February, 2009 news
Buy-to-let mortgage lending `fell at the end of 2008`
The number of buy-to-let mortgages arranged in the UK continued to fall towards the end of last year, it has been revealed.... Read more »
Consumers `risking future finances by cutting insurance`
Consumers in Britain may be at risk of financial difficulties, such as debt problems, if they cut their levels of insurance, an expert has said.... Read more »
Insurance can help landlords avoid mortgage arrears
Landlords have been advised to consider taking out insurance to protect them in the event that tenants fail to pay their rent.... Read more »
Brits `risking retirement debts by failing to save`
A considerable number of UK consumers may be risking debt problems after they give up work by failing to save for their retirement.... Read more »
Base rate cut expected in March
A new poll by Reuters has suggested that the Bank of England is likely to cut its base rate once again in March, as Britain continues to struggle in a recession.... Read more »
Low inflation encourages saving
After the recent spate of base rate cuts - and the related falls in savings rates - some consumers may be relieved to see inflation dropping to a level we've not seen in almost 50 years.... Read more »
60% plan to buy a car
Three in five motorists intend to buy a new or used car in 2009, a survey has revealed.... Read more »
Inflation falls to 3%
The official CPI (Consumer Price Index) rate of inflation fell to 3% in January, according to the Office for National Statistics (ONS).... Read more »
Younger drivers 'facing higher insurance premiums'
New research has shown that younger drivers saw their insurance premiums grow significantly faster than the rate of inflation in 2008.... Read more »
RICS: Low prices may revive property sales
The Royal Institute of Chartered Surveyors (RICS) has said that property sales may rise this year due to low house prices reigniting people's interest in buying a home.... Read more »
Increase in buyer enquiries, despite fall in mortgage lending
The Royal Institution of Chartered Surveyors (RICS) has said that new buyer enquiries rose for the third consecutive month in January.... Read more »
Savings rates at 'record low'
Interest rates on the most common types of savings account have fallen to their lowest levels on record, according to the Bank of England.... Read more »
Home insurance 'important in extreme weather'
The Post Office has said that the recent extreme weather conditions highlight the importance of home insurance. ... Read more »
Mortgage lenders still cutting rates
Several mortgage lenders have cut the price of their fixed-rate mortgage deals, despite some brokers calling the 'bottom' of the market.... Read more »
Experts advise caution on home loan switch
Experts have warned that switching from a fixed-rate home loan deal to a more attractive variable-rate option 'might not be straightforward', according to The Observer.... Read more »
Shortage of gas storage 'driving up prices'
Energy industry analysts have said that a shortage of storage capacity is pushing up the price of domestic gas, leaving billpayers facing higher prices.... Read more »
Cost of fixed-rate mortgages 'could be set to rise'
The cost of new fixed-rate mortgages may have fallen as far as it's going to, experts have stated.... Read more »
£4 billion of personal loans for home improvements
£4 billion of personal loans for home improvements With the problems in the housing market putting many people off moving home, many homeowners have focused on improving their current property.... Read more »
High levels of debt 'remain a serious issue'
Official interest rates may have dropped sharply, but high levels of debt are still a serious issue for many households.... Read more »
Mortgage lending 'lowest for 34 years'
New figures have shown that the number of mortgages granted last year was the lowest figure since 1974.... Read more »
BoE could start quantitative easing 'as soon as next month'
The Bank of England has acknowledged that it may begin 'quantitative easing' - often referred to as 'printing money' - as soon as next month.... Read more »
Nationwide: quarter of UK 'not saving at all'
New statistics from Nationwide Building Society, issued on February 10th, have shown that almost a quarter (23%) of UK consumers were not saving any of their income.... Read more »
Mortgage lenders: can we avoid 75,000 repossessions?
The latest 'news & views' newsletter from the Council of Mortgage Lenders (CML) asks the question: Can we avoid 75,000 possessions in 2009?... Read more »
Loans for businesses: the facts
The Government has published a factsheet providing details about the Enterprise Finance Guarantee (EFG) Scheme, which is helping firms access the loans they need.... Read more »
Debt advice helping reduce repossessions
The latest issue of 'news and views', the Council of Mortgage Lenders' newsletter, confirms that action taken by borrowers - such as seeking debt advice - is helping reduce the number of repossessions.... Read more »
One in five mortgage holders 'facing negative equity'
The Financial Services Authority (FSA) has warned that the house price slump could leave more than one in five households in negative equity before the market recovers.... Read more »
RICS: Loan availability falling short for potential buyers
New figures from the Royal Institute of Chartered Surveyors (RICS) have shown that interest from potential house buyers has risen for the past three months, but the limited availability of home loans has prevented actual sales figures from improving.... Read more »
VAT cut 'has had little impact'
A representative body for small businesses has said that the Government's recent 2.5% VAT cut has had no effect on consumer spending habits.... Read more »
Scottish & Southern cuts energy prices
Scottish & Southern Energy has become the second energy company to cut its gas and electricity prices, The Times reports, following continued pressure by consumer groups for energy companies to react to wholesale falls in costs. ... Read more »
Mortgage deals: understand the costs
An article in The Guardian stresses the importance of reading the 'small print' before signing up to a mortgage deal.... Read more »
Loans for businesses: 'urgent govt. intervention' needed
Over half of the companies questioned by the CBI (Confederation of British Industry) in January reported that they'd found it harder to access loans and other forms of credit over the past three months.... Read more »
Debt problems causing insomnia and depression
Over a third of parents have suffered from insomnia caused by money or debt problems, a new poll has claimed.... Read more »
Petrol prices approach 90 pence-per-litre mark
The average price of a litre of unleaded petrol has once again reached almost 90p.... Read more »
10.3m 'reliant on borrowing to cover costs'
New research from the Post Office has suggested that 10.3m British citizens are reliant on credit - potentially including loans - to pay for everyday living expenses.... Read more »
Low mortgage rates 'may spur a rebound' in house sales
Lower availability of mortgages may have hampered the housing market on both sides of the Atlantic, but reductions in the cost of both mortgages and property could re-ignite interest in buying a home, experts say.... Read more »
Low savings and high debt: 'position needs to be reversed'
Today's situation - one of low savings and high personal debt - is one that must be reversed, according to The Telegraph.... Read more »
Insurance can provide vital protection if income drops
Research from Nationwide Building Society has revealed the importance of insurance and other forms of protection, as the recession makes it increasingly difficult for people to cope if they find themselves unable to work for long periods.... Read more »
UK's biggest mortgage lender: house prices rise in January
The latest house price survey from Halifax has shown that average house prices rose by 1.9% in January, compared with December.... Read more »
Pre-payment meters `valued by those keen to avoid debt`
Pre-payment meters are seen as very useful by some consumers, including those who want to avoid debt problems, an expert has said.... Read more »
Struggling consumers `may benefit from debt advice`
Consumers who are struggling to make essential monthly payments should seek debt advice, it has been suggested.... Read more »
Many consumers `to rely on credit card debt`
A significant number of UK consumers are to rely on credit card spending to fund everyday purchases this year.... Read more »
Poor families `struggling with school costs`
School costs are too high for poor families in the UK, it has been suggested.... Read more »
BSA: No more cuts to the base rate
The Building Societies Association (BSA) has called for the Bank of England to hold off on cutting the base rate any further, due to the impact this would have on people who rely on interest from their bank accounts.... Read more »
Base rate cut to 1%
The Bank of England's Monetary Policy Committee (MPC) has just reduced the base rate to a historic low of 1%, despite widespread mixed feelings about the decision.... Read more »
Remortgage "frenzy" predicted
If fixed-rate mortgages continue to fall in cost, the UK may witness a remortgaging "frenzy", it has been claimed.... Read more »
1,000+ mortgage holders could pay 8p interest per month
Over a thousand mortgage holders could see their monthly mortgage interest payments drop to just 8p if the base rate falls again.... Read more »
Loans to offspring: a Law Society warning
Parents have been warned about the risks of extending loans to their children to help them buy property.... Read more »
Debt in Scotland: LILA cases 'may top 10,000 in first year'
Last year, the Government introduced legislation allowing Low Income, Low Asset (LILA) borrowers in Scotland to petition for bankruptcy themselves.... Read more »
Mortgages: 'availability more important than cost'
The trade association for Britain's building societies has said that maintaining the flow of funds to mortgage lenders is more important than the Bank of England lowering mortgage costs by cutting the base rate.... Read more »
Loans: 'not much point' in cutting base rate
Ahead of the Bank of England's monthly rate-setting committee meeting this week, a think-tank has said that there was "not very much point" in last month's base rate cut.... Read more »
Gas bill rises 'still faster than most of Western world'
New figures from the Organisation for Economic Co-operation and Development (OECD) have shown that UK gas bills still show a significantly faster rise than those in most other Western nations.... Read more »
FTBs `increasing the rate at which they save for mortgages`
First-time buyers (FTBs) are increasing the rate at which they save for a mortgage, it has been suggested.... Read more »
Mortgage overpayments recommended
Making mortgage overpayments can benefit homeowners, an expert has said.... Read more »
Many FTBs `struggle when it comes to mortgage jargon`
A considerable number of first-time buyers (FTBs) struggle to understand some of the industry terms which are involved in the sale of mortgages, new research suggests.... Read more »
Lack of demand - not lack of car loans - is the problem
Car sales fell 25% last month, but not everyone agrees on the reasons for the slump.... Read more »
Mortgages: 'Up to 1.2 million' in negative equity
An expert has claimed that over a million households could now be in negative equity as a result of the recent sharp falls in house prices.... Read more »
Base rate 'set for 1% this month'
February's Bank of England Monetary Policy Committee meeting is set to go ahead this week, as rate-setters attempt to decide the best course of action for combating the recession.... Read more »
People 'should save four months' salary to avoid debt'
A new report from Nationwide Building Society has encouraged consumers to ensure they have the equivalent of four months' salary saved up to protect themselves in the event of unemployment.... Read more »
Mortgage news: affordability increasing
Falling house prices have led to greater affordability, HBOS has reported, supplying figures to back up the claim.... Read more »
Home loans rise in December
The number of home loans approved for house purchase rose in December, according to the latest figures from the Bank of England.... Read more »
Debt approaching £1.5 trillion
Total personal debt in the UK approached the £1.5 trillion mark in December, according to the latest figures from the Bank of England.... Read more »