England and Wales see house prices fall
March 27, 2008
Experts have stated that house prices have been falling at their fastest pace since records began across England and Wales. According to officials from the Royal Institute of Chartered Surveyors house prices have plummeted at the fastest pace since 1978, when records first began.
Every region of England and Wales is being affected by the problem, [...]
Cash injection for banking industry
March 27, 2008
The banking industry has been given an additional cash injection from the Bank of England, which has decided to offer up a further £5 billion to help increased liquidity in the banking sector.
Banking officials have been expressing concern over difficulties in raising funding, and the central banks hopes that a further £5 billion on top [...]
2-7 split on base rate movement
March 26, 2008
Following the last Monetary Policy Committee meeting in March the release of the minutes show that there was a 2-7 split over interest rate movement, with two members of the committee voting to cut rates by 0.25% and the other seven voting to keep rates on hold at 5.25%.
As a result of the majority vote [...]
Lending conditions tighten as there is a drop in the number of mortgage deals
March 26, 2008
According to figures just released today there has been a decrease of almost two-thirds in the number of different mortgage deals available since last summer. In July 2007 borrowers could choose from 15,599 deals, and according to Moneyfacts there were a mere 5,725 by last week.
Those worst affected are the people with poor credit [...]
The importance of a good credit rating
March 26, 2008
Over the last year mortgage approvals have dropped by 40%, so now, more than ever before, it is vital to have a good credit score.
The first step you should take to obtain this is to obtain your own credit report from a credit agency in order to see what any potential lender will read about [...]
Credit crunch still affecting loans sector
March 26, 2008
A recent report has shown that the global credit crunch has continued to take its toll on the loans market, with the number of sub-prime mortgages on the market dwindling, and the interest rates on personal loans continuing to rise.
Consumers have having real difficulties when it comes to securing affordable finance, with those that have [...]
Cutting Back on Your Household Expenditure
March 26, 2008
Whether you realize that you have been overextending yourself each month or you want to save money for a special purchase or a vacation, there are ways you can cut back on the household expenditure.
Building insurance complaints rise
March 25, 2008
The level of complaints relating to buildings insurance has been steadily rising according to a recent report, with an influx of claims following poor weather conditions also leading to a rise in the number of complaints about this type of cover.
Based on the level of complaints received by the Financial Ombudsman Service the level of [...]
Homeowners expected to pay £1.3bn bill run up by reckless mortgage lenders
March 25, 2008
It is estimated that British homeowners will find themselves paying an extra £1.3billion per annum (which calculates roughly at an extra £110 a month in payments) as a result of mortgage lenders’ increased profit margins in an attempt to recover some of their losses which have arisen as the result of bad debts.
Statistics show that [...]
HIPs not as successful as predicted
March 25, 2008
When the controversial Home Information Packs came into force last year government officials and those involved with the implementation of these packs said that they were designed to make the whole process of selling and purchasing a home smoothers and simpler. However, a recent report suggests that these HIPs are not proving as effective as [...]
