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Home Owner Loan Customers Face Huge Increases
There has been a lot of news in the financial press in recent weeks about bank and building societies increasing their standard variable rates on their home owner loan and mortgage products, despite the base rate of interest for loans and savings from the Bank of England remaining at just 0.5 per cent. The consumer group Which?
Continue reading...New Rules Could Increase On Line Loans
2. May 2012
Following the problems faced by many loan customers caused by the effects of the credit crunch, which was in turn partly caused by irresponsible lending activities and people taking out loans which they could not hope to be able to repay, the Financial Services Authority (FSA) has proposed a new set of regulations for the home owner loan industry. The Mortgage Market Review (MMR) is due to come into effect next year and is likely to place severe restrictions on some types of home owner loan product which have been commonly used in the past and contributed to many of the loan problems faced by borrowers today.
Continue reading...Start Up Loans For Young Business People
30. April 2012
The current economic situation in the UK is making it particularly hard for anyone to get a job, particularly young people with little or no work experience.
Continue reading...First Time Buyers Sharing Properties
27. April 2012
Getting the first step onto the housing and home owner loan market can be particularly difficult for many potential first time buyers at the moment, despite the fact that many banks ad building societies are now offering special loan deals to help them get the house they want. Strict affordability issues on home owner loans, coupled with large deposit requirements in order to meet low loan to value levels from lenders, as well as other costs, such as the return of stamp duty, have placed the overall cost of a home owner loan beyond the finances of many would be first time buyers. The National Association of Estate Agents (NAEA) has said that one solution to this problem is for first time buyers to purchase a property with family members or friends, in order to spread the costs of a large deposit and monthly loan repayments.
Continue reading...Half Of Those Approaching Retirement Will Have To Work For Longer
26. April 2012
The current economic situation in the UK has left my people in the position where they are struggling with their loans and other finances, but whereas a large proportion of the population has the chance to rebuild this and payoff their various loan debts, those individuals who are approaching their normal retirement age are unable to do so. New figures in a report from the Pension Policy Institute, have shown that somewhere in the region of half of workers between the ages of 50 and State Pension Age will have to extend their working lives in order to maintain their standard of living an in many cases continue to pay off their home owner loans and other debts. The report has revealed that around 45 per cent of this age group will be forced to carry on working for at least another 11 years beyond retirement age, if they wish to maintain their standard of living and a further 5 per cent will have to work for at least 6 years beyond their normal retirement age.
Continue reading...Could Loan Rates Be About To Rise?
25. April 2012
The Bank of England base rate of interest for loans and savings has now been at the historically low level of just 0.5 per cent or well over three years and many borrowers have now come to take this rate for granted, with some who have only taken out their home owner loan in the past three years, never having known anything different other than cheap loan repayments.
Continue reading...Equity Release Loan Sales Increase
24. April 2012
The number of sales of equity release loans has risen once again across the UK, as more and more retired people use the value of their home to help fund their retirement plans, pay off existing loan debts or help their family with their loans or house purchase.
Continue reading...OFT Continues Crackdown On Loan Debt Firms
23. April 2012
The Office of Fair trading (OFT) has announced that it will be clamping down on commercial loan debt management firms who use misleading names in their companies or on their websites, in order to make it clearer to loan customers whether or not the organisation they are approaching is a genuine loan debt charity or a commercial enterprise. Since the credit crunch, more and more people across the UK have been struggling with their personal loans and other debts and looking for help and advice on how to manage their loan debts. This has led to a significant increase in the number of debt management firms which are operating on a commercial basis and charging customers fees for their services
Continue reading...Student Loan Rates Could Fall For Graduates
20. April 2012
There has been a lot of controversy over the cost of a university education in recent times and particularly the level of student loan debt which the majority of graduates will be left with once their studies have been completed, a situation which is only likely to get worse in coming years due to the increased university fees.
Continue reading...95 Per Cent Loan To Value Deal Numbers Double
19. April 2012
A few years ago, at the height of the credit crunch and banking crisis in the UK, it was almost impossible to get a secured loan or home owner loan which offered a high loan to value and a deal offering 95 per cent loan to value was practically out of the question. However, as banks and building societies start to recover slightly and relax their lending criteria, especially when it comes to loan to value levels, the number of high loan to value home owner deals has increased dramatically in recent times
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3. May 2012
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