Complaints about Egg Credit Card Fiasco

Egg is a credit card company who tried to create an image of being a different and consumer friendly credit card. However, there recent actions to tell over 140,000 consumers that they can no longer keep their credit cards because they are a ‘credit risk’ has met with widespread criticism.Egg wrote a letter saying that [...]

Read More...

[Source: Finance Blog]

Latest UK House Price Statistics

Unfortunately, when it comes to measuring house price statistics there are a bewildering array of different statistics and measures. Surprisingly, given the importance of house prices, the government do not have an authoritative overall statistic. To get an overall impression of the housing market, we need to look at a variety of different statistical measures. [...]

Read More...

[Source: Finance Blog]

Interest Only vs Repayment Mortgage

The council of mortgage lenders statistics show that interest only mortgages have been increasing in popularity in recent years. I believe interest only mortgages now account for about 20% of mortgage approvals up from 10% at the bottom of the housing boom in the early 1990s. For many homeowners, especially first time owners, interest only [...]

Read More...

[Source: Finance Blog]

Fewer Mortgages Available for First Time Buyers

Mortgage Lenders across the board have removed their 125% Mortgage products, as concerns mount over the viability of lending more than a home’s value. This is partly due to the prospect of falling house prices, and also due to concerns over subprime mortgage defaults.There is also increasing desire amongst the top mortgage lenders to secure [...]

Read More...

[Source: Finance Blog]

Help Needed for First Time Buyers

Nationwide recently announced they will be charging higher rates to first time buyers who don’t have a 25% deposit (link). This is bad news for long suffering first time buyer. If you consider that average house prices are 200,000, a 25% deposit represents 50,000. For nearly any aspiring homeowner in their 20s, to save 50,000 [...]

Read More...

[Source: Finance Blog]

Saving Money on Petrol and Driving

With the price of oil rising above $100 and more increases predicted in the coming year, it is worth considering how we can save money from driving and buying petrol.Do I need the Car?50% of journeys take less than 1-2 miles. Rather than get the car out, why not cycle or walk. Often for city [...]

Read More...

[Source: Finance Blog]

Finance and Frugal Tips

Economic Articles:Economics and global WarmingWill US economy really benefit from tax cuts?Money ArticlesEgg Complaints come to the Boil - egg customers complain after company withdraws credit cardsBanks criticised over poor information on interest ratesInvesting in Yourself at the Simple DollarBlog CarnivalsCarnival of personal Finance 114 included my post Top Ten Tips for getting first mortgageFestival [...]

Read More...

[Source: Finance Blog]

Ten Effective Ways to Make the Most of Your Money.

You have to work pretty hard to earn your salary, so make sure you don’t waste your effort by losing money unnecessarily. These are some tips that will make the best use of money and maximise your financial welfareSpend WiselyIt is easy to get into a mode of overspending, buying things that we don’t really [...]

Read More...

[Source: Finance Blog]

Renting - The Future of the UK Housing Market?

Despite, the housing market being in the doldrums, one sector that has continued to do well is the Buy To Let investment Sector. The Council of Mortgage Lenders recently announced that borrowing for buy to let increased from 20.8 billion in the second half of 2006 to 24.1 billion in 2007.The buy to Let Market [...]

Read More...

[Source: Finance Blog]

Home Reversion Schemes

Home reversion schemes and plans allow homeowners to tap into the value of their house and live in it until their death.A home reversion scheme means that you sell your house, usually at a discount to an equity release firm. In return they allow you to:Live in the home until your death.Give a [...]

Read More...

[Source: Finance Blog]

Top 10 Tips for Getting Your First Mortgage

Getting a mortgage is not easy in the current climate of expensive prices and uncertainties surround the housing market and mortgage industry. These are some suggestions for getting your first mortgage.1. Don’t worry about Short Term VolatilityOne current problem with the housing market is its volatility and uncertainty. When buying a house thing about the [...]

Read More...

[Source: Finance Blog]

Tracking the Best Home Loans (Why Rates Go Up, When Rates are Cut)

Many mortgage analysts are currently recommending purchasing a tracker mortgage However, although trackers may be a good option, you would be advised to move quickly to secure a good value tracker.For example, last week Halifax increased its tracker rate by 0.2%, despite the base rate cut by the Bank of England. This seems rather counter [...]

Read More...

[Source: Finance Blog]

Housing Supply and Demand

Amidst all the talk of falling house prices, it is easy to forget that there is a shortage of new housing starts in the UK.Recently, the Government’s key adviser on housebuilding, Steve Nickell expressed his concern about the disappointing level of new houses being built in the UK. Steve Nickell who chairs the government backed [...]

Read More...

[Source: Finance Blog]

House Price Inflation picks Up

Figures released by rightmove suggest that house prices have picked up in February, making prospects of large falls unlikely. The survey found an increase of 5.3% in the asking prices, despite a glut of properties on the market. It is worth noting that house prices are often sold for less than the asking price. The [...]

Read More...

[Source: Finance Blog]

Investing in UK Property

The recent gains in house prices over the past decade may indicate that the prospects for investors in the UK property market are pretty meagre. In fact some would argue investing in the UK property market would be a bad move because they are now overvalued and are set for a price correction. However, despite [...]

Read More...

[Source: Finance Blog]

Different Types of Equity Release Schemes

A few more notes on reverse mortgage schemes mentioned previously.Home reversion: A financial company buys a share of the home. When the house is sold, the company takes its cut of the profits. Usually, the company will buy 50-70%. The older you are the higher % that you will be able to take out.Home income [...]

Read More...

[Source: Finance Blog]

Top 10 Tips for Saving Money and the Environment

It is often the case that a frugal lifestyle can make a big difference to also helping the environment.These are some tips which will help you save money and the environment1. Moderate Heaters and Air Conditioners.To heat the house an extra 2 degrees becomes relatively more expensive and contributes to increased carbon emissions. Try getting [...]

Read More...

[Source: Finance Blog]

The Art of Making an Effective Complaint

The art of complaining is a difficult to master. Some people are reluctant to complain despite awful treatment. Others struggle to complain without becoming angry and upset. In life there are many situations where it is important we complain in a polite but forceful and direct manner. Complaining should not be seen as a tortuous [...]

Read More...

[Source: Finance Blog]

Debt Reduction Options

If you are facing a mountain of debt, there are several things that you can do to try and reduce your debt problemsDon’t Panic.Do you remember why the Hitch Hiker’s Guide to the Galaxy is the most popular book in the galaxy - because it has the reassuring words ‘Don’t panic’ written in bold letters [...]

Read More...

[Source: Finance Blog]

Latest Predictions for Mortgage Interest Rates

Publishing the February inflation report for 2008, the Bank of England struck a cautious note suggesting that interest rates may fall only very marginally in the coming year.Forecast for InflationThe bank noted that inflation was likely to rise to the upper end of the government target of 3%, by the end of the year. They [...]

Read More...

[Source: Finance Blog]

Transfering 0% Interest Credit Card Balances

These are some tips for O% Interest Credit Card Balance Transfers. For the past 4 years, I have been transferring a balance of 3-4000 from one credit card to another. During this time, I have never paid interest on this credit card debt. I have been careful to take advantage of introductory credit card deals [...]

Read More...

[Source: Finance Blog]

Complaints about Mortgage Endowment Policies

The Financial Ombudsman Service is currently receiving a large number of complaints regarding mortgage endowment policies which have offered a poor return for investors. A mortgage endowment policy is supposed to have a separate investment policy which enables the mortgage capital to be paid off at the end of the term. However, many of these [...]

Read More...

[Source: Finance Blog]

Avoiding Home Repossession

The CML predict that the number of home repossessions in the UK could rise from 30,000 last year to 45,000 by the end of 2008. Although this is a big % increase in repossession, it is important not to panic as it still represents a small % of the total number of households.What to do [...]

Read More...

[Source: Finance Blog]

Insurance for Mortgage payments.

The recent furore over PPI for bank loans may make people suspicious of taking out insurance for a specific financial loan. For example, recently banks were found guilty of misselling loan insurance PPI. (misselling of PPI link) Also The profit margin was also extremely high, making it a very poor deal for consumers.

Read More...

[Source: Finance Blog]

Top 10 Financial Products To Avoid

These are products which can seriously damage your financial wealth. In some cases, the products can be OK if used carefully. But, often the principle seems to be merely taking advantage of the unwary consumer. Some of these products are blatantly bad value; but, others have their charges cleverly hidden. Make sure you don’t [...]

Read More...

[Source: Finance Blog]

Front Loading Your Mortgage

Front loading your mortgage is the principle of making extra payments to reduce the total cost of your mortgage. Most standard mortgages are a combination of capital and interest repayment mortgages. If you borrow a mortgage for 150,000 for 25 years; the bank may work out that your monthly payments should be 1,100 per month. [...]

Read More...

[Source: Finance Blog]

Bank Cut Base Rate - February 7th

As expected, the Bank of England cut the base rate by 25 basis points to 5.25%. This cut had been widely expected, and the only question was whether it would be a cut of 25 points or 50 points.The reason for the base rate cut wasSlowing demand in both the UK and global economyFalling house [...]

Read More...

[Source: Finance Blog]

Saving for First Mortgage Deposit

Despite slight falls in house prices, most first time buyers still face a mammoth task in saving for a deposit. Nevertheless, the break in rising house prices, at least, gives young aspiring homeowners the opportunity to try and save sufficient funds for their first mortgage deposit. These are some suggestions to save money for a [...]

Read More...

[Source: Mortgage Blog]

Britains Debt Crisis

There is an interesting documentary on ITV tonight about some of Britain’s worst cases of debt. The programme entitled Repossession, Repossession, Repossession is likely to make grim viewing, but does highlight some of the reason for Britain’s growing levels of debt (a phenomena which is also occuring in the US)According to a survey by KPMG, [...]

Read More...

[Source: Mortgage Blog]

My Personal Experience With Debt.

At university I took out the maximum student loan and put the money in a post office savings account. I made about 1% profit between the interest charged by the student loan company and the rate paid by the post office. I never used the money as a student, although it came in handy a [...]

Read More...

[Source: Mortgage Blog]

How the Credit Crunch Could Undermine the Housing market

In the US subprime mortgage sector, there have been a record rise in mortgage defaults the consequence of this is that financial institutions have had to write off millions of dollars in bad debts. This has made them very reluctant to lend more money, especially to buy mortgage debt. Therefore, there has been a [...]

Read More...

[Source: Mortgage Blog]

Falling House Prices put Pressure On Rate Cut

The Halifax house price index reported that house prices fell for the third month, in January 2008. This is the first time in 12 years that UK house prices have fallen for 3 consecutive months. However, the price drop was fairly limited house prices are 1% lower than 3 months ago.With the MPC meeting tomorrow [...]

Read More...

[Source: Mortgage Blog]