The mortgage market has hit something of a standstill and it is having knock on effects. Patrick Collinson and Rupert Jones said it best when writing for the Guardian: “Britain's mortgage market appears to be in meltdown, with first-time buyers going on strike and lenders joining them.”
A new report by the well-known Life Insurance firm More Than has revealed that 46 year olds are at the peak of their financial and material wealth. The report said that by the time people are aged 46 they have more valuable items in their homes than ever before. The Lifesworth report determines living standards by the value of the items in a person’s home and the report suggests that 46 year olds have more fun and are happier and more financially secure than any other age.
Expert Author: Sarah Othman | Category: Loans Experts are warning that thanks to rising interest rates, tighter controls on awarding credit, and a huge drop in the number of secured loans on the market it is now more important than ever that those looking for a loan find the right one for them and do not pay too much for it.
Expert Author: Sarah Othman | Category: Loans Recently published figures have revealed that there are two times as many people taking out expensive loans as there were 9 months ago. Moneysupermarket.com released the new statistics and has said that the number of loans made by people to tide them over until payday has increased radically. An additional 130 per cent of people took out payday loans this May as compared to the numbers which were taken out in August 2007.
News broke yesterday that a visa credit card with an exceptionally high lending rate has been made available to customers by a leading financial firm. The credit card is being offered to customers who have a poor credit rating and has a whopping 365 per cent interest rate.
Expert Author: Sarah Othman | Category: Loans Radical new plans have been drawn up to aid banks and building societies which are suffering the most during the current credit crisis. Chancellor of the Exchequer, Alastair Darling has set in motion plans for The Bank of England to absorb billions of mortgage-backed assets, which the banks and building societies can then pay back over a 3 month period. The proposed action will be co-ordinated in conjunction with similar efforts which are being made by financial authorities in the US.
Expert Author: Sarah Othman | Category: Legal It has been four years since the University of Nottingham announced research which could potentially prove some types of whiplash injury were physical. Whiplash, also known as neck sprain, is a controversial injury which is often suffered by drivers or passengers in motor vehicle accidents and is generally a neck injury.
Expert Author: Sarah Othman | Category: Legal Engineering experts in Australia have said that if Princess Diana had suffered the fatal crash in their country, instead of in England, she would not have died. It was recently reported that the Princess may have suffered whiplash or concussion but would not have been killed if her car was on a road in Australia. These assertions are being made by a former mechanical engineer of a large insurance company called NRMA.
Expert Author: Sarah Othman | Category: Legal A new website developed by the University of Queensland in Australia has been created to offer whiplash patients around the world, help support and advice.
This month the Chancellor of the Exchequer, Alastair Darling has said he aims to get the damaged money markets back into shape with the help of financial experts in Washington. He has made announcements that he intends to do everything within his power to put an end to the increasingly critical mortgage situation which is affecting homeowners in Britain.
First time buyers are being urged to wait out the mortgage mess. The markets should settle down before customers consider getting a mortgage, experts say.
The last 100 per cent mortgage which was still on the market was removed from Abbey's offerings on the 7th of April at 10pm. This marked the end of the no-deposit mortgage era. Abbey is responsible for 1 in 10 mortgages in the UK and the bank said that these moves were both in line with current market trends and similar to moves made by other lenders. One year ago 158 mortgages were available for first-time buyers who had no deposit, today there are none.
Experts predict that the amount of mortgage collateral available from British banks will fall by a half this year. Warnings have come from The Council of Mortgage Lenders (CML) that mortgage funds could fall to half last year’s 108 billion pounds fund as building societies and banks struggle to process the bad debts inherited from the subprime markets.
Expert Author: Sarah Othman | Category: Loans As Nick Cohen of The Observer warns: “pray this country doesn’t go sub-prime”, Tony Levine of The Guardian is hailing ‘liar loans’ as: “an attractive option”. Cohen cites ‘liar loans’ or self-certification as one of the negative influences which brought the market crashing down and Levine appears to think they are the answer to many people’s prayers.
Expert Author: Sarah Othman | Category: Loans Welsh graduates are saying the pay-as-you-earn system for paying back student loans is flawed. Graduates from Welsh universities are claiming that they have over-paid their student debts due to faults with the system. Some former students have also said that they’ve had money taken from their salary before they have reached high enough earnings to warrant it.
Expert Author: Sarah Othman | Category: Loans The economy may be rocking but there is a place where the word ‘loan’ is still a positive force. Many articles have been written on the subject of microfinance or charitable investment but it is still a widely unknown concept. Microfinance companies and charities offer small loans to poor people, who are often in developing countries who need a little financial help to be able to set up their own businesses.
Two elderly American women, who hatched a plot to collect life insurance pay outs, are being charged with murder this month. The pair claimed to be engaged or related to homeless men in order to collect life insurance funds after killing them.
The major bank has admitted that a computer disk containing the life insurance details of nearly 400,000 customers has been lost. The disk went missing at some stage during courier transportation between a HSBC office and the office of reinsurers Swiss Re.
The United States Government have come under fire recently for being too liberal when allocating expense credit cards to employees and has also been criticised for not clamping down sufficiently on their misuse.
750 people are facing the axe as Capital One decides to cut jobs in its UK head office. The office which currently has 1,750 members of staff is located in Nottingham. It has been the US companies headquarters since opening in 1998. It has been announced that the cuts will mostly affect call centre, account servicing and support staff.
