Finance Blog
Home Buyers May Respond to Environmental Concerns
Posted 2008-01-9
The new Energy Performance Certificate (EPC) could make home buyers more aware of environmental issues when purchasing a home in the future, says the Home Builders Federation (HBF). The new certificate will help buyers become more aware of the...
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Housing Prices Falling in Northern Ireland
Posted 2008-01-8
Housing prices in Northern Ireland grew tremendously last year, according to the Royal Institute of Chartered Surveyors, but they are beginning to slow. Home sellers will need to be practical when pricing their homes this year, but RICS expects sales to continue. The market has changed dramatically during 2007, according to Tom McClelland, housing spokesperson for RICS Northern Ireland. Today, “agents have to work harder to achieve sales and sellers have to be more realistic about asking prices,” he says. Changes in the market could ultimately work to the benefit of first-time home buyers, predicts McClelland, because fewer buyers are competing for homes in that price range. By the end of last year, the housing price growth rate was 24.2 percent, making it the highest in the UK. ...
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Rate Cut May Not Result in Mortgage Savings
Posted 2008-01-7
Homeowners may not see savings on their mortgage payments in spite of additional cuts in the base interest rate this year, says one expert. According to David Kuo, head of personal finance for the Motley Fool, the Monetary Policy...
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Potential for Increase in Personal Insolvency
Posted 2008-01-6
Predictions that personal insolvencies could increase this year may be accurate, according to one industry expert. The number of persons declaring themselves insolvent in 2008 is likely to rise, says James Falla, director of advice service Thomas Charles & Co., proving experts right. Rising debt levels have gained wide attention recently. Mr. Falla points to data collected by KPMG that suggests a 30 percent increase in the number of personal insolvencies this year. Mr. Falla points out that personal insolvency may take one of three forms: bankruptcy, individual voluntary arrangements (IVA), or informal debt management plans. While it is possible to find statistics on bankruptcy and IVAs, data about informal debt management plans is not available. Some people trying pay back loans may find an answer in debt consolidation loans, according to the price comparison firm uSwitch. ...
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Self-Cert Mortgages Not Hurt by Tight Credit Situation
Posted 2008-01-4
The current credit situation should not hamper individuals attempting to get a self-cert mortgage. While borrowers are encountering tighter lending conditions in other money markets, Andy Pratt, spokesperson for Alexander Hall, reports little change in the self-cert market. Nonconforming lenders in the subprime market have taken the brunt of the problems in the financial markets, according to Mr. Pratt. The broker representative expects that borrowers with good credit will not experience problems in securing loans, as the high street banks are not seeing a negative impact. Mr. Pratt says that borrowers who qualified for a self-cert loan in the past should not have any trouble now. Data provided by the Economic and Social Research Council suggests that of the 29 million Britons working today, 13 percent are self-employed, making them qualified for a self-cert loan. ...
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Mortgage Borrowers Hurt by Rate Hold
Posted 2008-01-3
Britain’s mortgage borrowers could pay more due to the Bank of England’s decision earlier this month to leave interest rates unchanged. Because the bank failed to implement a .25 percent cut in rates, borrowers may pay an additional £105,...
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Limited Growth in Credit Seen
Posted 2008-01-3
One-quarter of 16- to 44-year-olds surveyed by uSwitch admitted that they were concerned about paying bills that will come due in the New Year. The study, funded by the Financial Services Authority (FSA), found that more than 50 percent of...
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Bankruptcy Looms for Many
Posted 2008-01-2
High expenditures during the holiday season will lead an estimated 130,000 people to bankruptcy, according to accounting firm KPMG. The figure for 2007 was slightly less than 110,000. Large credit card charges and increasing mortgage payments are adding...
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Make Plan to Care for Pets
Posted 2008-01-1
Dog lovers should be ready to cover the high cost of pet ownership. More than five million Britons own at least one dog, according to Tesco Pet Insurance, and they need to watch their budget to make certain they can...
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Mortgage Payments a Challenge for One Million Families
Posted 2007-12-18
Nearly a million people are having problems making mortgage payments, and an additional 1.8 million say they have encountered difficulties on occasion, according to a Bank of England survey. Experts expect banks will continue to tighten their lending standards...