Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

Borrowers Hit Hard after Credit Crunch

David Titmuss, of The Mortgage Lender, said: "Before Northern Rock and the so-called credit crunch people could find a UK mortgage even if they were severe defaulters. Those days are over and many people will be shocked when they apply for a loan or mortgage and are either given a higher than expected interest rate or even declined."

Jonathan Correll, of Hamptons International, the mortgage broker, says: "Borrowers today have to make sure they are whiter than white. If you have so much as a wrinkle on your record the lenders will say no."

The bank crackdown is hitting borrowers looking for credit cards and personal loans even refusing loans and mortgages to clients with minimal blemishes on their record. Lenders in the UK are delving deeper into borrowers' credit histories as well as tightening their eligibility criteria.

Figures from The Mortgage Lender, the specialist broker, suggest that 40 per cent of all mortgage applicants are "problem borrowers" and will face higher interest rates, an increase of 15 per cent from 18 months ago.

Neil Monroe, of Equifax, the credit reference agency, says that you must keep up to date with credit card payments and mobile phone bills and stay within your bank overdraft limit.

Failure to do so can result in a county court judgment (CCJ) against you, which can be the kiss of death to a loan application. A CCJ, which stays on your credit record for six years, can be requested by a creditor and granted by a court in your absence.

Published on October 3, 2007

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

10 Tips To Improve Your Credit

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March 7, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008