July, 2009 news
Britons `reluctant to cancel important insurance`
Most British citizens appreciate the importance of `essential` insurance policies such as home and car insurance, but may be more inclined to cut out less important types of insurance, according to a new report.... Read more »
Mortgage market `still depressed`
Despite recent figures from the Bank of England (BoE) suggesting that mortgage approvals rose in June, the market is still weak.... Read more »
Loans: borrowers to be given stronger protection
A new proposal from the Department for Business, Innovation and Skills (BIS) is set to give greater protection to people who take out credit and store cards and personal loans.... Read more »
Debt problems `being experienced by all ages`
People of all ages are being affected by debt problems as a result of the ongoing recession.... Read more »
Future of UK mortgages `may lie with foreign banks`
The future of the UK`s mortgage market may lie with foreign banks, an industry practitioner has attested.... Read more »
Bankruptcies in Northern Ireland could hit 1,000
Over 1,000 people could be declared bankrupt in Northern Ireland this year - which would be the highest figure ever recorded, the BBC reports.... Read more »
British pensioners `amongst poorest in Europe`
Official figures have shown that the number of British pensioners living in poverty is among the highest in Europe, according to The Telegraph.... Read more »
One in ten home sales fail due to mortgage problems
A new survey has suggested that almost one in ten home sales are not completed because would-be buyers cannot obtain the mortgage they need.... Read more »
Lack of mortgage finance `constraining landlords`
Buy-to-let investors are being constrained by a lack of available mortgage finance, it has been claimed.... Read more »
New rules over loans `already being followed by professionals`
Professionals operating in the credit industry already practice rules which are to be officially introduced by the government.... Read more »
Savers `losing money over interest rate cuts`
Halifax has claimed that savers who rely on interest from savings for a significant proportion of their income have been heavily affected by the recent interest rate cuts, but may be eligible for tax exemption if their income falls below the tax threshold, according to The Telegraph.... Read more »
Mortgage lending `up 17% in June`
Mortgage lending rose by 17% in June, compared with May, raising hopes that lenders may be becoming more confident about lending.... Read more »
European car sales rising
Figures from the European Automotive Manufacturers` Association have shown that sales of new cars rose for the first time in 14 months in June, according to the BBC.... Read more »
Around half of recent graduates `too poor` to repay debts
According to figures from the Student Loans Company, 49% (702,000) of the 1.4million graduates who went to university in or after 1998 aren`t earning enough to pay back their debts, the Daily Mail reports.... Read more »
Mortgage limits could ease over the summer
According to The Council of Mortgage Lenders, the `trend of tightening mortgage lending criteria` seems to have eased in May, with home movers borrowing around 67% of the value of a property - unchanged from April.... Read more »
June loan figures released
According to the British Bankers` Association (BBA), the net change in June for consumer credit (loans, overdrafts, etc.) was £-0.1bn, the same as the previous six-month average.... Read more »
More people saving
The number of people saving regularly or occasionally increased in June, compared with May`s figures, according to the latest Nationwide Savings Index release.... Read more »
Increase in mortgage lending "good news"
Indications that mortgage lending in the UK is rising have been welcomed by Smartlandlord.co.uk.... Read more »
Loan providers to meet stricter requirements
In a bid to promote responsible borrowing and lending, the government has announced new plans to strengthen the protection that exists for consumers who need to take out credit.... Read more »
Banks report weak lending figures
Consumer lending remained weak in May, according to the latest figures from the Bank of England, suggesting that a level of uncertainty still exists amongst banks.... Read more »
Mortgage approvals `up in June`
The number of mortgage approvals given by major banks in Britain increased last month, it has been revealed.... Read more »
Inter-bank loan rate falls to lowest level in 23 years
LIBOR (London Inter-Bank Offered Rate) - the average rate at which banks lend to each other - has fallen below 1% for the first time since 1986, prompting hopes for cuts in interest rates on personal loans and other forms of credit.... Read more »
Consumer spending `to remain weak` despite reduced debt risk
A new report from Alliance Trust has suggested that consumer spending may remain weak in the coming months, despite improving financial situations amongst consumers.... Read more »
Britons face growing debt
According to The Telegraph, `Britons will be poorer in coming decades` because of the financial crisis.... Read more »
`Green loans` set to help eco-friendly homeowners
The Government is set to offer `green home loans` to homeowners looking to make their homes more eco-friendly, according to The Times.... Read more »
Britons `paying £508m too much for home insurance`
New research from Your Money has suggested that homeowners who simply renew their home insurance policies may be paying a combined £508 million more than necessary each year, according to The Telegraph.... Read more »
Americans `less stressed` about debt
According to research by Associated Press-GfK, debt-related stress amongst Americans is 12% lower this year than in 2008, The Associated Press reports.... Read more »
Inflation drops further
According to The Telegraph, `Britain is now deeply in deflationary territory`; inflation has seen its biggest drop since records began in 1948.... Read more »
Britons `cutting back on eating out` to protect against debt
British consumers are eating out less, according to a new study, as they aim to protect themselves against the effects of the recession.... Read more »
Mortgage lenders `making highest profits for 20 years`
Mortgage lenders are making their highest profits on mortgages for 20 years, according to The Telegraph.... Read more »
Consumers turn to `in-store credit` as personal loans fall
Consumers are increasingly turning to in-store credit deals as the overall value of personal loans from banks declines, according to the latest lending statistics from the Finance & Leasing Association (FLA).... Read more »
Stay-at-home holidaymakers warned to check insurance
Age Concern Insurance Services has advised stay holidaymakers taking a UK holiday to check that they are covered by their home insurance policies.... Read more »
Youngsters `need to be taught about debt`
Experts believe that youngsters need lessons on personal finance to help them avoid falling into serious debt, Sky News reports.... Read more »
Mortgage rates rise at record speed
Despite an historically low base rate, figures have shown that mortgage rates are rising at record levels, thisismoney.co.uk reports.... Read more »
Inflation fell to 1.8% in June
The official CPI (Consumer Prices Index) rate of inflation fell in June, down to 1.8% from 2.2% in May, according to the Office for National Statistics (ONS).... Read more »
Scrappage scheme latest
The car scrappage scheme is working well, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).... Read more »
Over half of Britons have unsecured debts
More than half of the Britons questioned in a recent survey said they each had unsecured debts totalling around £6,500, according to Guardian Group Financial.... Read more »
Government measures target personal debt problems
The Government has laid out plans to assist people facing debt problems, according to the BBC.... Read more »
Average personal loan rate rises
The average interest rate on a personal loan has risen to 9.07%, up from 8.74% this time last year, according to price comparison site uSwitch.com. ... Read more »
£60 million of `dental debt`
Around 6,900 personal loans have been taken out to fund dental treatments since the start of 2007, according to Sainsbury`s Finance.... Read more »
Over-regulating loans could harm consumers
Commenting on the Consumer White Paper, the Finance & Leasing Association (FLA) has said that it supports responsible lending, but warns against too much regulation of loans and other forms of lending.... Read more »
Tightening of mortgage lending criteria `subsides`
The tightening of mortgage lending criteria appears to have abated, according to one organisation.... Read more »
Inflation fell to 1.8% in June
The official CPI (Consumer Prices Index) rate of inflation fell in June, down to 1.8% from 2.2% in May, according to the Office for National Statistics (ONS).... Read more »
Low base rate helps people with debt
Today, the Bank of England`s Monetary Policy Committee (MPC) announced it was keeping the base rate (also known as the bank rate) at its historic low of 0.5%.... Read more »
Bradford: Yorkshire`s `debt capital`
Bradford has been named Yorkshire`s `debt capital`, with over a quarter of all enquiries about financial worries coming from the area, according to The Telegraph & Argus.... Read more »
Bank of England `to limit lending`
The Bank of England will be given new powers to control the amount of money lent out by banks and other financial institutions, reports the BBC.... Read more »
Number of available mortgage deals falls
The number of available mortgage deals has fallen to the lowest level on record, according to The Telegraph.... Read more »
Plans for banking reform to be announced
Chancellor Alistair Darling is set to deliver his White Paper on banking reform today.... Read more »
Student debt: 48 graduates `chase` each job
The average number of graduates going for every job this year has increased to 48, while average graduate starting salaries have been frozen, The BBC reports.... Read more »
Banks `preparing to offer more loans`
Recent figures from the Bank of England suggest that banks may be preparing to increase the number of loans they offer, according to The Times.... Read more »
DIYers `should consider insurance carefully`
British consumers may not be covered by their insurance policies for `bodged` DIY jobs, according to an expert.... Read more »
Average house price up by 0.9%
The latest survey from mortgage lender Nationwide has shown a 0.9% rise in average house prices in June, compared with the previous month.... Read more »
Lenders `encouraging credit card debt`
By giving out unrequested credit, lenders are encouraging consumers to enter rising levels of credit card debt.... Read more »
Consumers `increasingly defaulting on mortgages and other debts`
Consumers in the UK are increasingly defaulting on loans, it has been revealed.... Read more »
Savings at `record high`
According to National Savings & Investments (NS&I), Britons are saving more money than they have done at any time in the past five years.... Read more »
Households paying off debt rather than saving
New savings and mortgage figures from the Building Societies Association (BSA) have suggested that households are looking to repay debts rather than save.... Read more »
UK `still has mortgage shortage`
The property market in the UK is still suffering from a lack of mortgages, it has been claimed.... Read more »
Energy prices rise by 22.7% in a year
Figures compiled by the Office for National Statistics show that between the first quarter of 2008 and the first quarter of 2009, domestic electricity prices increased by 19.7% in real terms, while the price of domestic gas rose by 34.8% and the price of coal and smokeless fuels rose by 28.9%.... Read more »
Student loans on the rise
New figures from the Student Loans Company (SLC) have shown a rise in the amount of money lent out to students in the 2008-2009 financial year.... Read more »
Increased flooding risk highlights importance of insurance
AA Insurance has emphasised the importance of insurance after it was found that over one in five homeowners had cancelled or not renewed their home insurance during the recession.... Read more »