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Current Feed Content from 7 Oct 08 16:04
Availability of loans shrinks in three months to September
Mon, 6 Oct 2008 9:52:52 GMTThe availability of loans and other types of credit has shrunk in the third quarter of 2008, according to the Bank of England (BoE).
In its latest Credit Conditions Survey, the BoE reveals that ‘Lenders reported that they had reduced the availability of secured credit to households [such as secured loans and mortgages] in the three months to mid-September by more than they had anticipated in the Q2 survey’.
However, the availability of unsecured credit (unsecured loans, credit cards, etc.), although down, was reduced ‘in line with expectations three months ago’.
“The figures underline the importance of talking to the right lender, ” said a spokesperson for Think Money. “Credit is still available, but people need to think carefully before applying, and approach a lender who specialises in loans for people in their financial situation.”
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Think Money offer a range of secured loans and unsecured loans to suit people in different financial situations. If you are considering taking out a loan, contact one of our loan advisers now.US Senate passes bill addressing mortgage debt
Fri, 3 Oct 2008 16:17:47 GMTA revised ‘financial bail-out’, passed by the US Senate, still has to be approved by the House of Representatives, which rejected a similar bill on Monday.
The revised bill still focuses on a proposed ‘bail-out’ of financial institutions – allowing the US government to spend approximately $700 billion buying up ‘toxic’ mortgage debts and other ‘troubled assets’.
The aim is to free up banks to lend more and restore confidence in financial markets, potentially ending (or at least alleviating) the credit crunch.
But the bill is deeply unpopular among American voters, which may lead many in the House of Representatives to reject the new version, as they did the initial bill.
Politicians, however, are warning that failure to pass the bill could have a severe negative impact on people all over the world – not just US citizens, and not just people currently looking for mortgages and other loans.
In the words of Democratic presidential candidate Barack Obama, as reported on CNN’s website: “we can’t afford to take a risk that the economy of the United States of America and, as a consequence, the worldwide economy could be plunged into a very, very deep hole.”
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Think Money offer a range of mortgages to suit people in all kinds of financial situations. If you are considering taking out a mortgage, contact one of our expert mortgage advisers.House prices fall in September
Fri, 3 Oct 2008 16:43:59 GMTThe price of a typical house fell by 1.7% in September, to £161, 797, according to Nationwide Building Society.
For people in debt, this fall potentially limits their choice of debt solutions.
“Borrowers thinking about consolidating their debts by remortgaging will need to think very carefully about the amount of equity in their property, and talk to an expert debt adviser about their options, ” said a spokesperson for Think Money.
“There are still plenty of homeowners with substantial levels of equity in their property, but the current downward trend is clearly reducing those levels.
“At a time like this, with house prices declining and credit less available than it used to be, people with debt problems should consider all available debt solutions, including debt management plans and IVAs (Individual Voluntary Arrangements). Again, the key thing is to talk to a debt specialist who can provide expert advice on the pros and cons of each debt solution.”
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Think Money provide a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). If you are struggling with debt, contact one of our expert debt advisers now.Availability of secured loans declines
Fri, 3 Oct 2008 11:25:47 GMTConsumers seeking secured loans may not welcome figures published by the Bank of England (BoE), which reveal that the availability of credit for such loans has tightened.
According to the organisation, lenders reported that they had reduced the availability of secured credit to households in the three-month period ending in September by more than they had anticipated they would when questioned in the previous quarter.
Expectations of falling house prices and concerns over the general economic outlook were cited as factors contributing to this trend.
Meanwhile, the amount of money being handed to consumers in the form of unsecured loans also declined over the three months ending in September.
The BoE revealed that the unsecured credit available to people reduced over the quarter in line with expectations, while lenders anticipate similar decreases over the next three months.
Recently, the Bank released figures which indicated that the growth rate in lending to individuals in the UK slowed in August to 6.2 per cent.
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Think Money offer a range of secured loans and unsecured loans to suit people in different financial situations. If you are considering taking out a loan, contact one of our loan advisers now.
US Congress under pressure to act on ‘toxic debt’
Thu, 2 Oct 2008 16:50:55 GMTThe pressure on the US Congress has been raised even further by a warning from the International Monetary Fund (IMF), the Guardian reports.
It followed the recent rejection of the Emergency Economic Stabilization Act, which would have allowed the US government to spend around $700 billion buying mortgage debts and other ‘troubled assets’ from lenders.
IMF managing director Dominique Strauss-Kahn stressed the need for the US to take urgent action to protect its economy.
“We’re right at the moment where action is needed, ” he stated in an interview with Reuters, adding that “A non-perfect plan is better than no plan at all.”
The Senate is due to vote on a revised rescue package on Wednesday night. If it passes, the package is expected to restore confidence in the financial systems and to avoid a potential financial disaster caused by high levels of ‘toxic debt’.
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www.ThinkMoney.com provide a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). If you are struggling with debt, contact one of our expert debt advisers now.FTBs `should be prepared to make sacrifices to secure a mortgage`
Thu, 2 Oct 2008 09:42:43 GMTFirst-time buyers (FTBs) who are serious about getting on to the property ladder must be prepared to make sacrifices in order to secure a home loan, an expert has said.
Commenting on the issue, Michael O`Flynn, content editor at FindaProperty, suggested that luxuries such as eating out and taking holidays abroad may be "worth missing out on" for a couple of years in order to save sufficient funds.
He said: "In the current economic climate where mortgage lenders are tightening their loan criteria, it`s highly unlikely that first-time buyers will be able to secure a mortgage without a minimum deposit of ten per cent of a property`s value."
Mr O`Flynn added that the most recent property price reports from Nationwide and Halifax put the average price of a home at £164, 654 and £174, 178 respectively.
Given the restricted lending conditions, FTBs would have to save between approximately £16, 500 and £17, 500 in order to secure a mortgage, he concluded.
Research conducted recently by the Co-operative Bank and Places for People found that only nine per cent of people questioned were not prepared to make sacrifices to buy a property, compared with 57 per cent last year.
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Think Money offer mortgages to suit people in various financial situations. If you are looking for a mortgage, don’t hesitate to contact one of our expert advisers
Buy-to-let mortgage market not dead, industry body says
Thu, 2 Oct 2008 09:41:12 GMTThe UK`s buy-to-let mortgage market is not dead, despite rumours to the contrary, an industry body has said.
According to the National Landlords Association (NLA), the fundamentals of the market remain strong.
It made its comments in the wake of the collapse of Bradford & Bingley, a government takeover of which was recently approved by European regulators.
The NLA suggested that, as only 25 to 30 per cent of landlords actually use buy-to-let mortgages to finance their property purchases, a significant number remain "untouched" by the bank`s problems.
Meanwhile, a variety of factors, including an increasing student population, rising immigration and an increasingly mobile workforce, are all serving to keep up demand for rental homes, it added.
In words which may reassure those seeking a buy-to-let mortgage, Simon Gordon, head of communications at the NLA, said: "It is simply not true that the nation`s landlords are now facing some sort of crisis."
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Think Money offer mortgages to suit people in various financial situations. If you are looking for a mortgage, don’t hesitate to contact one of our expert advisers
Lending down in August
Wed, 1 Oct 2008 17:8:59 GMTThe increase in total net lending to individuals was much lower in August than in July, Bank of England figures reveal.
The Lending to Individuals: August 2008 Statistical Release shows that total lending to individuals grew by £1.4 billion, a significant drop from July’s figure of £4 billion.
The vast majority of this drop was due to a slump in secured loans and other lending secured on dwellings, with the numbers of loans approved for house purchase (32, 000), remortgaging (64, 000) and other purposes (39, 000) all lower than in July.
On the whole, net consumer lending (unsecured loans, credit cards, etc.) actually increased by more in August than it had in the previous month – £1.2 billion, as opposed to July’s £1.1 billion.
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Think Money offer a range of secured and unsecured loans to suit people in different financial situations. If you are considering taking out a loan, contact one of our loan advisers nowLending growth slows in August, BoE reveals
Wed, 1 Oct 2008 11:25:07 GMTThe 12-month growth rate in lending to individuals in the UK slowed again in August, the Bank of England (BoE) has revealed.
According to the BoE, growth in the amount borrowed slowed to 6.2 per cent, while the three-month annualised growth rate declined by one per cent to 2.6 per cent.
Meanwhile, the number of loans approved for house purchases during the month was 32, 000 and the number of people remortgaging was 64, 000.
In addition, it was found that the annual growth in consumer credit slowed by 0.1 per cent over the 31-day period to 6.8 per cent.
Recently, Melanie Bien, director of Savills Private Finance, advised consumers to take advantage of any attractive mortgage deals before they are withdrawn, the Times reported.
She said: "Confidence in the financial markets has once again been shaken and if this continues, with more banking names dragged into it, this will discourage lenders from lending to one another, pushing up the cost of borrowing in the money markets."
Parents `should save to avoid debt problems for children`
Wed, 1 Oct 2008 11:20:40 GMTIn order to prevent their children from experiencing debt problems early in their lives, parents should begin saving for them on a regular basis.
This is according to fund management company M&G, which said that by investing in actively managed funds, parents can ensure they provide their offspring with the best possible financial start.
Figures cited by the firm suggest that young people in the UK currently face significant strains on their personal finances, with students footing annual bills for accommodation and other living costs of around £4, 900.
In addition, tuition fees now cost as much as £3, 145 per year.
"As a parent myself, I am very aware of the demands that children can make on your finances, so, by investing regularly ... parents can look to ease the strain with an investment that grows over the long-term, " stated Jonathan Willcocks, managing director of global sales at M&G.
Meanwhile, research published recently by National Savings and Investments suggested that many parents are willing to get into debt in order to provide their offspring with the best opportunities in life.
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Think Money provide debt help and advice to suit a range of situations. If you are struggling with debt, contact one of our expert debt advisers now.
Brits `unaware of mortgage details`
Wed, 1 Oct 2008 11:19:39 GMTDespite the personal finance concerns facing people as a result of the ongoing credit crunch, many UK consumers lack an awareness of the details of their home loans, it has been suggested.
According to figures produced by Norwich Union, 72 per cent of people surveyed do not know whether the mortgage they have is a tracker, fixed-rate or variable product.
It was also found that 67 per cent don`t know how much their monthly mortgage payment is, while 78 per cent do not know the interest rate being charged on their home loan.
In response to the findings, independent financial expert Alvin Hall said: "In difficult economic times like today, it`s crucial that each of us understands exactly where every penny of our pound is going."
He added that budgeting blindly is a "high risk strategy", potentially leaving consumers facing debt problems.
In other mortgage news, figures released last month by Fairinvestment.co.uk suggested that it could take as long as 15 years for first-time buyers to save enough for a deposit on a property as a result of the increasingly strict lending criteria they face.
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www.ThinkMoney.com offer mortgages and remortgages to suit people in various financial situations. If you are looking for a mortgage, contact one of our expert mortgage advisers.
$700 billion bill rejected by Congress
Tue, 30 Sep 2008 14:33:53 GMTThe US Congress has rejected the proposed $700bn (£380bn) bail-out, throwing the world’s financial markets into disarray and raising important questions about the availability of mortgages and other forms of credit.
Although the Treasury – and the President – had insisted the bail-out was crucial to the health and stability of the USA’s financial systems, many analysts conclude that there was simply too much negative sentiment about the proposed bill.
As the BBC puts it, the short answer to the question “What Happens Now?” is ‘that the Bush administration aided by the two sets of party leaders on Capitol Hill will have another go’.
With some re-writing, it’s possible the bill may pass on a second attempt.
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Think Money offer a range of mortgages to suit people in all kinds of financial situations. If you are considering taking out a mortgage, contact one of our expert mortgage advisers now.Tesco thrives in tough markets
Tue, 30 Sep 2008 15:5:30 GMTSupermarket giant Tesco has announced healthy profits, despite the tough financial conditions cutting down on consumers’ spending.
Profit before tax and one-off items was up 10.3% for the six months to August 23, The Times reports.
“Tesco is at its best in tough markets, ” said Terry Leahy, chief executive of Tesco, a company which says it has ‘already taken £620m off shopping bills since March’.
“At a time like this, ” said a spokesperson for Think Money, “with the rising cost of living pushing so many people into financial hardship or even debt, it’s encouraging to see large retailers competing on price.”
“There are so many bills which people simply can’t avoid, but competition between retailers does give them a chance to ‘vote with their feet’ by going to shops where they believe they’ll get good value for money.”
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Think Money provide a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). If you are struggling with debt, contact one of our expert debt advisers now.Mortgages, house prices & homeowners – part II
Tue, 30 Sep 2008 16:34:10 GMTIs now a good time to get a mortgage? In October 2007, according to the Nationwide House Price Index, the price of the average house peaked at £186, 044. Fast forward 10 months to August 2008, and that average price had dropped by over £21, 000.Big changes to the mortgage market
Mon, 29 Sep 2008 11:13:25 GMTThe recent takeover of HBOS by Lloyds TSB may reduce the number of mortgage products on the market, reports the Financial Times.
The deal will create the UK’s largest bank, owning nearly 30% of the mortgage market. Between them, Lloyds and HBOS offer over 500 mortgage products – but brokers believe that although Lloyds will keep the existing mortgage brands, it will reduce the actual number of individual mortgage products.
“The mortgage market is changing rapidly, ” said a spokesperson for Think Money. “Whatever changes may occur, today’s situation underlines the importance of talking to an experienced mortgage provider who can supply tailored mortgage advice, helping people find a mortgage that suits their financial circumstances.”
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Think Money offer mortgages to suit people in various financial situations. If you are looking for a mortgage, contact one of our expert mortgage advisers.US rescue deal may help loans market
Mon, 29 Sep 2008 11:32:48 GMTThe fate of the US’ $700bn rescue deal will affect loan and mortgage markets all over the world.
The deal was designed to allow the US Treasury to buy up troubled assets (also known as ‘bad loans’) from financial institutions in an attempt to revitalise financial institutions, enabling them to loan money to each other.
This would, in theory, ease the global liquidity crisis, helping individuals access loans.
However, the rescue package has met with resistance in the US Congress, where many politicians question not just its cost but also its effectiveness. So far, it’s unclear what kind of changes they will demand, what kind of compromise will be reached, and what effect it will end up having on loan markets.
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Think Money offer a range of loans to suit various financial situations. If you are thinking about taking out a loan, contact one of our expert advisers now65 – a date with unmanageable debt?
Mon, 29 Sep 2008 11:49:28 GMTA European court adviser has rejected a challenge to employers’ right to impose retirement on 65-year-olds.
Campaigners believe that an age limit is discriminatory, and are pushing for changes to such laws.
As the BBC reports, ‘Age Concern is challenging UK laws, which since 2006 have allowed employers to compel workers to retire at 65’. These rules were, however, effectively backed by a senior legal adviser to the European Court of Justice.
Retirement can be bad news financially – many people of retirement age are still carrying debts (mortgages, credit cards, unsecured loans, etc.) and find it extremely hard to service them when their income drops.
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Think Money offer free debt advice, and a range of debt solutions, from debt management plans and debt consolidation to IVAs (Individual Voluntary Arrangements).Debt consolidation & credit cards
Mon, 29 Sep 2008 12:23:53 GMTCredit cards are a two-way thing: on the one hand, they are an extremely quick and convenient way of funding purchases. On the other hand, particularly if you are only making the minimum repayments, credit cards can be very costly.
The Telegraph measured the average credit card APR at 17.4% in August, and this figure has been consistently rising in recent months, despite two base rate cuts by the Bank of England. The credit crunch has meant that lenders can’t take as many risks as they did when the economy was booming – and that involves higher interest rates.Council of Mortgage Lenders: predictions ‘futile’
Mon, 29 Sep 2008 14:39:34 GMTThe latest fortnightly review from the Council of Mortgage Lenders (CML) has said that updating their house price predictions now is ‘futile’.
The CML stated that their prediction of a 7% house price drop this year has become outdated due to unexpected events in the mortgage market and the wider economy.
Both the Halifax and Nationwide Building Societies say house prices have fallen around 11% in the last year. The Council of Mortgage Lenders say that the housing market slump is unlikely to end before 2010.
A spokesperson for Think Money said: “The housing market is very volatile at the moment and the Council of Mortgage Lenders are being open about that.
“This may be a concern to homeowners who are looking to sell, because the value of their home may be significantly less than when they bought it. In most cases, it makes sense for homeowners to hold out and wait for the market to recover before they move, unless they have no choice.
“On the other hand, it may be a good time for first-time buyers to think about finding a house, because prices are dropping now, and will increase again in the long run.”
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Think Money offer a range of mortgages to suit people in various financial situations. If you are looking for a mortgage, contact one of our expert mortgage advisers now.US government to purchase mortgage debts
Mon, 29 Sep 2008 17:28:48 GMTUS politicians have unveiled a deal which could see the government spending $700 billion buying mortgage debts and other ‘troubled assets’ from lenders.
Many US citizens disapprove, and the original plan has already been altered to include provisions designed to protect the interests of taxpayers and the country as a whole.
According to CNN, Senate Majority Leader Harry Reid believes the Senate ‘can move on the legislation by Wednesday’.
If approved by both houses of Congress, the Emergency Economic Stabilization Act could provide confidence in the financial system and ‘end the credit crunch’, as the BBC puts it.
It’s an issue with far-reaching consequences, as the state of the US financial markets affects people all over the world. The Act could have particular relevance for people looking for a loan or mortgage, as it should make lenders more willing to lend money.
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Think Money offer a range of mortgages to suit people in all kinds of financial situations. If you are considering taking out a mortgage, contact one of our expert mortgage advisers now.
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