April, 2010 news
Home loan approvals rise by 20%
According to figures from the British Bankers` Association (BBA), the number of home loans approved for house purchase was a fifth higher in March than it was a year earlier, the Telegraph reports.... Read more »
Tax rises could put pressure on people in debt
Taxes must rise sharply over the next decade to reduce the public debt, a report from the National Institute of Economic and Social Research (Niesr) claims.... Read more »
Debt leading to financial insecurity
Research from the first annual Scottish Widows Priorities of Life index has revealed that although the UK is officially out of recession, many Britons are still feeling `financially insecure`.... Read more »
BBA: mortgage approvals increase by 20%
According to figures from the British Bankers` Association (BBA), the number of mortgages approved by banks for homebuyers was 20% higher in March than the figure for the same period last year, the Telegraph reports.... Read more »
Increase in car finance
The number of new cars bought on car finance grew by 49% in the three months to February, compared with the same period a year ago, according to the Finance and Leasing Association (FLA).... Read more »
Early financial education could prevent future debt problems
Children are becoming increasingly interested in their own money management, research from Halifax has found. ... Read more »
`Split Loan` mortgage launched
HSBC has launched a new type of mortgage which allows customers to fix the interest rate on a proportion of the loan, with the remaining proportion tracking the base rate. ... Read more »
Interest charged on student loans set to rise
Almost three million students and graduates can expect to see the interest rate on their student loans rise in September, following a rise in the Retail Price Index (RPI), the BBC reports.... Read more »
Borrowers took on more debt in February
Net consumer credit increased for the third consecutive month in February, according to the new `Trends in Lending` report from the Bank of England.... Read more »
21% hide `true extent` of their debt from their partners
According to a study conducted by the Post Office, 21% of people fail to `declare the true extent of their debt` to their other half, while 31% admit to hiding their level of debt from other family members, the Telegraph reports.... Read more »
Mortgage applications return to pre-recession levels
According to mortgage broker and property services group Countrywide, mortgage applications have returned to pre-recession levels, the Telegraph reports.... Read more »
Record increase in UK car production
March saw a record 90.2% rise in car production in the UK, compared with the same month last year, according to new figures from the Society of Motor Manufacturers and Traders (SMMT).... Read more »
DROs reach one-year anniversary
This month marks the first anniversary of the Debt Relief Order, or DRO - a new form of insolvency aimed at helping the most vulnerable borrowers clear their unmanageable debts.... Read more »
Bank of England `could raise rates earlier than expected`
Rising inflation could force the Bank of England to raise its base rate earlier than expected, according to The Times.... Read more »
Many homeowners overpaying mortgage debt
An article published in The Independent describes how low interest rates have `tempted` many borrowers to repay more of their mortgage debt each month and make long-term savings.... Read more »
Reasons for taking out a loan are changing
The main reasons for taking out a personal loan have changed over the last few years, according to Sainsbury`s Finance.... Read more »
Car insurance prices `still rising`
Car insurance prices rose by an average of 4.3% in the first quarter of 2010, according to research from Confused.com.... Read more »
Fewer borrowers opting for debt consolidation
Debt consolidation has become a less common reason for taking out a loan, according to research from Sainsbury`s Finance.... Read more »
Gross mortgage lending increased in March
Gross mortgage lending came to an estimated £11.5bn in March, according to the latest figures from the Council of Mortgage Lenders (CML).... Read more »
Fixed-rate home loans fall in popularity
According to figures released by the Council of Mortgage Lenders (CML), the number of homebuyers taking out fixed-rate home loans has fallen to its lowest level in five years, moneynet.co.uk reports.... Read more »
Increasing savings could help protect against debt
Britons almost doubled the amount they saved in the first quarter of this year, compared with the same period last year, according to Birmingham Midshires.... Read more »
Inaccurate bills leave customers in debt to suppliers
According to new research by uSwitch.com, three in ten households have been sent inaccurate bills by their energy supplier within the past two years, leaving many households in debt, The Times reports.... Read more »
Mortgage lending picks up in February
According to figures released by the Council of Mortgage Lenders (CML), the number of mortgages advanced for house purchase increased by 12% in February.... Read more »
24% of car buyers `plan to use a loan`
Just under a quarter (24%) of people planning to buy a car in the next six months plan to take out a car loan to cover at least part of the cost, according to Sainsbury`s Finance.... Read more »
Shoppers `less reliant on credit card debt`
Credit card usage has fallen in real terms since 2005, according to research from the Payments Council, as more shoppers rely on debit cards as their main method of payment.... Read more »
HSBC to offer bank account with overdraft `buffer`
High Street bank HSBC is set to offer a new type of current account that will not allow customers to exceed their agreed overdraft limit.... Read more »
Cars: insurance isn`t everything
Every day, at least 53 victims of household burglary in England and Wales also have their cars stolen, research from AA Insurance has revealed.... Read more »
More people plan to save for a pension
Figures from the latest MoneyMood Survey from Legal & General have revealed that the number of people who say they`re thinking of saving for a pension has increased considerably since this time last year, headlinemoney.co.uk reports.... Read more »
`Modest recovery` for home loans in February
The number of loans for house purchase increased by 12% in February, compared with the previous month, new figures from the Council of Mortgage Lenders (CML) have revealed.... Read more »
Election: hung parliament could increase cost of mortgage debt
Brokers have sent out a warning that a `hung parliament` could increase the cost of new mortgages by around £1,200 per year, The Times reports.... Read more »
Britons `have become nation of borrowers`
A report from the Office for National Statistics (ONS) suggests we have become a "nation of borrowers", the Guardian reports.... Read more »
Lender reports 187% rise in mortgage applications
A mortgage lender has said there are signs of a "gentle recovery" in the mortgage market, after it reported a significant rise in mortgage applications.... Read more »
Loans only available to some
According to a Bank of England report, personal loans and overdrafts will be only be offered to `better quality borrowers` over the next three months, the BBC reports.... Read more »
Rising petrol prices will hit people in debt
The average price of a litre of unleaded petrol has reached an all-time high of 120.1p, according to figures from Petrolprices.com.... Read more »
Government`s debt management plan failing to meet expectations
The Public Accounts Committee has said that the management of the Government`s strategy to help borrowers experiencing difficulties with their debts is "seriously deficient", the Telegraph reports.... Read more »
Car insurance customers `must check their details`
Car insurance customers who buy policies online have been advised to check their details thoroughly before they make a purchase.... Read more »
Bank of England keeps base rate at 0.5%
The Bank of England has announced it will keep its base rate at 0.5% for the 13th consecutive month.... Read more »
30% of people struggling in debt don`t tell anyone
Research by insolvency trade body R3 (Association of Business Recovery Professionals) has found that 30% of people struggling in debt without seeking help haven`t told those closest to them about their problem.... Read more »
Homeowners cut mortgage debt
According to figures from the Bank of England (BoE), homeowners cut mortgage debt by £4bn during the last three-month period of 2009, The Times reports.... Read more »
Car loan availability `expected to rise`
Car loans are expected to become easier to obtain in the next year, according to finance experts Deloitte.... Read more »
Rising motoring costs put pressure on people in debt
The cost of running a car is now over 20% higher than in 2007, according to Sainsbury`s Finance.... Read more »
Economists not banking on base rate increase
The Bank of England is expected to keep its rate at 0.5% for another month in tomorrow`s Monetary Policy Committee announcement, according to the Daily Mail.... Read more »
Loans: base rate expected to stay unchanged
The Bank of England is expected to keep its base rate at 0.5% after its Monetary Policy Committee meeting this week, according to the Daily Mail.... Read more »
Britons take on debt to pay dental bills
According to Simplyhealth`s Annual Dental Survey 2010, in the last year alone, 39% of Britons have had to take on debt using a credit card to pay for dental bills over £50, headlinemoney.co.uk reports.... Read more »
Fuel duty increase ups cost of motoring
UK motorists are being faced with increasingly high running costs as the price of petrol continues to rise - further fuelled by today`s 1p rise in fuel duty.... Read more »
Amount of debt taken on `rose during every quarter` of 2009
According to advice website unbiased.co.uk, the amount of unsecured debt taken on by individuals - along with the level of equity released from homes - rose during every quarter of 2009, the Telegraph reports.... Read more »
View split on 100% mortgages
In a statement regarding the feedback on its `Mortgage Market Review`, the FSA (Financial Services Authority) has acknowledged that there is `little support` for a ban on higher loan-to-value mortgages, The Times reports.... Read more »