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What Is The Main Cause Of Loan Debt Problems?
More and more individuals across the UK are falling into serious debt through personal loans and credit cards at the moment and whilst many people still think of excessive loan debts as an embarrassing problem, there are a growing number of people in the same situation and loan and card debts don’t seem to carry the same stigma as they used to. In order to help individuals sort out their personal loan and other debt problems, there are a growing number of debt charities which have been set up specifically to help people with such matters, including the Citizens Advice Bureau, The Consumer Credit Counselling Service (CCCS) amongst several others. In the past, one of the main reasons for people having an uncontrollable amount of loan and credit card debt was often due to bad planning and financial management, with people just taking out more personal loans and spending on credit cards without regard for the consequences of their actions
Continue reading...High Loan To Value Products On The Increase
21. February 2012
The most common complaint from potential first time buyers and the biggest reason they say that they are unable to get themselves onto the housing and home owner loan ladder, is due to the fact that that
Continue reading...Home Owner Loans Rise 10 Per Cent
20. February 2012
The number of home owner loans being taken out across the UK is continuing to rise, according to the latest figures from the Council of Mortgage Lenders (CML), with January this year seeing a 10 per cent increase in the value of new loans, compared with 12 months earlier. Although the gross amount of new loans decreased to £10.5 billion in January, compared with £12.2 billion worth of loans in December, the CML said that this was a quite normal trend in the home owner loan market and that loan figures were still 10 per cent up on the same time last year. Despite the drop of 16 per cent in the value of new loans between December and January, the CML figures have shown that the home owner loan market has recorded year on year growth for a total of six consecutive months now
Continue reading...Government’s Loan Project Is Failing
17. February 2012
Since the credit crunch, the main banks in the UK have severely tightened their lending criteria and have made it much more difficult for anyone to be accepted for a new loan, whether it is for a personal loan or a business loan, despite many of them receiving bail out loans from the government to try and improve their lending figures. Last February, the government reached an agreement with the five major banks in the UK to increase the number of loans being offered, particularly for small businesses, with a gross lending target of £214.9 billion worth of new loans being set or the whole of last year. The scheme, known as Project Merlin, was launched on 9th February last year and set a target of £190 billion worth of new business loans, with £76 billion of this being set aside for small and medium sized businesses
Continue reading...90 Per Cent Of First Time Buyers Save On Stamp Duty
16. February 2012
In an attempt to provide a boost to the housing and home owner loan market, the government introduced holiday on stamp duty payments for first time buyers, who were purchasing a property for under £250,000, back in March 2010. Since that time, it is estimated that around 9 out of 10 first time buyers have managed to save money on their loan and house purchase costs through the scheme, which has prompted calls for the holiday to be extended beyond the current deadline date of March this year.
Continue reading...Secured Loans Market Returning
15. February 2012
Since the credit crunch hit the UK economy, the secured loans market, along with every other sector of the loans market, has suffered greatly, with lenders withdrawing loan products and reducing maximum loan to value levels, whilst increasing the interest rates they charge on their loans.
Continue reading...Couples Splitting Up Seperate Loans And Finances
14. February 2012
Happy St Valentine’s day. Today is the day when love is in the air and everyone is feeling romantic, taking out a small loan in order to buy a dozen red roses, a card and an expensive box of chocolates.
Continue reading...Secured Loan Repossessions Fall
13. February 2012
The majority of home owners in the UK try to ensure that they keep up to date with the repayments on their home owner loan or mortgage ahead of any other loans, such as unsecured loans or credit cards, so as to avoid loan arrears and the threat of repossession. However, many of these same borrowers also have a secured loan on their home and in many cases individuals have had their home repossessed, not through arrears on their main home owner loan, but due to arrears and defaults on a secured loan, or second charge loan which is secured on it. Despite the tough economic times in the UK at the moment, the number of properties being repossessed due to failings on a secured loan has fallen by around 4.3 per cent over the course of last year, compared with the previous twelve months
Continue reading...UK Enjoys Low Loan Rates For Three Years
10. February 2012
The Bank of England base rate of interest for savings and loans will now have remained at its historically low level of just 0.5 per cent for a total of three years, following the regular monthly meeting of the Bank’s Monetary Policy Committee (MPC) yesterday. The announcement was made yesterday and came as no surprise to financial experts, or consumers, who have now come to take their cheap loan rates as a normal state of affairs
Continue reading...Bank Loan Numbers Expected To Fall
9. February 2012
It has become much harder to obtain a bank loan in the UK in recent years, due to the effects of the credit crunch and banking crisis, yet despite this, the number of new bank loans being offered has been increasing over the past few years. However, a new report from the Ernst & Young ITEM club has predicted that the amount of new lending through traditional bank loans is likely to shrink this year, for the first time since 2009, as a growing number of borrowers are obtaining loans and finance from alternative sources
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22. February 2012
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