January 2008 - In the News
New Mortgages - Interest rate cut 'on the cards next week'
Many financial analysts are predicting a drop in interest rates next week, which could be good news for mortgage holders and personal loan borrowers around the country.
Although there have been some calls for a cut of half a percentage point, the general consensus among analysts is that ... More
New Mortgages - Mortgage lending 'at record high'
The amount of money lent for mortgages rose to record levels during 2007, a new report has shown.
According to the Council of Mortgage Lenders (CML), gross mortgage lending increased to £364 billion last year, from £345 billion in 2006.
In addition, the level of ... More
Unsecured Loans - Credit history 'important for job prospects'
Consumer credit histories may be important when applying for certain jobs, the external affairs director from credit report company Equifax has said.
Neil Munroe offered the opinion that some jobs which are financially related "or have other sensitivities" may involve a ... More
Unsecured Loans - British homeowners 'want privacy'
More than half (53 per cent) of Britons want to keep themselves to themselves and do not want to interact with their neighbours, according to the latest research from Yorkshire Bank.
The bank's quarterly Housebuyers Survey has also revealed that 37 per cent of homeowners can go for weeks ... More
New Mortgages - Brits emigrating 'in record numbers'
Some 400,000 Brits are emigrating from their home nation every year, a record that equated to one in every 120 adults, HiFX has revealed.
The foreign exchange and cash deposits services company cited research from the Office of National Statistics which was the highest number since it ... More
Unsecured Loans - Drivers 'still not wearing seatbelts'
A quarter of British drivers are getting behind the wheel and taking to the roads without using a seatbelt, according to the latest research.
Statistics released by moneysupermarket show almost four in ten (39 per cent) put this down to forgetfulness, while 11 per cent said they do not ... More
New Mortgages - Property market 'tilting towards buyers'
The property market is reflecting a shift of power from sellers to buyers, according to the Royal Institution of Chartered Surveyors (Rics).
Comments from the organisation come following the latest statistics from Nationwide, which indicated a further loosening of house ... More
Unsecured Loans - Interest rates to fall 'steadily'
The base rate of interest, as set by the Bank of England's monetary policy committee (MPC), will fall steadily during 2008 and 2009, according to an economist.
Howard Archer, chief European and UK economist for Global Insight, said that it is expected that the base rate will fall to 4.5 ... More
New Mortgages - Homeowners get weather warning
British homeowners are being urged to be on the look out for heavy weather this week, as windstorms and snow batter the UK.
The Met Office has warned of severe gales in Wales, south-west England, London and the south-east, with heavy snow forecast in parts of the north and west of ... More
New Mortgages - Retirees 'want to live abroad'
More than one in three Britons would consider moving overseas after they retire, adding to the 'silver flight' as growing numbers of older people head abroad.
A new poll by pensions provider Scottish Widows suggests that the 'silver flight' is gathering momentum and that the more people ... More
Unsecured Loans - Brits ''clueless'' about travel insurance
Many Britons have no idea what to expect from a standard travel insurance policy and holidaymakers are being urged to find out what they are covered for.
A total of one in eight people (12 per cent) are "in the dark" about what a standard policy does and could lose out when they... More
Unsecured Loans - Brits 'go online to pay bills'
A growing number of UK people are using the internet to make bill payments, new research has revealed.
Findings from Alliance & Leicester Commercial Bank state that the number of customers using its online service increased by 70 per cent from 2006 to 2007, with 1.9 million bill ... More
Unsecured Loans - Electoral roll 'protects against fraud'
Failure to register on the electoral roll can cause people to acquire a negative credit rating, an expert has warned.
Neil Munroe, external affairs director at Equifax, said that being traceable on voting records is one of the "basic things" that consumers should do to ensure ... More
Unsecured Loans - Energy switching 'could lead to big savings'
More consumers need to be aware of the advantages of changing utility provider, an expert has claimed.
Tim Wolfenden, head of home services for uSwitch.com, said that British people are becoming increasingly "savvy" about switching other financial products but are still ... More
New Mortgages - Consumers 'must shop around for financial products'
A financial expert has stressed how important it is for consumers to compare deals on mortgage, credit card and insurance products before making a decision.
Head of mortgages at Abbey Nici Audhlam-Gardiner said that people often stick with their existing provider for things like a ... More
Unsecured Loans - Brits 'taking out secret loans'
Many British people take out personal loans without letting anyone else know, new research has revealed.
According to a survey from Abbey, 1.3 million people have secretly arranged a loan in the UK and the total value of these products is estimated at £7.7 billion.
There are... More
New Mortgages - House price figures show ''weakening market''
A new collection of property statistics has presented more evidence of a slowdown on the UK housing market.
The latest index from the Land Registry states that property prices across England and Wales dropped by 0.4 per cent in December last year, bringing the average house price to ... More
New Mortgages - Charge variations for missed mortgage payments revealed
New research has uncovered the wide variation in penalties for missed mortgage payments among UK lenders.
A study by Moneysupermarket.com found that, while some mortgage providers offer their customers a month's grace when failing to make a payment, other lenders charge people up to ... More
New Mortgages - Student debt ''unlikely'' to block mortgages
A property expert has dismissed the likelihood of former students being turned down for mortgages because they are still paying off university loans.
Paul Holmes, chief executive officer of Firstrung, was reacting to claims made by mortgage lender mform.co.uk, which last week stated that ... More
Remortgage - Females 'need more financial fitness'
Many British women are "financially overweight", an industry expert has claimed.
Head of mortgages at Abbey Nici Audhlum-Gardiner said that females spend less time than their male counterparts reviewing their finances and tend to waste more money as a result.
She ... More
Credit Cards - Consumers advised to make post-Christmas switch
A personal finance expert has urged UK consumers to beat the January blues by sorting out their money matters.
Head of news at Moneyfacts.co.uk Andrew Hagger said that people should see the first month of the year as an opportunity to save money by switching their financial products to ... More
Unsecured Loans - Brits 'leave travel insurance until last minute'
Many UK holidaymakers are taking risks by arranging their travel insurance just before they go away, it has been claimed.
According to research from Moneysupermarket.com, 63 per cent sort out their travel cover less than two weeks before their flight, while 47 per cent leave it until the ... More
New Mortgages - New housing minister makes affordability pledge
Caroline Flint has promised to use her new cabinet position to make homes more affordable for UK people.
Speaking shortly after the announcement of Gordon Brown's cabinet reshuffle last week, the new housing minister said that she was "delighted" to have been given the post and ... More
Unsecured Loans - Females 'more trustworthy for car buyers'
The majority of British car loan customers would prefer to make a purchase from a female salesperson, new research has revealed.
A survey by AA Personal Loans found that women are generally seen as more reliable then men when it comes to selling cars, with Lorraine Kelly named as the ... More
Unsecured Loans - Insurers becoming ''more aware'' of fraud
The UK insurance sector is getting better at dealing with the threat of fraud, an industry expert has claimed.
With fraudulent claims adding significant amounts of money onto the premiums of honest people, this is potentially good news for consumers, Graeme Trudgill of the British ... More
Unsecured Loans - Brits 'must stop putting homes at risk'
People have been urged to arrange adequate insurance and stop taking risks with their properties.
A spokesperson for Nationwide, which recently conducted a survey finding that 20 per cent of British homeowners are currently without buildings insurance, said that many people mistakenly ... More
Unsecured Loans - 'Millions' found on UK streets
Approximately £186 million is picked up off British pavements each year, new research has stated.
The survey by Fool.co.uk reveals that the average UK person finds £3.80 on the street over the course of a year, while a lucky two per cent of the country's inhabitants will come ... More
Unsecured Loans - Insurance ''imperative'' for travellers
Holidaymakers have been urged to arrange a travel insurance policy before heading abroad this winter.
A spokesperson for international travel agency STA Travel said that organising cover is "imperative" for all holidays, in order to provide people with peace of mind and ensure ... More
Unsecured Loans - Consumers advised to be ''selfish''
A financial expert has urged Britons to start putting their own interests first.
David Kuo, head of personal finance at advice website Fool.co.uk, said that UK consumers should start to "take a leaf out of the banks' books" and be "a little bit more selfish" about ... More
Credit Cards - Brits 'waste money with impulse buys'
The habit of making impulsive purchases is leading many British people into financial difficulty, a new survey has claimed.
According to findings from online insurance firm Swiftcover.com, 91 per cent of UK shoppers admitted to buying something which they later regretted during ... More
Remortgage - Remortgages keeping UK market ''buoyant''
Strong demand for remortgaging is ensuring that the UK home loan market remains in a relatively healthy state, an expert has claimed.
According to Peter O'Donovan, mortgage manager at financial advice firm Bestinvest, the fact that lenders are still seeing "plenty of remortgage ... More
Unsecured Loans - TV finance guru urges consumers to ''get savvy''
The presenter of a Channel 4 programme on the nation's debt problems has called on Britons to take more responsibility for their financial situation.
Cesarina Holm-Kander said that many UK people are currently "complacent" about their money and could make substantial savings by ... More
Unsecured Loans - Brits 'living in uninsured homes'
Many UK property owners are taking risks by neglecting to organise insurance for their homes, according to new findings.
Research from Nationwide states that 20 per cent of the population currently do not have any buildings insurance, despite the fact that many of the nation's homes are ... More
Credit Cards - January 'is time to deal with card debt'
An industry expert has urged consumers to make sorting out credit card debt their new year's resolution.
Donald MacLeod, head of cards at Sainsbury's Bank, advised card holders not to shy away from their bills this month but to view the period as a chance to improve their financial ... More
Unsecured Loans - Brits 'spending more than they earn'
Almost five million people in the UK are spending money faster than they can earn it, a new report has claimed.
Research from price comparison website uSwitch.com states that 4.8 million Britons spent more than they earned during 2007, while an additional nine million just managed to ... More
Unsecured Loans - Homeowners 'paying out for weather damage'
Bad weather can cost UK property owners dearly, new research has revealed.
According to findings from Abbey, 11 per cent of the nation's homes have been damaged by severe weather in the last five years, at an average cost of £2,699.
The survey also discovered that five per ... More
Remortgage - Brits ''waste money on wrong mortgages''
Too many UK borrowers are squandering money by choosing uncompetitive mortgage deals, a new study has suggested.
According to research from Abbey, £25 million is collectively wasted by people with unsuitable mortgages on a daily basis - the equivalent of about £5 each day for ... More
New Mortgages - Survey reveals extent of missed mortgage payments
New research has drawn attention to the large number of British homeowners who have failed to make a mortgage payment in recent months.
According to the study by MoneyExpert.com, 463,000 property owners have missed a monthly payment since July last year, as high interest rates and rising ... More
New Mortgages - Mortgage lending reaches highest ever level in 2007
Last year was a record-breaking period for mortgage borrowing in the UK, new figures have shown.
According to the latest data from the Council of Mortgage Lenders (CML), gross lending reached an estimated £362 billion by the end of 2007 - a five per cent increase on the previous ... More
Unsecured Loans - Brits ''spend billions on travel''
The cost of British people's holiday habits has been revealed by new research.
According to findings published by Alliance & Leicester, UK holidaymakers shell out £34.4 billion each year on trips overseas, with £23.3 billion spent while abroad.
The average cost of ... More
Unsecured Loans - Bad weather ''putting property at risk''
Homeowners have been urged to check that they have adequate insurance policies in place as the country faces a period of prolonged bad weather.
Sainsbury's Home Insurance warned Britons that their property could be at risk as high winds and heavy rain continue to batter different parts of... More
Unsecured Loans - Economy entering tough times, says Bank
A Bank of England (BoE) official has warned that the UK economy faces a difficult period as it attempts to recover from the disruptions of 2007.
Deputy governor of the BoE John Gieve said that problems in global credit markets had produced "a risk of a deeper downturn" in the ... More
New Mortgages - Brits ''too casual about mortgages''
New research has claimed that many UK people take a blase approach to organising their mortgage, despite the fact that it is likely to be the biggest financial commitment of their lifetime.
According to a survey by Fool.co.uk, the average Briton takes almost twice as long planning their ... More
New Mortgages - ''Brakes on'' for housing market
New figures have revealed the extent of the major slowdown currently taking place in the UK property sector.
According to a report by independent financial website Moneyextra.com, average house prices increased by just 1.85 per cent over 2007 as a whole, compared with a rise of 7.44 per ... More
New Mortgages - Green mortgages still ''niche product'' in UK
A lending expert has stated that the demand for eco-friendly mortgage deals remains relatively low among British borrowers.
The green mortgage is "still very much a niche product" on the UK market, according to Alison Rolls of the Norwich and Peterborough Building Society, who ... More
Unsecured Loans - Brits ''struggling with wage divide''
A financial education charity has stated that there is a widening divide between high and low paid workers in the UK, with more people getting into financial difficulty as a result.
Credit Action director Chris Tapp said that, while City salaries have "exploded" in recent years ... More
Unsecured Loans - ''Billions'' to be spent on green home improvements
Homeowners in the UK are planning to spend large sums on making their properties environmentally-friendly this year, according to new figures.
Research by the Co-operative Bank shows that Britons are likely to invest up to £13 billion in green home improvements over the next 12 ... More
New Mortgages - Fewer students taking gap years
Gap years are increasingly falling out of favour among British students, new research has revealed.
A study by Abbey Mortgages found that high house prices in the UK mean that many young people are finding it hard to justify spending large sums on travelling abroad.
More than ... More
Unsecured Loans - Consumers urged to take advantage of falling loan rates
People considering a personal loan application have been advised to move quickly, as many lenders are currently reducing their rates for the beginning of 2008.
According to a study by Moneyfacts.co.uk, five different loan providers have reduced their rates by as much as three per cent at ... More
New Mortgages - Property sector ''expecting further rate cuts''
A large number of mortgage professionals are expecting the Bank of England to reduce interest rates significantly as the year goes on, new research has revealed.
In what could be good news for the nation's mortgage borrowers, findings from a study by GE Home Money Lending show that 70 per... More
New Mortgages - Housing slowdown ''encouraging for buyers''
The ongoing slowdown in the property market will provide new opportunities for many buyers in the UK, it has been claimed.
David Kuo, head of personal finance at advice website Fool.co.uk, said that the current downturn in house prices is "without question" good news for the ... More
Credit Cards - Britons ''struggling with Xmas card debt''
Many consumers will be unable to pay off their credit card balance in full by the end of January, according to a new report.
Research from Sainsbury's Finance stated that 39 per cent of the nation's card holders do not expect to clear their outstanding card debts by the end of this month,... More
New Mortgages - Mortgage lenders ''becoming more cautious''
The UK's mortgage providers are beginning to tighten their belts in light of the recent property market slowdown, a new report has indicated.
According to research from Moneyfacts.co.uk, many mortgage lenders have recently reduced the maximum loan to value they offer, meaning that some ... More
Unsecured Loans - ''Many solutions'' available for people in debt
A debt expert has stated that people in financial difficulty have a number of options available to them, with taking out a debt consolidation loan one of the main solutions.
Ian Wrenshall, director of advice service Debt Help UK, said that consumers should be aware of the options open to ... More
Remortgage - Mortgage holders advised to use fixed rates
People applying for a mortgage have been advised to take out a fixed-rate deal in order to avoid fluctuating monthly payments.
In light of the Bank of England's decision to hold interest rates at the current level of 5.5 per cent yesterday, potentially leading to disappointment for many ... More
New Mortgages - Rate decision ''not bad news''
The Bank of England's decision to maintain interest rates at 5.5 per cent yesterday will not impact negatively on many British borrowers, it has been claimed.
Although some mortgage holders may be disappointed by the Bank's failure to lower the cost of borrowing for another month, it is ... More
Unsecured Loans - Brits ''neglecting home safety''
The nation's property owners have been urged to become more conscious of their safety at home.
According to a survey by Legal & General, many British people install safety devices in their homes but only a small proportion continue to check the effectiveness of such items after they ... More
Credit Cards - Consumers ''increasingly reliant on credit cards''
British people are more dependent on their credit cards than ever before, it has been claimed.
According to new research from the Post Office, one in four UK consumers are more reliant on their plastic at the beginning of 2008 than they were last year.
The findings state that 41 ... More
New Mortgages - Buyers ''encouraged by falling house prices''
Consumer confidence regarding the UK property market is increasing on the back of the recent drop in prices, a new survey has indicated.
Findings from financial advice website Fool.co.uk suggest that British people are becoming more positive about entering the property sector, with 11 per... More
Credit Cards - New year ''should mean new start financially''
People should view the new year as a chance to make a new start and confine their bad financial habits to the past, a consumer group has stated.
With many people reaching the end of fixed rate mortgage deals and utility bill inflation continuing, homeowners should take the opportunity to ... More
Unsecured Loans - Homeowners ''failing to pay bills''
Many people in the UK are struggling to cope with the rising cost of running a household, new research has indicated.
According to MoneyExpert.com, approximately 6.9 million bills have gone unpaid since June 2007 as homeowners find their budgets squeezed by increasing utility and food ... More
Unsecured Loans - Brits ''financially unready for change''
New research has suggested that the finances of many UK people have suffered in recent years as a result of major life changes.
According to the survey from Abbey, 15 million Britons have experienced a financial setback since the beginning of 2006 on account of being unprepared for sudden... More
Credit Cards - Credit card firms ''provide limited choice''
Many British consumers are currently struggling to come to terms with the extent of their credit card spending over the Christmas period, it has been claimed.
This is because the majority of card providers offer a limited choice on balance transfer deals, according to a report from ... More
New Mortgages - Couples ''more likely to worry about interest rates''
People who are married or cohabiting are almost twice as likely to worry about the impact of changes to the interest rate than singletons, new research has claimed.
According to a survey from Intelligent Finance, 55 per cent of unattached Britons said that they would take no notice of the... More
New Mortgages - Property prices rose in December
The average UK house price increased in December after declining for three successive months, according to a new report.
Figures from the latest Halifax house price index show that last month's property prices increased by 1.3 per cent from November, representing an annual increase of 5.2... More
Unsecured Loans - Consumers ''need financial workout''
The vast majority of Britons are in need of a "financial workout", new research has claimed.
Some 99 per cent of consumers need to shape up their finances in one way or another - which may include looking at loan products - to ensure they do not lose out, the study by Abbey ... More
Credit Cards - Card companies ''should encourage customer loyalty''
Credit card providers must work harder to retain their customers in the recent economic climate, it has been claimed.
According to financial research firm Defaqto, UK card firms have ignored existing customers in recent years, instead focussing on attracting new users through introductory... More
Unsecured Loans - Struggling consumers advised to avoid January sales
People who have overspent during Christmas or are struggling with existing debts have been urged to stay away from the shops during sale season.
James Ketchell, spokesperson for the Consumer Credit Counselling Service (CCCS), said that avoiding the temptation of the January sales is ... More
Debt Consolidation - Consolidation loans ''provide structure''
A debt expert has recommended that people with money difficulties take out a personal loan to consolidate their borrowing.
Director of Debt Help UK Ian Wrenshall said that the advantage of debt consolidation loans is that they can provide an otherwise disorganised borrower with ... More
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