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Phil Benson - EzineArticles.com Expert Author
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- Student Loan Payments See Unsecured Lending Levels Soar
[Finance:Student-Loans] Unsecured lending jumped suddenly during February 2008 by £2.4 billion it was revealed by the Bank of England, which is claimed to be as a result of a rise in students seeking loans to cover tuition fees and maintenance costs. This is the claim by the Financial Times who said that student loans totalling £800 million has been partly responsible for the increase in unsecured loans.
- UK Building Societies Suffering From a Fall in Home Loan Lending
[Real-Estate:Mortgage-Refinance] Building societies in the UK saw a fall of more than £1 billion in their mortgage lending during March 2008 according to published home loans data. They also observed a drop in advanced net loans from £1.8 billion to £580 million compared to the same moth of 2007.
- The Drop of New Home Loans Being Offered Sees Thousand Opt to Re-Mortgage
[Real-Estate:Mortgage-Refinance] The British Bankers Association has revealed that the number of mortgages being offered by large high street banks has fallen by 39 per cent. A total of 38,704 new loans for buying a home were approved by major banks in April 2008, compared to about 65,000 being agreed to in April 2007. The drop in numbers is thought to be as a result of thousands of mortgage deals being withdrawn by banks and building societies and tighter restrictions on loans being offered to new home buyers.
- Analysts Say Secured Loans Are Now a Good Option For Homeowners
[Finance:Loans] With secured loan interest rates falling, it makes this type of borrowing more attractive to homeowners who are looking at ways to raise extra cash. An increasing number of consumers are now turning to this type of lending and are willing to put their properties up as security because unsecured credit, such as personal loans and credit cards is becoming more expensive and harder to find.
- Sainsbury's Car Insurance Report Highlights the Perils of the School Run
[Insurance:Car-Auto] A study from Sainsbury's Finance has revealed that hazardous driving from parents during the stressful morning and afternoon school run, is putting children's lives at risk. The report highlighted that 1.6 million drivers had been involved in accidents in just five years whilst taking their kids to school, with men found to be more likely to be at the wheel when a bump has occurred.
- Record Loans Slump Helps to Trigger Rescue Plan From the Bank of England
[Real-Estate:Mortgage-Refinance] March 2008 saw the lowest ever number of people taking out mortgages to buy homes with the amount falling by 46 per cent over a year to 35,417 house buyers wanting loans. At there peak, banks were handing out over 3,000 mortgages a day; however that number has slumped to just 1,100 per day, the smallest number since records began. The figures released by the British Bankers Association reveal the remarkable evidence of a mortgage meltdown in Britain according to chief UK economist at the consultancy group, Global Insight, Howard Archer.
- New Type of Customer Encountering Crises With Secured Loans and Mortgages
[Finance:Loans] Debt advice experts have seen an increase in the numbers of middle class people wanting financial help rise by up to 500 per cent, as middle Britain suffers an overwhelming debt crisis. Many UK households have seen their budgets being pushed to a breaking point by the withdrawal of cheap mortgage deals as a result of the global credit crunch. Families have also had to deal with rising food bills, utility costs and soaring fuel prices.
- Banks Raise Interest Rates on Loans Despite Base Rate Cuts
[Finance:Loans] It appears that banks are pushing up the cost of personal loans to help boost their profit margins, despite a decision by the Bank of England to cut the base rate on three occasions. The interest rate on a loan of £5000 was up on average by 0.71 of a percentage point to 10.
- Insurance Companies Fight Back Against Fraudulent Whiplash Claims
[Legal:Personal-Injury] Whiplash injuries account for 80 per cent of all car accident claims in the UK, but the number of bogus cases is on the increase according to Admiral Insurance. Claims for whiplash cost the insurance industry up to £1.6 billion a year, with 250,000 people saying to have been affected by it annually; 2,000 of these are left with permanent disabilities.
- Home Insurance Risk For Flood Plain Areas
[Insurance:Flood] The insurance industry has warned that many new homes could be left on the housing market and become un-insurable unless the government introduces new rigid planning controls for flood risk areas. By the year 2020, a third of the 3 million proposed homes set to be built in Britain, could be on a flood plain according to the Association of British Insurers (ABI). If this is the case the ABI have warned their members that they may not be able to continue to offer flood cover as standard on home insurance.
- Declining Housing Market Set To Affect Mortgages Lenders
[Finance:Loans] A dwindling house market in the UK could stretch the financial situation for some mortgage lenders according to credit ratings agency, Fitch. Their research has uncovered that the British housing market is set to see the trend of lower prices continue, but they do not expect to see a collapse of house prices.
- Customers With A Good Credit History - Being Penalized For Not Being Profitable
[Finance:Credit] Customers of credit card providers who have a faultless repayment record are said to be at as much risk of being cut off by their lenders as those who are out of control of their spiraling debts. Banks are beginning to identify borrowers with flawless records in order to withdraw their cards as they are unable to make a worthwhile profit from them, according to credit checking agencies.
- No Win No Fee Brand Tarnished
[Legal:Personal-Injury] The reputation of 'no win, no fee' cases has been tainted in the last few years due to a number of high profile cases. It is argued that this concept effectively replaced legal aid for routine accident claims in 2000, with a 'misleading' tag-line for deals that are more formally known as conditional fee agreements (CFAs).
- Mortgage Lenders Face Repossession
[Real-Estate:Mortgage-Refinance] Britain's financial regulator has warned that more than one million families in the UK risk losing their homes in the next 18 months as a result of the global credit crunch. With large mortgages and debts on the increase, the news that banks are becoming increasingly wary of lending money will see many people financially stretched to breaking point; especially those who are coming out of a fixed-rate term on their home loan and are now unable to switch to a cheaper deal.
- Life Insurance Purchases Amongst Young People Falls
[Insurance:Life-Annuities] Protection specialists LifeSearch have released figures showing that life insurance bought by young people aged 35 years and under, had dropped by 5% compared to the previous 12 months. Young persons life protection policies had made up just 31% of all life cover written by LifeSearch during this period.
- Lenders Defy Government Attempts To Ease Mortgage Market Pressures
[Finance:Loans] Government efforts to ease the financial strain on the mortgage market were ignored by building society Nationwide, as they announced plans severely tighten its lending criteria for new customers.
Despite a £50 billion cash injection from the Bank of England to help the tension surrounding the money markets, Nationwide declared that mortgage borrowers would have to double their minimum deposit to 10 per cent for them to be considered for most of their products.
- Debt Problems Set To Double In 2008 As Loan Repayments Become Harder To Manage
[Finance:Debt-Management]
Around 60% of this debt is owed on credit cards, with the remaining outstanding money coming from personal loans, say the TDX Group, whose clients include lenders such as HSBC, HBOS and Alliance & Leicester.
The findings warned of a changing economic picture, highlighting an increase in personal inflation and a slowdown in the property market which will result in a rise in the number of people facing financial difficulties.
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