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

UK Home Owners Can Save By Remortgaging

UK Mortgage holders waste £25 million a day because they do not remortgage. Five million homeowners pay £5 a day more than necessary by holding their uncompetitive loans, according to a recent report by Abbey Mortgages.

Nici Audhlam-Gardiner, head of mortgages at Abbey, commented: "£5 a day or £140 a month on average is not an insignificant amount of money and we know for a fact that five million people could benefit immediately by shopping around."

Their report found that 47 per cent of mortgage holders, a total of 8.3 million UK homeowners, do not review their mortgage regularly, forcing them to pay an extra £38,432 on their mortgages.

Women are the least mortgage conscious with 49 per cent unaware of the advantages of reviewing their mortgages and loan, compared to 46 per cent of men.

The Council of Mortgage Lenders reports that gross lending reached a record value of £362 billion last year.

One option that homeowners often neglect is overpaying their mortgage. Even a few pounds a month can drastically reduce the length of a mortgage, saving the homeowner thousands of pounds.

Overpaying a £100,000 mortgage with a variable rate of 7.5 per cent by only £50 a month reduces the mortgage term by four years and saves the homeowner £22,000, according to figures by the Halifax.

Peter Jackson, head of products at Halifax, said: "By making a few small changes today, you could make some significant financial gains in the future."

Research from MoneyExpert.com reveals that it costs more to borrow less. This is especially true with today's high interest rates and limited 'affordable' mortgage products.

This is devastating news for many homeowners who will go bankrupt this year, but could have possibly avoided it if they refinanced their mortgage at a lower interest rate.

Published on January 29, 2008

Darling's Budget Report Highlights

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March 13, 2008

Lending Falls Again Says CML

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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