June 2008 Archive
Posted on June 30th, 2008 in Remortgage.
A majority of homeowners across the UK expect to see the value of their property decline over the course of the next 12 months, according to recent research.
Figures compiled as part of the Building Society Association’s Property Price Tracker show that almost three-quarters of Britons believe values will fall in the coming year.
Around one in four of those polled said they think the decline will wipe between five and ten per cent off the value of their property and for many this could mean debt management and money problems in months to come.
The BSA’s director general Adrian Coles said: "It is clear the positive outlook that has characterised the property market for the last few years is now a thing of the past and people expect prices to fall over the next year."
Moneyfacts reported last week that a two-year fixed-rate mortgage deal in the UK now carries an average interest level of over seven per cent.
Posted on June 30th, 2008 in Debt.
British consumers look set to become more environmentally friendly in an effort to cut their costs and avoid money problems, it has been claimed.
According to a report from Tesco Personal Finance dramatic increases in fuel prices will result in millions of households "going green" in search of energy and cost savings.
In fact, most of the homeowners polled recently said that the rises in fuel costs will force them to save energy but 83 per cent admitted that they could currently be doing more to limit their impact on the environment.
"Going green takes a little bit of effort but can reap huge rewards in the long and short-term," said Paul Baxter from Tescocompare.com.
"There are lots of things that cost next to nothing, which we can all do on a day-to-day basis to reduce our carbon footprint and energy bills."
According to a recent report from Combined Insurance, rises in the cost of living in the first half of this year have left many British households facing serious money problems.
Posted on June 27th, 2008 in Remortgage.
Chancellor Alistair Darling has called on mortgage lenders in the UK to ensure that their arrangement fees are fair to customers.
Mr Darling has expressed concern that people looking to remortgage are having their money problems made worse as a result of being charged large sums for arrangement by their financial service provider.
The Council of Mortgage Lenders has noted that the fees its members charge vary a great deal but the chancellor has warned the industry that he might turn the matter over to the Financial Services Authority.
"I’m very concerned that people ought to be treated fairly, especially people coming off fixed rates and going on to different rates," he said.
"Everybody accepts there are costs that have to be met when they change over, but I think we have to make sure people are treated fairly and are not taken advantage of."
Moneyfacts reported recently that the typical interest level now being charged by British lenders on a two-year fixed-rate mortgage is over seven per cent.
Posted on June 27th, 2008 in Debt.
Millions of British consumers are relying on an inheritance to solve their money problems and keep their finances healthy, it has been suggested.
According to a report from price comparison firm Fool.co.uk, almost half of adults in the UK are expecting to receive some kind of windfall from older generations of their family.
However, many are set to be disappointed because only one in four people feel confident that they will be in a position to bequeath the majority of their assets when they die and 61 per cent plan to worry about their own wellbeing first and foremost.
Additionally, the debt management and money problems of aging Britons are such that one person in 25 believes that they will barely have a penny to their name when they die.
"We can no longer rely on assets being passed down the family tree," said David Kuo, head of personal finance at Fool.co.uk.
"For the many of us who are struggling to make ends meet, we will have to fend for ourselves in the here and now."
According to a recent report from YouthNet and Citizens Advice, people in the UK are becoming stressed about their money problems from an early age and many teenagers are now worried about debt management.
Posted on June 26th, 2008 in Remortgage.
The remortgaging market in the UK is holding up despite the various pressures on the housing sector, according to the British Bankers’ Association (BBA).
BBA members reported a poor performance in terms of home loan activity over the course of last month, with remortgaging proving to be the only area of the market offering cause for optimism.
Indeed, while the total number of mortgage deals done in May were 56.8 per cent down on a year ago, remortgaging activity increased by 6.3 per cent on the same comparative basis.
"Only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders," said the BBA’s statistics director David Dooks.
He went on to suggest that tightening lending criteria and the money problems being faced by consumers are principally to blame for the downturn in the property market.
A report from Moneyfacts this week revealed that the typical two-year fixed-rate mortgage deal in the UK now has an interest rate of over seven per cent.
