Moneysupermarket has calculated that the top ten loans now for £5,000 have an average rate of 10.78 per cent.
This is 1.54 percentage points higher than in January.
People who have struggled with debt in the past could find themselves locked in a vicious circle. Moneysupermarket has also found that the cheapest loans are offered only to people whose credit histories are unblemished.
So a person who has had trouble keeping their payments up in the past could now find themselves having to pay more for a loan even if they are able to get one.
However, for people simply looking to make their debts easier to manage (who can afford their repayments), there is always debt consolidation.
While the British Bankers' Association has found that monthly lending through personal loans has experienced a 28 per cent decline, Moneysupermarket says that 20 per cent more people are using its online service to search for loans.
Age is also a factor. According to Alliance Trust figures, people aged 75 and over are experiencing the lowest rate of inflation for their living costs, at 2.3 per cent.
People aged 65 to 74 have it at 2.6 per cent and for those under 30, it is 2.5 per cent.
However, those who are between 30 and 65 are seeing inflation at 2.8 per cent - a figure which significantly outstrips rises in wages.
Spokesperson Shona Dobbie observed: "The working age groups face an inflation of 2.8 per cent, but average earnings have grown by only 1.2 per cent over the last year."
Wednesday, 23 December 2009
Tuesday, 24 November 2009
In need of YOUR help
Hey everyone,
I'm fairly new to the whole blogging scene, so if anyone wants to help me on my way - that would be great!
Post comments on my artilces, vote on my poll - just get involved!
Thanks!
John
I'm fairly new to the whole blogging scene, so if anyone wants to help me on my way - that would be great!
Post comments on my artilces, vote on my poll - just get involved!
Thanks!
John
Lack of funding for govt mortgage scheme 'causing problems'
A lack of funding for the MyChoice HomeBuy mortgage scheme is causing difficulties for first-time buyers (FTBs), it has been claimed.
According to Helen Adams, managing director at property website First Rung Now, a shortage of funding for the initiative is a "huge problem" for such people.
She said: "One of the few opportunities for FTBs is the HomeBuy schemes. They are really reliant on them as a way forward."
Currently, FTBs are struggling to get together the large deposits required by lenders to secure mortgages, she stated.
The MyChoice HomeBuy intitivate is a low-cost homeownership initiative that enables applicants to choose and buy a home on the open market with the assistance of a flexible equity loan.
Recently, huge demand for the scheme saw some councils facing a shortage of funds.
However, the Department for Communities and Local Government released a statement making it clear that it intended to inject further cash into the programme.
According to Helen Adams, managing director at property website First Rung Now, a shortage of funding for the initiative is a "huge problem" for such people.
She said: "One of the few opportunities for FTBs is the HomeBuy schemes. They are really reliant on them as a way forward."
Currently, FTBs are struggling to get together the large deposits required by lenders to secure mortgages, she stated.
The MyChoice HomeBuy intitivate is a low-cost homeownership initiative that enables applicants to choose and buy a home on the open market with the assistance of a flexible equity loan.
Recently, huge demand for the scheme saw some councils facing a shortage of funds.
However, the Department for Communities and Local Government released a statement making it clear that it intended to inject further cash into the programme.
Monday, 16 November 2009
Only one household approved for mortgage support scheme
Since the Mortgage Rescue Scheme launched in January, only one household has been approved for help, it has been revealed.
According to official figures, while 452 households applied for assistance through the scheme, only one was successful.
Responding to the statistics, Bernard Clarke, spokesperson for the Council of Mortgage Lenders, said that the initiative was still in its "very early days".
He added that many homeowners would benefit from the scheme even if their applications were not approved.
Mr Clarke stated: "One of the benefits of the scheme is that it encourages people to make contact with their lenders and that means that, in a number of cases, other ways of helping the borrower in difficulty may come to light."
The Mortgage Rescue Scheme was launched on January 16th with the aim of helping 6,000 households over the next two years.
It is designed to prevent some vulnerable families losing their homes and experiencing repossession.
According to official figures, while 452 households applied for assistance through the scheme, only one was successful.
Responding to the statistics, Bernard Clarke, spokesperson for the Council of Mortgage Lenders, said that the initiative was still in its "very early days".
He added that many homeowners would benefit from the scheme even if their applications were not approved.
Mr Clarke stated: "One of the benefits of the scheme is that it encourages people to make contact with their lenders and that means that, in a number of cases, other ways of helping the borrower in difficulty may come to light."
The Mortgage Rescue Scheme was launched on January 16th with the aim of helping 6,000 households over the next two years.
It is designed to prevent some vulnerable families losing their homes and experiencing repossession.
Wednesday, 21 October 2009
Debt advice
Millions of humans get money problems help when they are waking up and their money are difficult to maintain. financial difficulty advice is exactly what it says it is - advice with money worries.
money worry help could vary from budgeting advice to tips on negotiating with creditors. It is often emitted by professional debt advisers who are handy and have knowledge what they are carrying out.
big money issue relief can give much needed help and advice to folk battle against their financial problems and turn out to be debt free. It is obtainable from all sorts of dwellings, there are companies, charities and websites that all offer financial difficulty advice - and it is normally given for no obligation.
Some folk are givenbig money issue relief as soon as they are in financial boo boos, while others stay around until they are in debt debt and more debt.
money worry help could vary from budgeting advice to tips on negotiating with creditors. It is often emitted by professional debt advisers who are handy and have knowledge what they are carrying out.
big money issue relief can give much needed help and advice to folk battle against their financial problems and turn out to be debt free. It is obtainable from all sorts of dwellings, there are companies, charities and websites that all offer financial difficulty advice - and it is normally given for no obligation.
Some folk are givenbig money issue relief as soon as they are in financial boo boos, while others stay around until they are in debt debt and more debt.
Thursday, 1 October 2009
Tell me what a bank account is
Folk use a bank account to squirrel away their money. An account records transactions between clients, the bank, and stores - something which allows people to keep tabs on what's happening to their money.
There are various types of bank accounts people can open. Examples:
Current accounts - where Clients tend to hold their income. Savings bank accounts - where Consumers make deposits - these accounts will normally have high interest rates so Customers can benefit from yearly interest.
Customers can deposit cash into their current account (put money in), and they can also make withdrawals (take money out).
There are various types of bank accounts people can open. Examples:
Current accounts - where Clients tend to hold their income. Savings bank accounts - where Consumers make deposits - these accounts will normally have high interest rates so Customers can benefit from yearly interest.
Customers can deposit cash into their current account (put money in), and they can also make withdrawals (take money out).
Monday, 21 September 2009
loans of the unsecured variety
loans - unsecured are unique for human beings who do not possess their individual dwelling - or for human beings who actually don't crave to make safe a borrowed money against their house.
It is a fantastic method of raising a handful of more than you have money that can be used for absolutely anything - from journeys to foreign lands to journeys into space! (The last one is a joke!)
It is a fantastic method of raising a handful of more than you have money that can be used for absolutely anything - from journeys to foreign lands to journeys into space! (The last one is a joke!)
Wednesday, 16 September 2009
loans of the unsecured variety
loans that aren't secure are created for for homosapiens who don't possess their personal house - or for bodies who do not want to make safe a loan against their house.
It is a fantastic method of finding a small amount of more than you have pounds that can be used for absolutely anything - from to repaying cash you owe.
loans - unsecured have to be thrown back - and will in general come with competitive interest rates. Repayments will be made (in most cases) on a calender month basis, and will continue until the loans has been repaid.
To make nice their chances of being lent an loans, homosapiens can do things to make nice their credit report - because in general, the better their credit score, the lower the interest rate they will be requested to pay!
It is a fantastic method of finding a small amount of more than you have pounds that can be used for absolutely anything - from to repaying cash you owe.
loans - unsecured have to be thrown back - and will in general come with competitive interest rates. Repayments will be made (in most cases) on a calender month basis, and will continue until the loans has been repaid.
To make nice their chances of being lent an loans, homosapiens can do things to make nice their credit report - because in general, the better their credit score, the lower the interest rate they will be requested to pay!
Wednesday, 26 August 2009
Give me some info on bank accounts
The Public use a bank account to save their wages. bank accounts stores details of activity between a customer, the bank account, and payees - which\that allows account holders to track of where their funds are going.
There are a few types of bank accounts people can open. Examples: Current accounts - where The Public tend to hold their salary. Savings account - where Folk make deposits - these bank accounts will normally have high interest rates so The Public can benefit from monthly interest.
Customers can deposit money into their account (put money in), and they can also make withdrawals (take money out).
There are a few types of bank accounts people can open. Examples: Current accounts - where The Public tend to hold their salary. Savings account - where Folk make deposits - these bank accounts will normally have high interest rates so The Public can benefit from monthly interest.
Customers can deposit money into their account (put money in), and they can also make withdrawals (take money out).
Thursday, 20 August 2009
Remortgage
People may need to remortgage their house if they need to afford a big purchase. Or they may be struggling to afford their mortgage repayments and need to lengthen their mortgage term - they can do this by choosing to remortgage.
To remortgage, individuals will need to speak to their mortgage provider and explain their situation. They may find that choosing to remortgage isn't actually the best option for them - it all depends on their situation!
People often remortgage to either afford home improvements - for example, a loft conversion, or a conservatory, or maybe even to afford a second home - to rent out to students, or to renovate and sell on for profit.
To remortgage, individuals will need to speak to their mortgage provider and explain their situation. They may find that choosing to remortgage isn't actually the best option for them - it all depends on their situation!
People often remortgage to either afford home improvements - for example, a loft conversion, or a conservatory, or maybe even to afford a second home - to rent out to students, or to renovate and sell on for profit.
Thursday, 13 August 2009
Interest charges
Interest charges are like marmite - you either love them or hate them.
They can be high - which you can love if you've got savings, or you can hate if you've got debts…or…they can be low - which you can love if you've got debts, or you can hate if you've got savings!
Interest charges, at the moment, are pretty low - which is generally a good thing because the average level of debt is quite high. However, this could all change - and no-one really knows when or how this change will take place. Interest charges could sky rocket, and they may well do…and this will be called a 'boom' - but be careful - it won't last!
So…anyone for a bit of marmite?
They can be high - which you can love if you've got savings, or you can hate if you've got debts…or…they can be low - which you can love if you've got debts, or you can hate if you've got savings!
Interest charges, at the moment, are pretty low - which is generally a good thing because the average level of debt is quite high. However, this could all change - and no-one really knows when or how this change will take place. Interest charges could sky rocket, and they may well do…and this will be called a 'boom' - but be careful - it won't last!
So…anyone for a bit of marmite?
Thursday, 6 August 2009
Mortgages
Mortgages can come in all shapes and sizes you know. I did some research last night and found that the three most common mortgages are fixed-rate, tracker, and variable-rate.
Fixed-rate mortgages have a fixed interest rate. That means that the rate the borrower pays will stay the same throughout the term, even if the base rate changes.
Tracker mortgages track the base rate, and often stay just above it. Some tracker mortgages have what is called a collar, this means they won't go below a certain minimum rate.
Variable-rate mortgages are a bit like tracker mortgages in that they follow the base rate - but not as tightly. In other words, whenever the base rate moves, lenders have the decision whether to change the mortgage rate.
Fixed-rate mortgages have a fixed interest rate. That means that the rate the borrower pays will stay the same throughout the term, even if the base rate changes.
Tracker mortgages track the base rate, and often stay just above it. Some tracker mortgages have what is called a collar, this means they won't go below a certain minimum rate.
Variable-rate mortgages are a bit like tracker mortgages in that they follow the base rate - but not as tightly. In other words, whenever the base rate moves, lenders have the decision whether to change the mortgage rate.
Monday, 3 August 2009
Mortgage help
I think the best thing for me is to get some mortgage help. Last time I wrote I told you about having a short payment holiday form my mortgage.
If I get mortgage help, I might not need a payment holiday. Mortgage help might allow me to lower my monthly payment amount - I will just have to wait and see.
I really do need some mortgage help soon though - I'm starting to use my credit card to buy food and other essentials. And that it something that I shouldn't be doing.
I will go and get my mortgage help tomorrow, then I might be able to get some sleep at night!
If I get mortgage help, I might not need a payment holiday. Mortgage help might allow me to lower my monthly payment amount - I will just have to wait and see.
I really do need some mortgage help soon though - I'm starting to use my credit card to buy food and other essentials. And that it something that I shouldn't be doing.
I will go and get my mortgage help tomorrow, then I might be able to get some sleep at night!
Tuesday, 28 July 2009
Remortgaging
Remortgaging involves changing the size of your mortgage to accommodate for a large purchase - or just making your mortgage term longer so you can reduce your monthly payment amounts.
Many people decide to go ahead with remortgaging so they can afford either home improvements or a second home. For example, if someone wanted to add a conservatory and a loft conversion to their home then they could remortgage to cover the costs - for these purposes…remortgaging is an appealing option.
On the other hand, remortgaging would not be so appealing for people in negative equity - where their house is worth less than their mortgage. Anyone in this situation would probably choose an alternative to remortgaging.
Remortgaging need not be difficult, and it can be very beneficial if done correctly.
Many people decide to go ahead with remortgaging so they can afford either home improvements or a second home. For example, if someone wanted to add a conservatory and a loft conversion to their home then they could remortgage to cover the costs - for these purposes…remortgaging is an appealing option.
On the other hand, remortgaging would not be so appealing for people in negative equity - where their house is worth less than their mortgage. Anyone in this situation would probably choose an alternative to remortgaging.
Remortgaging need not be difficult, and it can be very beneficial if done correctly.
Thursday, 23 July 2009
Mortgage rates
Mortgage rates can determine how much a mortgage will cost the borrower. Mortgage rates can be high, or they can be low - it depends on the base rate, and the preference of the lender.
A friend of mine recently took out a mortgage with mortgage rates set really low - this means he will be paying less interest on his mortgage debt.
On the other hand, if he had taken out a mortgage with really high mortgage rates, then he would have been paying a load more interest.
Some mortgage rates can often seem unfair - however, people must be aware that mortgage rates can and do change.
Some people may be able to secure low mortgage rates if they are taking out a certain type of mortgage, whereas other types of mortgage may come with higher mortgage rates.
What is mortgage advice?
When people are struggling to repay their mortgage, they may consider seeking mortgage advice.
Mortgage advice can help people get their finances back on track by helping them meet their mortgage repayments. Like debt advice, mortgage advice is often offered for free by professional organisations.
People may want to seek mortgage advice if their mortgage payments are taking up too much of their income and they can't afford essentials such as food and utility bills - this can be a huge problem for people with families.
Mortgage advice is available to anyone with or without a mortgage. People without a mortgage can be advised on potential mortgages, and people with mortgages can receive mortgage advice about their current mortgage.
It is worthwhile seeking mortgage advice, even if the problem an individual has is very small - a little advice may be all they need.
Mortgage advice can help people get their finances back on track by helping them meet their mortgage repayments. Like debt advice, mortgage advice is often offered for free by professional organisations.
People may want to seek mortgage advice if their mortgage payments are taking up too much of their income and they can't afford essentials such as food and utility bills - this can be a huge problem for people with families.
Mortgage advice is available to anyone with or without a mortgage. People without a mortgage can be advised on potential mortgages, and people with mortgages can receive mortgage advice about their current mortgage.
It is worthwhile seeking mortgage advice, even if the problem an individual has is very small - a little advice may be all they need.
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