September, 2008 news
$700 billion bill rejected by Congress
The US Congress has rejected the proposed $700bn (£380bn) bail-out, throwing the world's financial markets into disarray and raising important questions about the availability of mortgages and other forms of credit.... Read more »
Tesco thrives in tough markets
Supermarket giant Tesco has announced healthy profits, despite the tough financial conditions cutting down on consumers' spending.... Read more »
Big changes to the mortgage market
The recent takeover of HBOS by Lloyds TSB may reduce the number of mortgage products on the market, reports the Financial Times.... Read more »
US rescue deal may help loans market
The fate of the US' $700bn rescue deal will affect loan and mortgage markets all over the world.... Read more »
65 - a date with unmanageable debt?
A European court adviser has rejected a challenge to employers' right to impose retirement on 65-year-olds.... Read more »
Council of Mortgage Lenders: predictions 'futile'
The latest fortnightly review from the Council of Mortgage Lenders (CML) has said that updating their house price predictions now is 'futile'.... Read more »
US government to purchase mortgage debts
US politicians have unveiled a deal which could see the government spending $700 billion buying mortgage debts and other 'troubled assets' from lenders.... Read more »
US banking bail-out unveiled
Democrats and Republicans in the USA have agreed on a $700 billion deal which aims 'to rescue America's financial system and end the credit crunch', as the BBC reports.... Read more »
Brits `increasingly pawning possessions as credit tightens`
Consumers in the UK are increasingly relying on pawning their possessions as financial service providers become less willing to lend money.... Read more »
FTBs `to wait 15 years to save for mortgage`
As a result of tightening lending criteria being implemented by banks, first-time buyers (FTBs) in the UK may have to wait up to 15 years to save a deposit.... Read more »
Stricter mortgage lending sees 1% house price fall
New statistics showed another 1% monthly fall in house prices in the month of September, as mortgage lending criteria tightened further.... Read more »
'Significant divide' in loan availability expected
Some people may find the availability of loans decreases as lenders look to improve their "lending quality", according to one expert.... Read more »
Darling: taxes 'will not increase'
Chancellor Alistair Darling has promised there will be no increase in taxes to cover the increased public spending required to keep the economy afloat.... Read more »
More expensive mortgage deals expected
Mortgage deals may become more expensive in the aftermath of Lehman Brothers' collapse and the Lloyds TSB-HBOS merger, according to a mortgage expert.... Read more »
Big changes to the mortgage market
The recent takeover of HBOS by Lloyds TSB may reduce the number of mortgage products on the market, reports the Financial Times.... Read more »
BBA: Mortgage lending slumps in August
Mortgage lending in Britain slumped in August, the British Bankers` Association (BBA) has revealed.... Read more »
Loan providers `becoming stricter`
People seeking loans in the UK are now subject to much stricter eligibility criteria than they were in the past, an expert has said.... Read more »
Retirees facing money troubles issued equity release warning
People who enter their retirement with concerns about their personal finances have been issued a warning aboutusing equity release as an escape route.... Read more »
'Second wave' of bank losses expected
A credit reference agency have said that US and European banks will suffer a 'second wave' of massive losses from the credit crunch in the next few months.... Read more »
Credit unions report high personal loan demand
Credit unions have seen an increase in applications for personal loans, according to a leading body, in a further sign of the difficulties surrounding the loans market.... Read more »
Price war forces petrol price drop
Petrol prices fell nationwide as a price war broke out amongst retailers, following the recent drop in oil prices.... Read more »
High Streets 10% empty as retail dwindles
The extent of the crisis facing many retailers hit home today as it was announced that an average 10% of premises on high streets across the UK are empty.... Read more »
Potential mortgage holders given words of encouragement
People looking to purchase property in the UK have been issued words of encouragement by one industry body.... Read more »
UK set for shallow recession
Britain will experience a shallow recession in the second half of this year, while next year's economic growth will be the lowest since 1992, according to an industry expert.... Read more »
July house price figures show slight recovery
New Government figures show a 0.5% drop in average house prices in the three months to July, despite a slight recovery in the final month.... Read more »
Credit crunch 'could last another 18 months'
The Chief Executive of the UK's largest home loans provider has said that the credit crunch could last another 18 months or longer before the market begins to recover.... Read more »
Food inflation 'beginning to ease'
There are signs that the rise in food costs over the past year may be about to hit its peak before settling, according to experts.... Read more »
August inflation hits 4.7%
The latest figures from the Office for National Statistics show that the official rate of inflation hit 4.7% in August, up from 4.4% in July.... Read more »
Lehman bankruptcy 'could squeeze mortgage market'
It is feared that Lehman Brothers' recent application for bankruptcy protection could increase the pressure on the mortgage market and hinder the Government's bid to rejuvenate the weakening economy.... Read more »
HBOS & Lloyds TSB in merger talks
HBOS (Halifax Bank of Scotland) and Lloyds TSB have announced that they are in talks about a possible merger worth £30bn.... Read more »
Bank of England 'considered dropping rate'
The Bank of England's Monetary Policy Committee (MPC) considered dropping the base rate before settling on 8-1 votes in favour of keeping it at 5%.... Read more »
Interest rate cut 'urgently needed'
A spokesperson for the British Chambers of Commerce has warned that there is an "urgent need" for the Bank of England's MPC (Monetary Policy Committee) to cut interest rates if the economy is to avoid serious damage.... Read more »
Mortgage lending declines in August
Total mortgage lending fell once again in August, new figures from the Council of Mortgage Lenders (CML) reveal.... Read more »
Credit crunch 'to hit consumers severely'
The ongoing credit crunch has "potentially severe implications" for consumers, a financial expert has said.... Read more »
Unemployment at highest rate in 16 years
New official figures show that the number of Britons claiming unemployment benefit is increasing faster than at any time since 1992, suggesting that the UK may be moving closer to a severe economic downturn.... Read more »
Merger 'will cause mortgage rates to rise'
As Lloyds TSB and HBOS complete their £12.2 billion merger, a number of financial experts have speculated that mortgage rates may rise as a result.... Read more »
Homeowner loans `a possibility for those in debt`
People experiencing debt problems may benefit from a homeowner loan, it has been suggested.... Read more »
Consumers urged to make most of loan rate cuts
Consumers in the UK have been urged to take advantage of cuts in personal loan rates before they are withdrawn from the market.... Read more »
Mortgages down by half in a year
New statistics show that overall mortgage lending fell by over half in the year to 2007.... Read more »
US mortgage rescue 'may help our loans'
A leading mortgage expert has said that the recent bailout of Freddie Mac and Fannie Mae by the US Government may have a beneficial knock-on effect on the UK loans market.... Read more »
Energy customers 'paying extra' towards bills
Energy customers may be paying extra and risking falling into debt because of what the Sunday Times called `dirty tricks` by energy providers.... Read more »
More people now with debt problems, expert says
More people in the UK are sinking into debt, according to one expert.... Read more »
House prices `down in July`
House prices were lower on average in July this year compared to the same month in 2007, new figures reveal.... Read more »
House prices 'to increase by mid-2009'
A leading economics research consultancy has predicted that house prices may be set to rise by the middle of 2009.... Read more »
Loans market central to housing market downturn
Severe restrictions on lending are the root cause of the decline in the housing market over the past year, an expert has claimed.... Read more »
Brits 'facing retirement debt'
A leading equity release company has warned that many British citizens are set to retire facing potentially significant debts.... Read more »
Paying bills `tops list of personal finance concerns`
Paying the monthly bills is the personal finance issue most concerning UK consumers, it has been found.... Read more »
Unsecured loans `rising in popularity`
As consumers in Britain continue to struggle with their personal finances, the number of unsecured personal loans being taken out has increased.... Read more »
`Help required for consumers being refused loans`
As borrowing conditions tighten in the light of the well-publicised banking problems, more help needs to be extended to consumers who are being refused loans, it has been suggested.... Read more »
Consumers issued personal finance tips
Consumers have been offered a series of personal finance tips in order to help them survive the credit crunch and potentially avoid debt problems.... Read more »
Bank of England promises more mortgage help
Bank of England Governor Mervyn King today announced that a new lending scheme is being put together to ease the liquidity crisis at the heart of the credit crunch.... Read more »
Inflation 'set to exceed targets again'
Bank of England Governor Mervyn King has told MPs that inflation is set to rise above target once again.... Read more »
Wet summer could keep food prices rising
The unusually wet summer has led to delays in harvesting that could cause further rises in the prices of various foods, according to the BBC.... Read more »
Lender responsibility `top of issues`
A leading business writer has warned that lender responsibility is of key importance if the credit market is to recover anytime soon.... Read more »
No quick solution for mortgage market problems, expert warns
There will be no quick solution to the banking problems currently affecting the UK`s mortgage market, it has been suggested.... Read more »
Secured loans consultation launched
A consultation on the regulation of secured loans has been launched by the Association of Finance Brokers (AFB).... Read more »
First-time buyers face mortgage & affordability issues
First-time buyers face a tough time, says the Council of Mortgage Lenders (CML). Finding an affordable house isn't the only problem, as finding a mortgage deal - especially a mortgage deal with a good rate - depends on laying down a deposit. ... Read more »
The blood pressure `ticking time bomb`
Debt and other money worries can have a dramatic effect on health. UK charity the Blood Pressure Association warns that the credit crunch is taking a dramatic toll on the nation's health, diet and fitness and is putting us at risk of a blood pressure 'ticking time bomb'. ... Read more »
Plans for energy bills 'nearly finalised'
The Government and energy companies are close to finalising a deal to help reduce fuel bills, according to the BBC. ... Read more »
Help for home loan interest 'limited'
Improvements to a scheme which helps people pay mortgage interest if they lose their job will not offer further help to the over-60s, the BBC reports. ... Read more »
Housing market still weak in August
The UK housing market remained weak during the month of August, according to a new report from the Royal Institution of Chartered Surveyors (Rics).... Read more »
Credit crunch `leading to health problems`
The ongoing credit crunch and its associated debt problems are impacting significantly on Britons` long-term health, according to new figures.... Read more »
Brits `not prepared to haggle over loan deals`
Despite being prepared to negotiate the price of goods such as televisions and cars, consumers in the UK are reluctant to haggle over financial services such as loans, according to the findings of a recent study.... Read more »
Women `more worried about personal finance in retirement`
British women are more concerned over the health of their personal finances when they hit retirement than their male counterparts.... Read more »
Govt announces new loans for house buyers
First-time buyers in England may benefit from a new government loan scheme, it has been revealed.... Read more »
Mortgage lending declines
The number of loans being secured by UK consumers to fund house purchases has declined significantly since last year as the country`s banking problems continued to impact on the property market, new figures indicate.... Read more »
"Decisive action" needed over home loans
In order to rejuvenate the property market in the face of ongoing banking problems, the government must take "significant and decisive action" over home loans.... Read more »
Personal debt `exceeds UK`s GDP`
The personal debt possessed by consumers in the UK has exceeded the country`s gross domestic product (GDP) for the second year in a row.... Read more »
Energy price hikes `bad news for people in debt`
Consumers experiencing debt problems may be adversely affected by the energy price hikes recently announced by two more suppliers.... Read more »