bad debt levels in the UK. (more…)
Is the First Plus special offer a good deal?
Sunday, May 25th, 2008Over recent weeks the secured lender, First Plus, which uses the television star Carol Vorderman to advertise its loan products, has been advertising a new loan product, which offers consumers the chance to enjoy a low starting rate of interest on a secured loan. However, the company and the advertisement have come under fire from officials that state the loan is a debt trap, and borrowers could soon find themselves paying a fortune when the interest rate rockets following the initial period. (more…)
Hikes in personal loan rates may mean credit cards are more viable option
Monday, May 19th, 2008According to a recent report some consumers may now be better off using their credit cards as a form of finance rather than opting for a personal loan because loan rates have been hiked up by huge amounts since the onset of the global credit crunch. Credit cards are well known for the high rates of interest charged, but officials state that even so some people may find that they are the cheaper option when compared to a personal unsecured loan with a sky-high interest rate. (more…)
Many unable to access first direct loans
Saturday, May 10th, 2008In a recent announcement the Internet arm of HSBC bank stated that it would be restricting its mortgage lending activities by no longer offering mortgages to those that are not customers of the bank already. Customers of first direct will still be able to access mortgages from the lender even if they do not currently have a first direct mortgage, providing they meet the other eligibility criteria.
First direct is one of many banks and building societies that have had to restrict their lending over recent months as a result of the global credit crunch. Many have had to take various mortgage products off the shelves or have started to offer mortgages only to existing customers or those that live within a certain radius of the branch. (more…)
Broker could be facing severe problems
Wednesday, April 23rd, 2008According to a recent report the well known broker, John Charcol, could be facing immense future difficulties, which could see it losing the ability to continue operating. The broker’s own auditor has warned the firm that it faces ‘material uncertainty’ over its future. This comes at a time when many lenders and brokers in the mortgage industry are suffering real problems as the result of the global credit crunch, which has been wreaking havoc across the UK since last summer. (more…)
Financial difficulties loom for homeowners
Friday, April 11th, 2008Homeowners, many of whom are already struggling to try and keep up with mortgage repayments despite the recent interest rate cuts, are facing a real struggle when it comes to coping with their finances according to a recent report, with many expecting to face difficulties in coping financially due to strained household finances. The report suggests that millions of homeowners could find it increasingly difficult to cope financially due to a number of factors. (more…)
Interest rates on personal loans continue to rise
Saturday, March 29th, 2008Despite the two most recent Bank of England interest rate cuts the interest charged on personal loans in the UK is continuing to rise, leaving many potential borrowers facing huge costs relating to their borrowing, The rates on personal loans have been rising for some time, and as a result of the credit crunch many people now find it difficult to get affordable unsecured personal loans, with banks having to increase their rates to make up for the losses incurred as a result of higher inter-bank lending costs. (more…)
Loans market still suffering due to credit crunch
Thursday, March 20th, 2008Recent reports have shown that the loans market continues to suffer as a result of the global credit crunch, with rates on personal loans continuing to soar despite base rate cuts, and with the number of sub-prime mortgages available on the market falling rapidly. According to industry officials the number of lenders offering sub-prime mortgages has fallen from 32 to just 20, and consumers looking for personal loans are having to pay out far more in interest rates. (more…)
Avoiding risks with an unsecured personal loan
Monday, March 3rd, 2008Finding the right loan these days isn’t always difficult because there are so many different loan products available to suit a wide range of needs and circumstances. However, it is important to bear in mind the importance of choosing the right loan product. It is all too easy to rush into taking out finance without really thinking about whether the loan product is the right one for you, but taking on a loan is an important financial commitment and should be given careful consideration before you make any commitment. (more…)
Keeping up with your secured loan repayments
Monday, February 25th, 2008Secured loans have become an effective and affordable way for homeowners to raise finance, and the increase in property values over the past few years has given homeowners in the UK more financial leverage to raise money by way of a secured loan. Secured loans offer a range of benefits, such as increased borrowing power based on equity levels and longer repayment periods to help keep costs down. This is why an increasing number of homeowners have turned to secured loans in order to get the money that they need. (more…)
Online Loans – How Popular and Safe Are They?
Wednesday, March 14th, 2007With the development in technology allowing for safer online transactions coupled with high-speed Internet connections, many people are conducting loan research from the comfort of home. The use of online loan applications is becoming more and more popular. (more…)
Never try to fib your way into a loan
Wednesday, March 14th, 2007There are certain times in life when you should not lie: On your resume, when visiting the doctor, or when applying for a loan. Yet, according to one study, nearly one third of people applying for a loan have lied about some aspect of their history. Why? A need for a loan combined with fear of not getting it if the truth be told. (more…)
Finding the Cheapest Loan
Wednesday, March 14th, 2007How do you find the cheapest loan? Through a combination of factors that include understanding your credit score, determining the best type of loan for your purposes, and shopping around. Settling for the first offer for which you are approved is one of the worst ways to save money on a loan. (more…)
Secured v. Unsecured Loans
Wednesday, March 14th, 2007What are the differences between secured and unsecured loans? Essentially, whether or not the loan is secured by property in the event the borrower defaults on the loan. (more…)
How To Choose A Payday Loan Company
Wednesday, March 14th, 2007Payday loan companies are everywhere. Apart from several major lenders, it is estimated that there are more than 500 companies offering this quick fix loan solution. Some of them operate out of high street shops while others are based online. But what is a payday loan and how do you choose among payday loan companies to find the best deal. (more…)
The Inside Track On Payday Loans
Wednesday, March 14th, 2007Not everyone needs a full fledged loan. Some people just need a bit of cash to tide them over till the next pay cheque. And there’s now a way for them to get it. It’s called a payday loan. (more…)
Getting The Best From A Payday Loan
Wednesday, March 14th, 2007Many people are choosing a payday loan as a way of dealing with unexpected expenses. This can be an easy way of getting cash quickly. (more…)
Would You Apply For A Green Home Loan?
Wednesday, March 14th, 2007Since the mid-1980s, more and more UK banks have seen the benefits of offering products that are in some way tied to ‘green’ environmental issues. One product area where this service has traditionally been lacking, however, is with ‘green’ home loans. Not so anymore, now more and more UK banks will agree to offer a green home loan is you ask. So, given the choice, would you apply for a green home loan? (more…)
Your Home as Collateral For Other Loans
Wednesday, March 14th, 2007When you become a home owner you immediately open up more doors for yourself in terms of being able to borrow money to make things happen. It might be a business idea or an investment opportunity, but buying into property can open more doors than you might think. (more…)
Why Banks Prefer Secured Loans
Wednesday, March 14th, 2007Banks like secured loans, in fact, many of the banks prefer secured loans over those unsecured loans. There are a number of different reasons why banks prefer secured loans. (more…)
Personal Loan Options for People with Bad Credit
Wednesday, March 14th, 2007It’s a fact: thousands and thousands of people have credit problems. It’s also a fact that those with bad credit sometimes need a personal loan just like everyone else. Personal loans designed for those whose credit reports are less than stellar are on the upswing, and nowadays it’s easier than ever to get access to what you need. No matter what your credit score. (more…)
Where To Find Emergency Cash
Wednesday, March 14th, 2007Sometimes the need for cash can crop up quickly. Emergencies, illnesses, and unplanned events do happen, and they happen to everyone, regardless of their credit history or debt status. For those who need cash up front, the payday loan provides a solution. (more…)
The Basics of Repaying Student Loans
Wednesday, March 14th, 2007When it comes to paying your way through four years of college or more, student loans are there to help you balance the budget and cover tuition without breaking the bank. Sooner or later, though, you graduate. Then it’s time to start paying them back. The basic process for doing so is very simple. (more…)
Your Rights When Using A Credit Broker
Wednesday, March 14th, 2007Those adverts and come-ons offering to find you the loan you need at the price you can afford are tempting, aren’t they? Credit brokers are companies that will work to find you the loan that you need to start your new business, pay off your debts, buy your new house or car, or finance major home improvements – in other words, for nearly anything that you might borrow money for. In return, you pay them a fee for their services in hunting down and introducing you to loan sources. (more…)
How to Get a Secured Bad Credit Loan
Wednesday, March 14th, 2007If you need money now, but have been repeatedly turned down for unsecured personal loans, you may still be able to get the cash you need with a secured bad credit loan. A secured loan is one in which you offer something as ‘collateral’ to guarantee your repayment of the loan. If you don’t repay the loan within a specified period of time, the lender has the right to take possession of the collateral and sell it to recover their money. (more…)
Loan Repayment Difficulties
Wednesday, March 14th, 2007If you have loan repayment difficulties you do have a number of options open to you. The one thing you must not do is nothing !! you must not hope your problems will go away by themselves, this will only make your situation worse. You must talk to your lender. (more…)
Credit Scoring
Wednesday, March 14th, 2007Credit scores are used by lenders because they can approach each loan application in the same manner. All credit score methods and practices are updated frequently and is monitored by the office of fair trading. (more…)