May, 2009 news
Building up debt for tomorrow?
Some people may be building up debt problems for tomorrow by taking advantage of `buy now, pay later` deals without stopping to consider the possible consequences.... Read more »
Longer-term mortgages `becoming more popular`
Consumers are increasingly opting for longer-term fixed-rate mortgages, it has been suggested.... Read more »
Banks `should be encouraged to provide mortgage lending`
Efforts should be made to encourage banks to offer mortgages at competitive rates, it has been claimed.... Read more »
RICS: Increase in mortgage approvals needed
An increase in mortgage approvals will be "vital" in lifting the UK`s housing market out of its depressed state, according to the Royal Institution of Chartered Surveyors (RICS).... Read more »
Mortgage provider: house prices rise 1.2% in May
The average house price has risen by 1.2% since April this year, according to Nationwide, making May the second month in three months in which it has risen.... Read more »
Home loans rise by 4% in April
New statistics have shown a 4% rise in the number of home loan approvals in April, compared with March.... Read more »
Mortgage debt in Scotland - good news for FTBs
First-time buyers (FTBs) in Scotland are finding they need to take on smaller mortgage debts to buy their first home, the Bank of Scotland reports.... Read more »
Insurance `could have saved £90 million`
Insurance could have saved British citizens almost £90 million while travelling abroad, an insurance provider has claimed.... Read more »
Fixed-rate mortgages rising
Various major mortgage lenders are planning to increase the cost of their fixed-rate mortgages - especially the longer-term deals - The Financial Times reports.... Read more »
FOS: Mortgage complaints rose last year
The number of mortgage complaints handled by the Financial Ombudsman Service (FOS) rose last year, the organisation has revealed.... Read more »
BBA: Mortgage approvals rose in April
The number of mortgages approved in April was up on the previous month, it has been revealed.... Read more »
Debt `overtakes annual salaries`
Many people in the UK now have more outstanding debt than they earn in a year, new figures indicate.... Read more »
Government debt could delay future `Tax Freedom Days`
Yesterday, May 14th, was `Tax Freedom Day` - the day when the average British citizen has earned enough money to pay their tax bill for the year.... Read more »
Secured loans `down in March`
The amount of money supplied to UK consumers in the form of secured loans fell in March, new figures suggest.... Read more »
UK consumers `plan to use money more responsibly`
Many consumers in the UK plan to become more responsible regarding their finances, potentially reducing the risk of them falling into debt problems, new statistics suggest.... Read more »
Debt concerns `may delay retirement`
Almost two thirds of over-50s say they may need to delay their retirement because their savings and pensions have been affected by the recession, according to a new survey.... Read more »
Car loans could become cheaper as LIBOR falls
Interest rates on car loans could be set to fall after The Times reported that the LIBOR (London Inter-Bank Offered Rate) fell to a record low.... Read more »
Mortgage providers relax lending criteria
Two leading mortgage providers have started to relax their lending criteria, in a possible sign that confidence may be improving amongst lenders.... Read more »
Loans: credit crunch `has ended`
Economists have suggested that the `credit crunch` has come to an end, according to The Times, after the LIBOR (London Inter-Bank Offered Rate) fell to record lows.... Read more »
Retail sales beat expectations
The latest retail sales statistics have exceeded analysts` expectations, suggesting that consumers may be becoming less worried about debt and more confident about spending.... Read more »
Bank of England `considered printing another £75bn`
The Bank of England considered pumping another £75bn of new money into the UK financial system to help kick-start the economy, it has been revealed.... Read more »
Inflation falls but debt levels still high
Inflation fell once again in April, according to the latest figures from the Office for National Statistics (ONS), as many prices continued to fall.... Read more »
Loans: Bank of England warns more cash may be needed
Bank of England Governor Mervyn King has suggested that banks may yet require further funding to persuade them to start offering loans freely once again.... Read more »
Consumers `choosing second-hand over brand-new cars`
Consumers bought 3% more used cars with dealer finance in March 2009 than in the same month last year, according to a new report from the Finance & Leasing Association.... Read more »
Mortgage approvals rise by almost 30%
The number of mortgage approvals was 29% higher in March than in the previous month, according to the latest figures from the Council of Mortgage Lenders (CML).... Read more »
Mortgage lenders `relaxing terms`
New figures indicate that mortgage lenders are relaxing the criteria would-be homebuyers need to meet before they can obtain a mortgage, according to the BBC.... Read more »
First-time buyers taking on smaller mortgage debts
There is, for some, an upside to the problems in the housing market: first-time buyers (FTBs) are needing to take on much smaller mortgage debts to buy property.... Read more »
Car scrappage scheme: over one million drivers `could miss out`
More than a million motorists looking to trade in old cars for a £2,000 new car discount under the Government`s car scrappage scheme could miss out due to limited availability, according to Thisismoney.co.uk.... Read more »
Car insurance premiums `to rise sharply`
The AA has said that car insurance premiums could rise significantly over the remainder of 2009, following a first-quarter increase in quoted premiums for the first time in five years.... Read more »
Record bankruptcies reveal extent of debt problems
Insolvency figures for the first three months of 2009 have revealed just how many people have been unable to repay their debts.... Read more »
Loans: no change in base rate
The Bank of England today announced it is keeping its base rate at 0.5%, as widely predicted by economists.... Read more »
Bank of England considers base rate decision
The Bank of England`s Monetary Policy Committee (MPC) meeting is underway this week, as it decides on this month`s base rate decision. ... Read more »
Rise in burglaries makes home insurance vital
The rise in burglaries means it`s `criminal` to cut back on insurance, says the Association of British Insurers. ... Read more »
"Possibility of bad debt" can raise credit card rates
Sometimes, charges on credit cards have to be raised because of the risk of bad debt, says a spokesperson for the credit card industry, as MoneyExpert.com reports.... Read more »
Savers `should look out for restrictions`
Independent research specialist Defaqto has warned potential savers to "keep their wits about them" with regard to restrictions on savings accounts.... Read more »
Unmanageable debt in Scotland rising
Unmanageable debt in Scotland seems to be rising, according to the latest insolvency figures from the Accountant in Bankruptcy (Scotland`s Insolvency Service).... Read more »
Banks `may be forced to hold extra capital`
Britain`s biggest banking groups may be forced to hold additional capital as a safeguard against a repeat of the current economic crisis, the Financial Times reports. ... Read more »
Annual mortgage report `explains the inexplicable`
The 2008 Annual Report from the Council of Mortgage Lenders (CML) aims `to explain the seemingly inexplicable, but not to defend the indefensible`, in the words of director general Michael Coogan.... Read more »
Graduate debt: a challenging start to a career
Graduates looking to start clearing their student debt this year will face a particularly tough introduction to life beyond university, a new report from High Fliers Research claims.... Read more »
Student loan defaults to appear on credit reports
The Student Loans Company (SLC), the organisation responsible for loans to higher education students in the UK, has said it will start reporting missed payments to credit reference agencies.... Read more »
House price changes `higher than reported`
A leading mortgage expert has suggested that the seasonally adjusted measure of house prices does not accurately reflect the state of the market.... Read more »