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Interest Rates Devour Homeowners' Income
2007-12-18 12:01:00 The Council of Mortgage Lenders (CML) reports that fixed rate mortgage loans are dropping, with levels down to 68% in October. This trend is expected to continue as interest claims highest levels of 'consumer income' in 15 years. More About: Interest Rates , Income , Interest , Rates , Homeowners
Inflation Watchers Surprised Over Interest Rate Drop
2007-12-18 11:40:00 Many industry analysts are surprised that the Monetary Policy Committee reversed their inflation fighting strategy and lowered the base interest rate to 5.5% this month. More About: Inflation , Interest , Rate , Interest Rate , Drop
Banks Set To Write Down Millions
2007-12-18 11:31:00 Banks are starting to offer predictions on their net profit and write downs for the year 2007. While the numbers come as no surprise, they are forcing banks to rethink their lending practices. Lloyds TSB is one of the first as it revealed write downs of £200m in a recent trading statement. Finance analyst Keefe, Bruyette & Woods had predicted Lloyds would only suffer a £150m write-down. More About: Banks , Write , Millions
HIPs In Place For All Properties
2007-12-18 10:34:00 As of Friday 14 December 2007 all homes on sale in England and Wales must include a Home Information Pack. The date can be added to 1 August and 10 September when HIPs were introduced for four-bedroom-plus and three-bedroom homes respectively. More About: Place , Properties , Prop , Pert , Rope
Experts Predict Where Interest Rates Will Go Next
2007-12-17 10:26:00 A poll by Thisismoney.co.uk 28% of UK consumers does not agree with City experts' predictions. The poll asked 1700 UK consumers where rates will go. While the City analysts expect rates to go lower than 4.5%, almost 28% of consumers expect the rate to bottom at 5%, with another 12% at 5.25% and 4.75% respectively. More About: Interest Rates , Experts , Interest , Rates , Predict
Cameron Speaks Out On Borrowers' Behalf
2007-12-17 10:13:00 Conservative leader David Cameron recently appeared on BBC Radio 4's Today Programme, asking banks to support their borrowers through this difficult time. Cameron states that the government has several programs in place already to help borrowers through this credit crisis, including a step program for homeowners coming off low cost, fixed rate mortgage deals.
Banks Hit Hard In 2007
2007-12-17 10:02:00 The big banks will be glad to see the end of 2007. Britain's central bank has come under fire from politicians, banks and businesses for not stepping in as quickly as its counterparts in the United States and Euro zone to ease money market strains at the height of the credit crunch, according to Guardian Unlimited. More About: Banks , Hard
Central Bank Money May Not Be Enough
2007-12-17 09:41:00 The three most powerful central banks in the world have joined forces in an attempt to head off a global recession, by injecting £55bn into the monetary system. The Bank of England, the US Federal Reserve and the European Central Bank have combined to try and stave off the problems being caused by the world-wide credit crunch. In an unprecedented move the three central banks hope to relieve some of the fears that have seized high street banks and give them some confidence back in lending to each other. More About: Money , Central Bank
World Banks Reducing Interest Rates
2007-12-14 12:08:00 The Bank of England is the latest bank to lower their interest rate. They lowered it .25% from 5.75% to 5.5%. This follows a US and Canadian base interest rate decrease to 4.5%. China joined the international trend and decreased its base interest rate for the first time since 1993, decreasing their interest rate to 9.3%, according to TimesOnline UK. More About: World , Banks , Interest Rates , Interest , Rates
Weddings Putting New Households In Debt
2007-12-14 11:57:00 The average wedding costs about £18,000. Research showed that 50 percent of couples financing their wedding via credit will take out a personal loan, while 29 percent of consumers who are trying to save for a wedding still have 5,000 pounds worth of short-term debt, according to reports from Equifax. More About: Weddings , Debt , Putting , Households , Holds
Charity Fears A Sub-Prime Crisis Is Coming To The UK
2007-12-14 11:39:00 The sub-prime crisis is taking root in the UK, according to Citizens Advice (CA). They say that aggressive mortgage lenders are rushing to repossess thousands or properties. More About: Charity , Crisis , Fears , Prime , Cris
UK Banks Advised To Adopt Responsible Lending Practices
2007-12-13 12:23:00 The UK economy has increased unhindered for 67 quarters. This combined with low inflation and unemployment rates, encouraged banks to offer low cost credit, and lowered consumer's fear of building up high levels of debt, according to a speech published on the Financial Services Authority website. More About: Banks , Lending , Adopt
Reprieve For 1.4 Million Homeowners
2007-12-13 12:13:00 Millions of homeowners are expecting their mortgages 'come to term' in the next year. Many are facing the prospect of having their monthly mortgage payments increase several hundred pounds a month. More About: Million , Homeowners , Homeowner
Lending Businesses Ordered To Treat Customers Fairly
2007-12-13 12:02:00 Financial Services Authority (FSA) retail managing director Clive Briault told delegates at the Council of Mortgage Lenders' seventh annual conference, that they should pay close attention to their business's credit lending practices and ensure they are treating customers fairly. More About: Customers , Treat , Lending , Businesses , Sine
Mortgage Costs Are Highest For 16 Years
2007-12-13 11:28:00 The largest portion of earnings is being paid out toward mortgage interest by homeowners in the last 16 years, and struggling borrowers are warned by lenders that things are going to get a lot tougher. More About: Mortgage , Years , Costs , Mort
Interest Rate Cut In Time For Christmas
2007-12-12 10:20:00 The Monetary Policy Committee at the Bank of England (BoE) voted to decrease the base interest rate by a quarter of a point from 5.75 per cent to 5.5 per cent, alleviating anxiety in the financial markets, according Financial Time s Advisor. More About: Christmas , Interest , Rate , Interest Rate
House of Lords Makes It Easier To Shop Online
2007-12-12 10:05:00 Credit card companies have been told by the House of Lords , who introduced section 75 of the Consumer Credit Act, to give valuable protection to credit card users who buy items overseas and over the internet. It doesn't matter whether these people buy items from a small classified online, or a large company such as eBay.com or Amazon.co.uk More About: Shop , Online
Essential Consumer Credit Debt Market Assessment 2007 Report Is Now Release
2007-12-12 09:54:00 The Essential Consumer Credit Debt Market Assessment 2007 Report does not provide any surprises for consumers. Most of the information available paints a strong picture for the UK. If anything, the Report ensures consumers that the UK regulatory bodies and government are proactively trying to reduce the impact of the proposed 2008/2009 recession. It also offers hope for mortgage holders whose terms will be up for renewal in 2008, according to Research Markets.
Mortgage Life To Get Tough
2007-12-12 09:30:00 The year 2008 looks like being a rough road for homeowners. Associated costs are up, but house prices are on their way down. For those coming off fixed rate mortgage deals from two and three years ago, 2008 will be particularly tricky. More About: Life , Mortgage , Tough , Mort
FSA Targets Financial Websites
2007-12-11 10:57:00 A review by the FSA targeting 130 visits to 77 lending firm's websites reveals that the majority of sampled websites met the FSA's financial promotions requirements. One quarter of the financial websites are difficult to navigate and fail to find key information. This is a positive improvement from 2005 when the FSA stepped up its supervision of internet-based financial product promotions following poor reviews in 2005 and 2006. More About: Financial , Websites
Credit Still Available On Credit Cards
2007-12-11 10:50:00 One in ten adults, 4 million adults, have access to £20,000 of credit. The latest figures show that UK consumers currently owe £64.7 billion on their credit cards, and can potentially spend £176.9 billion on credit cards, according to moneysupermarket.com. More About: Credit Cards , Credit , Cards
Consumer Confidence Is Slowing The Housing Market
2007-12-11 10:40:00 Declining consumer confidence confirms fears that a decade of strong growth for Europe's second-largest economy is grinding to a halt, putting pressure on the Bank of England to cut interest rates, according to Associated Press. More About: Market , Consumer , Housing , Confidence
Bank Loyalty On The Wane
2007-12-11 10:29:00 An amazingly high number of over eight million people have switched their bank in 2007 with lack of satisfaction with staff and services. More About: Bank , Loyalty
Christmas Comes Early For Credit Card Holders
2007-12-10 11:22:00 The battle of the 'cash-back' has broken out between credit card providers as they try to capture new clients in time for the Christmas season. More About: Card , Credit , Credit Card , Early
Bankruptcy Stigma Lessening
2007-12-10 11:13:00 The idea of claiming bankruptcy is "becoming more and more palatable" to UK adults who are experiencing serious debt, according to Thomas Charles. They claim that the stigma surrounding bankruptcy is becoming more socially acceptable. More About: Bankruptcy , Stigma , Bankrupt
4.4 Million Consumers Still Paying For Last Christmas
2007-12-10 11:03:00 Consumer attitudes toward debt have shifted dramatically. UK consumers are taking a more laid back approach to borrowing. Many no longer see borrowing as a last resort, but a way of financing a certain standard of living, according to Standard Life. This theory is mirrored by a report by MoneyExpert.com that claims one in three do not pay off their credit cards each month, with 4.4 million consumers still repaying last year?s Christmas debt. More About: Million , Consumers , Last Christmas
Lower Rates Now Available To Mortgage Customers
2007-12-07 12:59:00 In response to the cut in interest rates by the Bank of England on Thursday from 5.75% to 5.5% several mortgage lenders have followed suit. More About: Customers , Mortgage , Lower , Rates , Mort
Interest Rates Cut To 5.5%
2007-12-07 11:43:00 Following a two day meeting the Bank of England's Monetary Policy Committee has finally given in to the signs that the economy is slowing down and cut interest rates by a quarter of a point to 5.5%. More About: Interest Rates , Interest , Rates , Eres
Mortgage Lenders To Prepare For The Worse
2007-12-07 11:30:00 With the outlook of the credit crisis looking bleak, mortgage lenders are now being warned by the Financial Services Authority (FSA) to prepare for the worse. More About: Mortgage , Lenders , Pare , Mort , Prep
Buy-To-Let Still Doing Well For Large Portfolios
More articles from this author:2007-12-07 11:11:00 Many people have piled a lot of money into buy-to-let investments in recent years. Others have dipped a toe in the water, as disillusionment with stocks, shares and pension funds became a force for action. Recently buy-to-let has come in for some bad press, with all that is going on in the housing market. More About: Portfolios , Large 1, 2, 3, 4, 5, 6, 7 |
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