News
06-11-2008: First Time Buyers Struggle to Find Larger Deposits
Despite falling house prices First-Time Buyers (FTBs) are having to find larger deposits, stumping up an average of £19,000 compared to just £14,500 a year ago.
29-10-2008: Mortgage Approvals Stabilise at Historic Lows
Today's announcement by the Bank of England that new mortgage approvals for house purchases totalled 33,000 in September, a 1,000 increase from their August low, may provide a little comfort for all those with a vested interest in the housing market.
01-09-2008: Government GDP Growth Rate Versus Reality
The last couple of weeks have seen a myriad of headlines expressing a fear of recession, asking will we go in to recession and, if so, when the recession will start. Rather than asking the when and if, why aren’t they asking how the when and if are calculated?
27-08-2008: Buy-to-Let Stats Hide Surge in Bad Debts
At first glance the statistics on buy-to-let mortgage numbers, arrears and repossessions would seem not that bad. However, closer inspection would suggest that the BTL sector is deteriorating ... and fast.
22-08-2008: Shush: GDP Contracts Most in 27 Years
Revised GDP growth figures put reduced quarter-on-quarter GDP growth to zero, reducing the year-on-year growth rate to 1.4%. The problem is that those figures apply Government's preferred method of calculation, which uses the GDP Expenditure Deflator. A deflator which appears to have most of the inflationary things taken out.
12-08-2008: Relocation, Relocation Credit Crunch Special
Are you a home owner who has been affected by the current Credit Crunch yet desperately need to move house?
08-08-2008: Is the Secular Bear in Homeownership Under Way?
The number of mortgages fell 95,000 in the last 12 months. The first ever yearly fall. Has a new era of declining homeownership has begun? Is secular bear is here?
08-05-2008: A Warning from Tiberius
It is said that Tiberius counselled his regional commanders by saying, "boni pastoris est tondere pecus non deglubere". It is of a good shepherd to shear his flock, not to flay them. Advice the current Government is sorely in need of heeding.
08-05-2008: Rates Unchanged: More Wait and See
Base rates were left at 5% as the Bank of England’s Monetary Policy Committee (MPC) meeting culminated with the “disciples of dither” deciding to do absolutely nothing.
20-10-2007: Wedge and Channel Confirm Recession in 2008
We have two different charts, which have both broken to the downside. A recession based on RPI-adjusted GDP starting in 2008 is a given.
04-09-2006: Buy-to-Let Prediction is "Rubbish"
That is the reaction to the prediction by lettingfocus.com that half of all properties will be buy-to-let or second homes by 2026.
03-08-2006: Bank of England Surprises with Base Rate Hike
A reduced seven member Monetary Policy Committee (MPC) surprised most economists and market watchers as the Bank of England announced at midday today that the base rate was raised by a quarter point to 4.75% from 4.50%, immediately having a negative impact on equities, Gilts and short sterling.
04-11-2005: Bad News for Bad Faith Bankrupts
Official Receivers target "Bad Faith Bankrupts" with Bankruptcy Restrictions Orders, enabling them to impose bankruptcy restrictions for up to 15 years.
27-10-2005: Home Repossession Orders Soar 66 Percent
Mortgage repossession orders issued in the three months ending September surge to 19,687, levels not seen since the third quarter of 1993 and the dark days of the property recession.
30-09-2005: Flexi-rate credit card rewards faster repayment with lower interest rate
Barclaycard’s new Repayment Rewards credit card designed to offer a flexible interest rate which reduces the more you pay off your balance each month. Rewarding those who pay off more of their credit card balances and helping them get clear of their credit card balance.
04-08-2005: Bank of England Cuts Rates: When Will It Cut Again?
At midday the Bank of England cut the base rate by 25 basis points to 4.50 percent from 4.75 percent, the rate it has stood at since August 2004. However, the cut is not expected to be the first of many as in a series of aggressive cuts as concern now focuses on when rates will be cut again.
18-01-2005: Tougher Bankruptcy Restrictions for Middlesbrough Man’s Credit Card Spending Spree
A Middlesbrough man has become the first person in the North East region to be subjected to tougher bankruptcy restrictions as he was found guilty of "unreasonable extravagance", the Insolvency Service reported.
14-01-2005: Record Numbers Seeking Help With Debts
The number of people seeking advice for debt problems is at all-time highs as the debt advice sector reports a surge in the number of people seeking help. At the not-for-profit Debt Advice Bureau, people wanting to set up arrangements have more than doubled, with applications up 168% in December.
12-01-2005: More Borrowers Plan to Reduce Their Debts
Nearly half (49%) of people with debts say they plan to cut their borrowing over the next six months, three times the level of six months ago, according to the Nationwide building society’s latest Consumer Confidence Report.
10-01-2005: Zero Rate Balance Transfers: Rest In Peace
It could be the end of 0% balance transfer deals on credit cards as card issuers are forced to introduce charges in order to stem the losses caused by "rate tarts".
07-01-2005: Bonus Cuts Expected for With Profits Policies
Owners of with-profits endowment policies, taken out to pay off their mortgage, could be hit most, the Faculty and Institute of Actuaries warns, as annual bonuses paid on with-profits policies are expected to be cut.
05-01-2005: Don't be Conned: OFT Warns of Loan Fee Scam
The OFT is warning consumers about a Canadian loan scam that charges large up front insurance fees for loans that never appear.
04-01-2005: New Mortgages Lowest Since September 1995
The number of mortgages approved across the UK has fallen sharply according to figures released by the Bank of England today. New mortgages approved fell to just 77,000 in November, the lowest level for more than 9 years.
24-12-2004: New Year to Herald Record Bankruptcies
The combination of Christmas overspending and already excessive borrowing is expected to result in as many as 5,000 bankruptcies by the end of January 2005.
11-03-2004: Debt Consolidation: Who's to Blame?
The OFT has published the results of it’s eight month study into debt consolidation loans, the loans taken out by people in a bid to reduce their monthly payments by incorporating their debts into one place.
01-03-2004: Interest Rates or Taxes
Rising borrowing figures and house prices have put interest rates back on the agenda. But if interest rates aren't the answer, what else is there ... Tax.
12-11-2003: Economic Recovery or Bust
As the global economy gathers momentum the Bank of England has another problem, the British consumer. To be accurate, the indebted British consumer.
10-11-2003: Water Bills Set to Mount
Water bills could rise by 30% from 2005 as water companies increase spending to meet continued regulatory requirements, and even bigger increase could be on the way.
07-11-2003: Personal Bankruptcies Hit Decade High
Provisional figures released today reveal 9,094 people in England and Wales were declared insolvent between July and September, the highest quarterly count for more than a decade.
06-11-2003: Warning Shot Across the Bows
The first rise in Base Rates since 10th February 2000 is no more than a warning shot across the bows of the British consumer and is a signal that rates can rise and will rise if need be.
01-11-2003: Plea for Debt Advice Funding
Consumer minister Gerry Sutcliffe has asked lenders to put their hands in their pockets so that more free debt advice can be offered.
31-10-2003: House Prices Jump ... and so do the Chances of a Rate Rise
House prices rose by 2% in October taking the year-on-year to 16.1% and the average house price to £131,947, according to figures released by the Nationwide Building Society.
30-10-2003: More Choice for Energy Debtors
Energy companies vote to allow many customers on prepayment meters who are in debt to switch suppliers.
29-10-2003: Mortgage Borrowing Soars as Rate Rise Looms
As new mortgage lending hits a record £16.9bn, the Bank of England looks set to increase interest rates for the first time in nearly four years.
05-06-2002: One in Three Endowments Will 'Definitely' Fail to Pay Off the Mortgage
That is the view given the latest news from the Association of British Insurers. With the first 1.25 million 'traffic light' letters sent out to endowment policy holders, the number of policies expected to fall short has jumped from 15% to 35%.
21-05-2002: Record Debts for Britain's Borrowholics
The addiction grows as cheap credit and eager-to-supply banks ensure that borrowers can always get another fix.
13-05-2002: Protecting Your Home Against Endowment Shortfalls
More people are likely to suffer an endowment shortfall than have an endowment policy that pays of their mortgage. So if your endowment policy isn't going to clear your mortgage ... who will?
03-05-2002: Current Account Apathy Costs Customers Millions
25 million Britons could save about £500 million a year by switching their current accounts from the Big Four banks to internet and high street alternatives.
24-09-2001: Waiting for the Traffic Lights to Change
In just over 6 months the second round of traffic light letters will go out. But the combination of inaction by policyholders and a stockmarket in decline could mean that when the traffic lights change, it won't be to green.
01-09-2001: Endowment Inaction Could Leave You Homeless
Even though millions of traffic light letters warn of potential shortfalls, the Financial Services Authority reveals that most people have done nothing to protect their home from the possible consequences.
28-05-2001: Pensions Betrayal by Big Business
Hundreds of thousands of workers are on the verge of loosing many of their pension benefits, before they are even retired.
18-05-2001: Borrowers Still Miss the Main Benefit of Cheaper Mortgages
With another cut in interest rates, borrowers are still missing the main benefit of cheaper mortgages . . . they can be paid off sooner.