Fears over increased insolvency continue
February 14, 2008
Many industry experts are concerned that there could be a rise in the level of insolvencies amongst consumers in the UK this year, with a range of factors affecting the ability of the average person to keep up with their financial commitments.
Rising energy prices, higher food costs, increased petrol costs, and high mortgage repayments have [...]
Increase in younger people turning to equity release
February 13, 2008
According to a recent report there is an increasing number of younger people now turning to equity release in order to raise money from their homes in order to pay off their debts, as well as for other reasons. Equity release has traditionally been offered to older people of retirement age to provide them with [...]
5% of adult Brits have second home in UK
February 13, 2008
A recent report has shown the level of wealth that Brits have tied up in property with figures showing that around 5% of adults in Britain have a second home within the UK. This equates to more than £2 million adults in Britain owning a second home.
Often this is homeowners that reside mainly in the [...]
PM confirms that Rock still in private sale talks
February 13, 2008
The Prime Minister Gordon Brown recently announced that the ailing bank Northern Rock is still in talks over a private sale, despite talks of possible government intervention by way of passing the bank into public ownership – a move that was opposed by the Conservative Party, which believes that Gordon Brown did not do enough [...]
New home loans approvals hit record lows
February 12, 2008
The slowdown in the UK’s housing market has been further reflected by recent figures that show new home loan approvals for the month of December hit record lows. The British Banker’s Association claims that the number of new home loans that were approved in December were the lowest on record, and had plummeted from previous [...]
Cheque payments becoming accepted by fewer retailers
February 12, 2008
Fewer and fewer consumers in the UK are finding themselves able to make payment at retailers by cheque, with an increasing number of retailers such as shops, supermarkets, and petrol stations refusing to accept cheque payments because they are becoming too costly and troublesome to process given the low number of people that now wish [...]
Barclays slashed rates for savers
February 12, 2008
A recent report has shown how Barclay’s Bank has slashed the interest rates for savers by nearly three times the amount by which the base rate has been cut.
In the space of a few months the bank cut its savings interest rates three times, taking the rate down by 0.74% in total. This is despite [...]
Insurance price comparison sites to be probed by FSA
February 11, 2008
Following concerns that were raised by the British Insurance Broker’s Association the UK’s financial regulator, the Financial Services Authority, is to launch an investigation into price comparison sites that deal with insurance services. BIBA officials have claimed that the way that these sites work can end up misleading consumers.
According to officials from BIBA the way [...]
HIPs continue to cause controversy
February 11, 2008
Recent reports have shown that Home Information Packs, or HIPs, are continuing to cause controversy in the housing market.
These HIPs became a compulsory requirement on all residential properties being marketed for sale in England and Wales in December, but many officials have said that the packs are expensive, cause delays, and put people off [...]
Get your savings account sorted before rates fall
February 11, 2008
Anyone that wants to ensure that they fix their savings interest rate as high as possible is being urged to take action before interest rates fall further, as they are expected to over the coming months. Once interest rates fall this will affect the rate at which savers can fix their accounts, and experts predict [...]
