January, 2010 news
Debt `stopped people saving in 2009`
Savers managed to increase their savings levels by just £38 on average in 2009, according to ING, with many people instead focusing on paying down debt.... Read more »
Rise in home loan approvals
According to figures from the British Bankers` Association (BBA), the number of home loans approved for house purchase increased at the end of 2009, the BBC reports.... Read more »
Car finance leads increase in consumer finance
November saw the first annual rise in consumer finance for more than 18 months, according to the Finance & Leasing Association.... Read more »
Cost of servicing mortgage debt fell 20% in 2009
According to research from the Woolwich, following reductions in the Bank of England`s base rate, the average monthly cost of servicing a mortgage debt in England and Wales fell by 20% during the last year, the Telegraph reports.... Read more »
Mortgage approvals `double` in December
According to figures from the British Bankers` Association (BBA), British banks doubled the number of mortgages they approved in December, compared with the same month a year earlier, The Times reports.... Read more »
Debt: one in five 2010 retirees `have no pension`
A recent survey has found that nearly one in five (18% of) people planning to retire this year do not have a pension fund and will live on the State Pension and savings.... Read more »
Banking customers may be offered `safer` savings accounts
The Bank of England`s Governor has outlined potential regulations that would offer banking customers much greater protection on their savings accounts, The Telegraph reports.... Read more »
Recession is over
According to new figures from the Office for National Statistics (ONS), the UK economy has exited recession - growing 0.1% in the final quarter of 2009, the BBC reports.... Read more »
Personal loan rates `falling`
The average interest rate on the top ten personal loan deals is falling, according to new research from Moneysupermarket.com.... Read more »
Over a million early bookers `not planning on travel insurance`
A large number of people planning breaks early this year will not take out travel insurance, new research claims.... Read more »
Energy debts `soar`, despite price cuts
A new report from energy watchdog Ofgem claims there were significant rises in the number of energy customers entering into new debt repayment arrangements in the third quarter of 2009, compared with the previous quarter.... Read more »
Consumer confidence up despite debt concerns
Consumer confidence increased in the final quarter of 2009, according to a new report from the British Retail Consortium (BRC), although concerns about personal debt remained high.... Read more »
More homeowners considering fixed-rate mortgages
Over 880,000 homeowners may be looking to remortgage in the next six months, according to banking group Santander, with an increasing number looking to fixed-rate mortgages in order to beat any forthcoming interest rate rises.... Read more »
Home loan lending figures up 14% in December
According to the Council of Mortgage Lenders (CML), gross home loan lending increased 14% in December, `defying the traditional Christmas slump`, The Times reports.... Read more »
Mortgage lending up 14% in December
According to figures from the Council of Mortgage Lenders (CML), gross mortgage lending in December reached around £13.7bn - 14% higher than the £12.1bn recorded in November and 3% higher than the figure from December 2008.... Read more »
Popularity of variable-rate mortgages increases
According to mortgage broker John Charcol, 81% of all mortgages it arranged in December were variable-rate mortgages, the BBC reports.... Read more »
Car finance deals increase as buyers aim to beat VAT rise
New car sales using dealer finance were 82% higher in November than they were a year earlier, according to new statistics from the Finance & Leasing Association (FLA).... Read more »
Many `will get into debt to fund day-to-day living`
New research has suggested that over 12 million adults intend to use their credit cards to fund day-to-day purchases this month.... Read more »
Bank of England comments on 2.9% inflation
The headline rate of inflation (CPI) rose to 2.9% in December, according to the Office for National Statistics (ONS).... Read more »
Equity release to clear debt `increases in popularity`
According to Key Retirement Solutions` `2009 Equity Release Market Monitor`, the number of retirees releasing equity from their properties and using it to pay non-mortgage debt has increased significantly.... Read more »
Home loan rates falling
Average rates on different types of home loans have fallen in recent months, new research shows.... Read more »
Older female drivers `paying more for insurance`
Women aged over 60 make more insurance claims and therefore pay more than their male counterparts, according to research from Guardian Money.... Read more »
Rising debt levels `forcing parents back to work`
Increasing numbers of households need both parents working to cover the bills because of rising debt levels, according to new research.... Read more »
Mortgage rates improving `at the expense of savers`
Mortgage rates have been falling in recent months, but at the expense of savings rates, according to new research from Moneyfacts.... Read more »
£1 billion for manufacturing loans
The Royal Bank of Scotland and Natwest will make £1 billion of new loans available to UK manufacturing businesses - on `competitive, flexible terms`, with the possibility of deferring repayments for up to three years.... Read more »
Mortgage `debt burden` lowest for more than five years
Home buyers needed less of their income to cover their mortgage interest in November than at any time for over five years, according to new statistics from the Council of Mortgage Lenders (CML). ... Read more »
Debt: Britons `wasting billions in January sales`
Almost £2bn spent in the January sales could be `a waste of money`, according to a new survey.... Read more »
Car scrappage scheme `nears 290,000 registrations`
Almost 290,000 new cars have been registered through the car scrappage scheme, according to the latest statistics from the SMMT (Society of Motor Manufacturers and Traders).... Read more »
Mortgage market improving
The mortgage market is improving - in quite a few ways - an article in The Times reports.... Read more »
Britons `take three months to pay off festive debt`
Credit card holders say they will take an average of 90 days to clear their debts from the Christmas period, according to new research.... Read more »
Over half of internet users banking online
A study has found that 22 million adults were using online banking on their main current account in the first half of 2009 - over 50% of regular internet users as a whole.... Read more »
Strong car sales growth in December
The end of 2009 saw strong growth in car sales, according to the latest figures from the SMMT (Society of Motor Manufacturers and Traders).... Read more »
5% rise in home loan approvals
According to the latest set of figures from the Bank of England (BoE), the number of loans approved for house purchase increased by 5% to 60,518 in November, negotiator-magazine.co.uk reports.... Read more »
UK adults falling back into debt
Research from Unbiased.co.uk has found that consumer debt levels only decreased slightly in Q3 2009, by £1bn.... Read more »
SVR mortgage rates `have increased since base rate cuts`
Several mortgage providers have increased their standard variable rate (SVR) since the Bank of England dropped its base rate to an all-time low of 0.5%, new statistics show.... Read more »
SVR home loan rates `increasing`
A number of lenders have increased the interest rate on SVR (standard variable rate) home loans since April 2009, despite the base rate sitting at an all-time low of 0.5%, according to Moneyfacts.... Read more »
ABI launches `Good Practice Guide` for insurance providers
The ABI (Association of British Insurers) has published a `Good Practice Guide` to help encourage `greater transparency` for insurance customers.... Read more »
Poorest families in UK facing debt due to weather
According to a survey conducted by YouGov and charity Save the Children, over a quarter (27%) of the UK`s poorest families (with an annual income of less than £12,000) admitted they would have to take on debt in order to pay their household energy bills.... Read more »
Up to one million used credit cards to pay mortgage debt / rent
A new study suggests that up to one million households have increased their credit card debt to pay their mortgage or rent in the past year, the BBC reports.... Read more »
Net loans to individuals up in November
The latest figures from the Bank of England show an overall increase in loans to individuals (from home loans to personal loans and other forms of credit) in November 2009.... Read more »
Insurance essential as extreme weather hits UK
The severe weather seen in the UK in recent weeks has highlighted just how important it is that people have adequate insurance.... Read more »
4.5 million `to transfer credit card debt in New Year`
More than 10% of Britons (4.5 million) are expected to transfer credit card debt to another card in the first three months of 2010, according to new research from Santander Cards. ... Read more »
Bank lending continues to rise
The lending figures for November from the Bank of England have shown an increase in net lending.... Read more »
Debt `will` force 100 Scots a day into bankruptcy in 2010
According to a survey by accountants and business advisers Pannell Kerr Forster (PKF), almost 100 Scots will go bankrupt every working day in 2010, scotsman.com reports.... Read more »
Homeowners continue to pay down mortgage debt
According to figures released by the Bank of England (BoE), British homeowners repaid around £4.9bn of mortgage debt during the third quarter of 2009, the Guardian reports.... Read more »
UK consumers prioritise debt repayments over phone bills
Research conducted by YouGov has found that UK consumers prioritise secured debt repayments (such as mortgage payments), Council Tax payments and insurance over their mobile phone bills, cellular-news.com reports.... Read more »
UK adults falling back into debt
Research from Unbiased.co.uk has found that consumer debt levels only decreased slightly in Q3 2009, by £1bn. ... Read more »
Net loans to individuals up in November
The latest figures from the Bank of England show an overall increase in loans to individuals (from home loans to personal loans and other forms of credit) in November 2009. ... Read more »
Insurance essential as extreme weather hits UK
The severe weather seen in the UK in recent weeks has highlighted just how important it is that people have adequate insurance. ... Read more »
Families take steps to repay debt
Increasing numbers of families are opting to repay debt instead of spending their money in shops, according to statistics from the ONS (Office for National Statistics).... Read more »