August, 2009 news
Retired homeowners struggle with mortgage debt
According to the latest figures from pensions and investments provider Scottish Widows, around 1.35 million people in retirement still have an outstanding average mortgage debt of £50,100 - a rise of £8,000 from a year ago - The Telegraph reports.... Read more »
CML: Mortgage lending up
According to the latest figures from the Council of Mortgage Lenders (CML), gross mortgage lending increased by 26% between June and July, The Financial Times reports.... Read more »
Decline in new car registrations `slowing`
The number of new car registrations fell again in July, but at a slower rate than in previous months, according to the Society of Motor Manufacturers and Traders (SMMT).... Read more »
Mortgage lenders `need to play their part in property market recovery`
If the UK`s property market is to recover, mortgage lenders must play their part, it has been claimed.... Read more »
Energy debts could be made worse by `overcharging`
Energy industry watchdog Ofgem has claimed that customers are being overcharged by as much as £100 a year for gas and electricity.... Read more »
Banks` margins on mortgages `have increased`
Figures from Moneyfacts have shown an increase in the margin between average mortgage rates and the rate at which banks lend to each other, despite the Bank of England base rate remaining at its historic low of 0.5%.... Read more »
July loans to consumers `down on June`
New figures for July have shown a net fall in the level of consumer credit in the economy, despite a rise in mortgage lending.... Read more »
Bike theft figures highlight importance of insurance
A new survey has found that almost a quarter of student cyclists at UK universities have been a victim of bike theft.... Read more »
Britons looking after finances and avoiding debt
According to a study by the Government-backed savings provider NS&I, 63% of Britons are being more active about looking after their money as a result of the recession, myfinances.co.uk reports.... Read more »
Consumers with interest-only mortgages `may struggle`
Homeowners who opted to take out interest-only mortgages may struggle to repay their debt as a result of the recent falls in house prices.... Read more »
Banks `competing on savings rates`
Banks and building societies are in `fierce` competition to offer the best interest rates on savings accounts, according to Moneyfacts.... Read more »
Savings confidence high as debt fears ease
Nationwide`s latest Future Savings Index has shown the highest level of confidence amongst consumers since the survey began in June 2008, perhaps suggesting that people are becoming less concerned about meeting their debt repayments and other financial commitments.... Read more »
Repayment mortgages `could save borrowers £40,000`
Moneysupermarket.com has claimed that mortgage holders could save around £40,000 over the lifetime of their mortgage by switching from interest-only to a capital repayment mortgage deal.... Read more »
7.3% fall in energy direct debits amidst debt fears
A survey from uSwitch.com has found a 7.3% decline in the number of people switching energy suppliers who choose to pay their bills by direct debit, potentially losing them a combined £33.5 million a year in discounts.... Read more »
Lower interest on loans indicates market may be recovering
The loans market may be recovering, it has been claimed, after a major loan provider reduced the interest rates it charges on personal loans.... Read more »
1 in 1,000 mortgaged homes repossessed in Q2 2009
According to figures from the Council of Mortgage Lenders (CML), around 1 in 1,000 mortgaged homes were repossessed in the second three-month period of 2009, The Financial Times reports.... Read more »
Shortage of dealer car finance could hold back market
The Finance and Leasing Association (FLA) has warned that a shortage of car finance available to consumers could hold back a recovery in the car market, according to The Telegraph.... Read more »
Mortgage figures `show modest improvement`
New figures published by the Council of Mortgage Lenders (CML) on August 20th showed "further evidence of modest improvement" in the mortgage market during the month of July.... Read more »
Cost of mortgage debt stays relatively high
The average rate on a new mortgage is 1.3% lower than this time last year despite a 4.5% drop in the Bank of England`s base rate, The Times reports.... Read more »
Cost of following teams `forces` fans into debt
According to Virgin Money`s football fans` inflation index, one in five football fans are being forced into debt to cover the cost of following their team.... Read more »
Domestic appliance proposals `could reduce bills`
The British Retail Consortium (BRC) has called for VAT to be removed entirely from energy-efficient home appliances, and for a domestic appliance `scrappage scheme` to be introduced, in a move that could help homeowners reduce their outgoings.... Read more »
Bank of England `considered £75bn QE extension`
Minutes from the Bank of England`s Monetary Policy Committee meeting for August have shown that policymakers considered a £75bn extension to its quantitative easing scheme before settling on £50bn.... Read more »
Fixed-rate mortgages good for a "fairly tight budget"
Opting for a fixed-rate mortgage is a wise move for any consumer who is feeling the effects of the global economic downturn, one industry expert has suggested.... Read more »
"Some time" before mortgage providers offer more
It will be "some time" before mortgage providers offer consumers a wider range of products, an industry expert has asserted.... Read more »
Debt in Scotland: Glasgow named bankruptcy capital
According to figures released by the Accountant in Bankruptcy, which administers the process of personal bankruptcy in Scotland, the number of people going bankrupt in Glasgow more than doubled in the first half of 2009, stv.co.uk reports.... Read more »
Increase in number of mortgage arrears slows
According to the latest figures from The Council of Mortgage Lenders (CML), there was a `modest deterioration` in mortgage arrears during the second three-month period of 2009. ... Read more »
Mortgage arrears, possessions `expected to increase` later this year
While possessions and mortgage arrears have been kept in check during the first half of 2009 by a number of factors, rising unemployment levels and an uncertain economy could see them increase later this year, according to the Council of Mortgage Lenders (CML).... Read more »
MPs call for car scrappage scheme extension
MPs are calling for the Government`s car scrappage scheme to be extended after a successful first three months, according to The Mirror.... Read more »
Banks under pressure to loan more
Pressuring banks to provide more loans, the Bank of England (BoE) has threatened to cut the interest rate it pays to high street lenders.... Read more »
New campaigns aim to beat `spiralling debt`
Two new campaigns have been launched to help people beat `spiralling debt`, The Scarborough Evening News reports.... Read more »
Mortgage restrictions `leaving millions unable to move`
Restrictions on access to mortgage finance or lack of equity in their property have rendered up to 3.5 million UK households unable to move, according to new research.... Read more »
Energy direct debits `must be more accurate`
Energy regulator Ofgem has announced new rules that will force suppliers to make their direct debit calculations more accurate, according to The Times.... Read more »
QE extension `could mean cheaper mortgages`
Fixed-rate mortgages could become cheaper in the next few weeks, following the Bank of England`s decision to extend its Quantitative Easing scheme by £50bn.... Read more »
Home loan offers `rose by 23% in June`
The number of home loans increased by 23% in June, compared with the previous month, according to the Council of Mortgage Lenders (CML).... Read more »
Insurance premiums `will continue to rise`
Experts have highlighted the importance of shopping around for insurance, warning that insurance premiums are rising and will continue to do so in the future.... Read more »
Couple hold £1,000 wedding to avoid debt
A couple from Lancashire spent just £1,000 on their wedding after deciding they didn`t want to start married life in debt, The Telegraph reports.... Read more »
One in five keep debts secret from partners
According to research by Sainsbury`s Finance, nearly one in five people in debt are hiding the full extent of their financial problems from their partners, The Press Association reports.... Read more »
IBF: Over 12,000 mortgages issued in Q2 2009
According to The Irish Banking Federation (IBF), the leading representative body for the banking and financial services sector in Ireland, 12,686 new mortgages were issued in the second quarter of 2009.... Read more »
Shoppers choose supermarket brands and avoid debt
New research has suggested that almost three quarters of British shoppers now opt for supermarkets` own-brand products, in a move that could help hard-pressed shoppers save money and avoid debt.... Read more »
New car registrations rise for first time in 15 months
In July, new car registrations rose by an annual 2.4%, the first rise in 15 months, according to the latest report from the Society of Motor Manufacturers and Traders (SMMT).... Read more »
`Mortgage possible on mixed income`
Lenders would be prepared to give a mortgage to someone who has several different forms of income, a money expert has affirmed.... Read more »
Mortgage market `stabilising`
The mortgage market is becoming more stable, although it has still not recovered, an industry body has said.... Read more »
Retail sales rise again
Retail sales were 3.6% higher in July than a year previously, according to the latest figures from the British Retail Consortium (BRC), in a further sign that UK consumers` fears about the economy and debt may be easing.... Read more »
Personal insolvency `hits new high in England and Wales`
The number of people experiencing serious debt problems in England and Wales has hit a new high, it has been revealed.... Read more »
Tracker mortgages `popular in July`
Tracker mortgage products proved popular among UK consumers during July, it has been claimed.... Read more »
Car insurance premiums `rising at fastest rate for a decade`
The average car insurance premium is rising at its fastest rate for nearly a decade, according to the latest AA British Insurance Premium Index.... Read more »
New payment method could reduce debt and fuel poverty
A new payment method could help reduce debt and prevent thousands of people from falling into fuel poverty - which is when a household is spending at least 10% of their total income on their energy bills - according to the charity National Energy Action (NEA).... Read more »
Tracker mortgage holders "should not be complacent"
Buy-to-let mortgage holders who have tracker products "should not be complacent", an expert has said. ... Read more »
People `increasingly need parental help to get mortgages`
Homebuyers in the UK are increasingly relying on parental help in order to secure mortgages, it has been claimed.... Read more »
Debt could lead to a rise in IVAs and bankruptcies
Official figures published tomorrow are expected to reveal another big rise in insolvencies, The Times reports.... Read more »
Number of people defaulting on mortgage could hit 400,000
City experts have warned that up to 400,000 households could default on their mortgages by 2011, The Daily Mail reports.... Read more »
Mortgages: housing market `will return to growth in 2011`
The National Housing Federation (NHF) has said that house prices could rise by 20% between 2021 and 2014, but gave a less positive forecast for the more immediate future.... Read more »
Loans: effectiveness of quantitative easing questioned
Ahead of the Bank of England`s decision on whether to extend its quantitative easing scheme, official figures showed slow growth in the `underlying money supply`, raising questions over the effectiveness of the scheme.... Read more »
Improved mortgage availability `aiding property market`
An improvement in the availability of mortgages has increased confidence in the UK`s property market, it has been suggested.... Read more »
Workers `neglecting pension savings`
More than one in ten workers (16%) who have a pension say they have reduced the amount they save or have stopped saving altogether, according to new research.... Read more »
Banks increased secured lending in June
The latest statistics from the Bank of England have shown a £1bn rise in the level of secured lending by banks and other financial institutions in June.... Read more »
Consumer confidence remains unchanged
Consumer confidence remained unchanged in July, according to a new survey, as optimistic views on the economy as a whole were offset by Britons` lower expectations for their own finances.... Read more »
Benefits `must be simplified`
The Centre for Policy Studies (CPS) has called for the UK`s benefits and tax credits system to be simplified, arguing that it is too complicated in its current form, the BBC reports.... Read more »
Mortgage lenders `likely to reduce mortgage rates`
Mortgage lenders in the UK are likely to reduce the rates they charge in the near future, it has been claimed.... Read more »
Bank of England could extend quantitative easing
The Bank of England is coming under increasing pressure to extend its quantitative easing scheme, after official figures showed that low levels of lending are damaging both businesses and the prospect of economic recovery, reports The Times.... Read more »
Used car sales `fell in 2008`
A new report has claimed that sales of used cars fell to a six-year low in 2008, with demand hit hard by uncertainty in the economy and limited availability of car finance.... Read more »
Mortgage approvals rise in June
The number of mortgages approved for house purchases in June increased to 47,584 - 3,415 higher than in the previous month, according to the latest figures from the Bank of England.... Read more »
Lenders `unable to reduce mortgage costs`
Much of the criticism levelled at UK lenders in terms of the rates they charge on mortgage products currently is unfair, it has been claimed.... Read more »
Tracker mortgages `may offer better value than fixed-rate`
One mortgage expert has claimed that tracker mortgages may now offer better value to homeowners than fixed-rate mortgages.... Read more »
Most car buyers `choosing dealer finance`
Dealer finance remains the most popular way to buy a car, according to the Finance and Leasing Association (FLA).... Read more »
Bank of England reports rise in consumer debt
Figures released by the Bank of England have shown that consumer credit (borrowing on personal loans, credit cards, etc.) in the UK grew by £100m during June.... Read more »
Building society mortgage lending `stabilising`
The mortgage lending provided by building societies is stabilising, new figures suggest.... Read more »