FSA cracks down on sale and rent back schemes

Over the past few years an increasing number of people have had to turn to sale and rent back companies to try and get themselves out of a sticky situation with their homes. Read more

Tags: finance, mortgage, Renting, Real estate, home insurance, Real property law, Financial Services Authority, sale and rent back, Economy of the United Kingdom

Stick to your New Year’s resolution to save money on your insurance costs

At the start of every year millions of people make New Year’s resolutions, which at the time they fully intend to stick to. Of course, as most of us know these resolutions simply melt away into nothing within a few weeks for many of us but there are the determine few that are able to stick out their resolutions. Read more

Tags: Insurance, health insurance, new year resolution, finance, life insurance

Are you hoping to get onto the property ladder this year?

Over the past couple of years first time buyers have been hit with a whole new problem. Following years of lack of affordability because of the sky high value of properties many first time buyers probably thought that their time had finally come when property prices started to plummet. Read more

Tags: Subprime crisis impact timeline, first time buyer, mortgage, Real estate, Mortgage loan

Look out for the new BOGOF deal from Tesco

As a nation Brits are suckers for special deals in supermarkets, and many of us are guilty of buying something that we didn’t even actually need simply because it was on special offer. Amongst the various offers that supermarkets have launched in the past are half price goods and buy one get one free deals, and both of these prove hugely popular amongst consumers. Read more

Tags: special offers, money saving, bogof, shopping, tesco, buy one get one free

Tips for Reducing Your TV and Broadband Bills

Television and broadband are very important to most people – so important, in fact, that most would rather cut back on other pleasures than reduce the service they receive from their telecommunications providers. According to a survey conducted by Ofcom, the television regulator, consumers say they would prefer to cut back on their holiday spending or eat less at restaurants than cut down on the amount of money they have to pay for TV and Broadband each month. Read more

Tags: British Sky Broadcasting, megabyte service, DVD rental store, telecommunications providers, tv guide, Satellite television, deep discounts, Digital television

Common scams to avoid

Scam artists and fraudsters have been around for centuries in some form or another, and in the past most have focussed their efforts on the more vulnerable people such as the elderly or low income people who are desperate for a way out of their situations. However, in the past few years scams have become more widespread and have resulted in a greater range of people being targeted. The global credit crisis has brought many fraudsters and scam artists out of the woodwork, and many are now using methods that are either very sophisticated or ones that are so simple and obvious nobody would think to question it. Read more

Tags: Scam letters, online scams, Lottery, government agency, Spamming

Getting ready for the January sales

With Christmas almost upon us many people will be getting ready for the big day, and will be busy wrapping gifts, sorting out Christmas dinner, and organising visits to and from relatives. Read more

Tags: Seasons, christmas, january sales, sales, Christmas and holiday season

Is your pet insured against Christmas chaos?

There is evidence to suggest that over the past year many cash-strapped consumers have been trying to save money in what is still a difficult financial climate, and one way in which some have done this is by reducing or cancelling insurance policies that are not legally required such as health insurance and pet insurance. Read more

Tags: anything, christmas, pet accident, dogs catch sight, pooches, treatment, pet insurance, pocket

Making your money go further over the festive season

In years gone by Christmas usually referred to just one day, which was of course Christmas day, and whilst preparations for the big day were made in the run up to Christmas it was not like it is today, where the two weeks leading up to Christmas were filled with festive events and parties and the week between Christmas and New Year was also filled with events and festivities that often usually cost money. Read more

Tags: Credit Cards, Christmas spending, finances, interest rates, lucky ones, trimmings, save you, festive budget

Is it worth going for a bundle with your broadband provider?

Many UK households these days have a wide range of television channels, a landline, and a broadband connection, but many people still take these services separately through different providers. Read more

Tags: broadband, Digital TV, media, basic landline services, basic services, Virgin Media, Digital technology, Telecommunications

Save yourself some money this Christmas

Whilst Christmas is now only around the corner there are still plenty of people that simply haven’t had the time or spare cash to get their Christmas shopping done as early as they may have liked to have done it. Read more

Tags: New Year's Day, christmas, Loyalty program, Credit card, Retailing, Pricing

Get ready for sale time

Whilst many of us may still be thinking about the forthcoming Christmas and New Year period, which is fast approaching, there are also many people that will be thinking ahead to the January sales, which are always popular amongst savvy shoppers in the UK. Read more

Tags: thrifty consumers, full swing, discounts, fever, money saving, sales

How to save money on your Christmas gifts

Whilst Christmas is an exciting and fun-filled time of year for many people it can also fill many people with dread, particularly in the current climate where money has been really tight for so many households. Read more

Tags: number, scheme, day, christmas gifts, special event, save money, supermarkets, money saving tips

Professor speaks out over part time student fees

A university professor has recently spoken out over the university fees for part time students, stating that with more and more part time students now in the UK something needs to be done to address the fairness of fees for this particular group. His comments come as a review has been launched over how students pay for their university education, and Professor David Latchman, Master of Birkbeck, University of London, has said that the growing number of part time students in the UK must not be ignored. Read more

Tags: higher education agenda, ELQ, lowest incomes, United Kingdom, fee support, time study, student costs

Tips on buying a used car

Although the government’s ongoing car scrappage scheme has been welcomed by many industry groups and has been viewed as a boost for the motor industry for many consumers it has made little difference to their ability to get a new vehicle. Whilst the scheme offers up to £2000 towards a new car if the consumer scraps their old vehicle, subject to eligibility criteria, the consumer still has to find at least another several thousand pounds to purchase the new car, and in the current climate this isn’t always easy of even possible. Read more

Tags: save on used cars, used cars, Everyone, used car tips, second hand cars, car, check, Scrappage program

Saving money on a night out

Before the global credit crunch and the recession many of us were able to enjoy a few good nights out, and although the cost of going out could often be high most of us were happy to pay what we had to in order to enjoy the chance to get away from it all and spend some time relaxing. Read more

Tags: student discounts, loved ones, cinema discounts, Fandango, Ticket, money saving tips, nights out, theatre discounts

Why you need to shop around for car insurance

It has always been important for drivers to ensure that they shopped around for their car insurance. With so many insurance companies saturating the market competition in the vehicle insurance industry has always been very stiff, and for consumes this has meant that there are some very affordable deals available from insurance firms that are looking to provide the best deals in order to gain increased custom. Read more

Tags: car insurance, company, cheap car insurance, result, compare car insurance, level, car insurance quotes, car

Tips to Help You Save on Your Fuel Costs

During the winter months fuel bills tend to soar and are the second highest expense encountered by homeowners after their monthly mortgage payment. Read more

Tags: electricity costs, fuel costs, mind, exit, gas costs, length of time, rate, winter

Credit card firms try to woo back customers

Over the past couple of years credit card firms in the UK have been turning away an increasing number of clients, with the global credit crunch seriously affecting lending levels and leaving many people with little to no chance of getting credit. Read more

Tags: United States, Credit Cards, cash back credit cards, interest, reward credit cards, period, pound, cash back rewards

Is quantitative easing working?

When the Chancellor of the Exchequer, Alistair Darling, first announced plans for quantitative easing in the UK he said that £75 would be allocated for the scheme with an additional back up of a further £75 billion if necessary. Read more

Tags: thing, Economic policy, quantitative easing, economy, bank, recession, chancellor, industry

Staying in and saving money

For those people that have become used to going out to socialise, which can of course work out to be quite expensive, the current financial climate will be have come as a real shock, as it may have forced them to cut back on their spending and start spending more time indoors.

With many people still fearful about their job security and about spending money unnecessarily spending time in the house has become increasing common even amongst those that once went out on a regular basis.

However, whilst it may seem that being stuck in the house will equate to a boring, uninspiring evening this is not necessarily the case, and you can actually enjoy a very cheap night in whilst having plenty of fun and entertainment.

More and more people are now staying in rather than heading off on an expensive night out, and this has been proven through figures such as those released by takeaway firms, where profits have been soaring as a result of people ordering a takeaway rather than going out for meals.

A rising number of people are now starting to realise the benefits of entertaining at home or spending nights in rather than out on the town, and it doesn’t have to involve being stuck in front of the box watching programmes that you don’t even like!

In fact entertaining at home has become so popular that industry officials have come up with the phrase ‘in-tertaining’.

One industry official said: ‘The recession has made people far savvier when it comes to saving money, and millions of us have worked out that in-tertaining is a great way to cut back without missing out. So much so that a whopping 57% of our monthly, paid for entertainment is now being consumed in our homes.’

If you enjoy going out to dine with friends then the perfect solution is to dine in your own home yet still enjoy the same company. You could look at creating a great dish for your friends and bring in a few bottles to go with the food, which will work out far cheaper than going out for a meal. Alternatively you can order a takeaway if you want something more casual, which again should work out much cheaper.

You could even have a ‘bring a bottle’ type evening, where each of your friends brings a dish and a bottle, and you can enjoy a buffet style evening with evening mucking in with the cost and cooking.

Going to the pictures can prove quite expensive if there is a group of you going, so why not look at renting a DVD, getting some popcorn in, and having a fun night in front of the box without the constant dirty looks and ’shusshes’ that you might get at the cinema if you so much as sneeze! Again, this is a great way to save money whilst enjoying entertainment in a casual and fun setting.

In fact, many people are already doing this, with a DVD rental specialist stating: ‘Since the start of the recession, our membership has more than doubled in size as people look to save that extra bit of cash while still enjoying themselves. Staying in has definitely become the new going out. Our members are renting more titles than before, they’re buying more DVDs from our shop and now they’re even accessing films and TV online through our new digital service – more ways than ever for them to enjoy an entertaining night in.’

Even romance doesn’t have to cost a fortune, as you can enjoy a delicious home cooked meal – and for those that aren’t too good at cooking many supermarkets now offer meal deals where you can get pre-made meals that simply need to be warmed along with sumptuous deserts and wine, and with the right lighting and music you can recreate a wonderful romantic night in with the added benefit of a private setting.

Tags: money tips, security, job, spending money, delicious home, money saving

Are you looking for low cost flights?

With Christmas fast approaching many people may be thinking about heading abroad to visit loved ones and spend time with family and friends that live outside of the UK.

Some of us may even be looking at escaping the freezing winter temperatures in the UK and spending some or all of the festive season somewhere warm and beautiful.

Either way the likelihood is that in the current financial climate you will be hoping to get a bargain on the cost of your flights, as otherwise your travel costs can really spiral out of control, with some airlines taking advantage of the rise in travellers over the Christmas period by hiking up the price of flying.

 

In order to try and get the best prices on flights, whether you are travelling over the festive season or at any other time of the year, you need to make sure that you do your research, as otherwise you could end up paying far more than you need to.

You also need to learn not to take things at face value, as once again this could lead to unexpected fees and charges that could see the amount that you end up paying for your flights balloon.

 

Whilst there are a number of no frills airlines in operation at the moment it is very important to bear in mind that there is no guarantee that these will work out the cheapest for your journey.

Most of these no frills airlines advertise a very cheap headline price to get to your chosen destination, and this is what draws many people in initially.

However, once you have started booking the flight you realise that the cost is not as low as you thought and this is because there are loads of different extras that the airlines add on as you go along, and you have no choice but to pay these extras.

This includes relatively high charges for using your card to book the flight, charges for checking in, and charges for each piece of luggage that you want to take – all extras that are included in standard flights.

 

It is therefore important that before you commit to a no fills flight under the impression that it is going to be cheaper you take into consideration all of the extras, work out what the total cost will be, and then compare this against a standard flight where you do not have to pay an extras.

You may find that there is no difference at all in flight prices once you have done this or in some cases that the no frills airline works out more expensive than another one depending on things such as how many bags you are checking in.

 

It is also important to consider what days you are going to travel on, and if you can be flexible with your travel arrangements then you have more change of saving money.

Airlines charge different prices for different days of travel – for example, if you fly British Airways you will pay more to travel on a weekend than you would, say, on a Monday or Tuesday, and the difference each way can work out to be quite a significant one.

 

Comparing flights is very important in order to get the best deal, and you can do this with ease and convenience using the Internet. There are comparison sites that you can use to enter details of where and when you want to travel, and you can then view a list of flights that may suit your needs along with the cost of the flights.

This method of comparing flights can save you a fair amount of time and hassle, and will enable you to see at a glance which flight is going to suit your needs and fit in with your budget.

 

Tags: cheap airlines, budget airlines, different extras, low cost flights, frills airline, travel arrangements, different prices, Ryanair

Good news for bank customers due to new measures

Banks have been at the centre of a great deal of controversy over the past couple of years for a range of reasons, ranging from the controversial bank charges on unauthorised overdrafts – which is still being dealt with by the courts – to security breaches, unfair treatment of customers, and lack of clarity when it comes to terms and conditions. Read more

Tags: bank accounts, switch accounts, bank charges, consumer affairs minister, measures

Advice for Getting the Best Deal on Broadband Service

There is no doubt that Broadband provides a much faster Internet connection than dial up. Consumers also prefer Broadband because of the ease with which they can surf the net and download music and movies. Online shopping has also increased dramatically since the use of Broadband became more prevalent. Read more

Tags: best broadband, price ranges, wide range, best internet speeds, telephone, higher speeds, Broadband connection, GBP

Tips to Help You Save on Motoring Expenses

The prospect of owning a new car may send thrills up and down your spine, but the expenses you have to incur afterwards are not as thrilling. When you buy a brand new car, the value of the vehicle drops by about 20% as soon as you drive it off the lot. Read more

Tags: car salespeople, great deals, motoring costs, mileage, save money, slow sales

Save money by ditching branded products

Despite much talk about green shoots and economic recovery for the average household money is still tight, and the global credit crunch and ongoing recession are still hitting hard. Read more

Tags: green shoots, shopping, Sainsbury, cheaper brands, branded goods, cheap goods, household money, Brits

Ways to Get a Bargain on the Cost of Your Holiday

When you decide it is time to take a holiday, instead of going to the airlines or the travel agent to make your reservations you should spend some time surfing the net. This is where the best deals are to be had on everything from flights, accommodations and car rentals. Read more

Tags: Hoseasons, holiday camping outdoors, save on holiday, theme, Devon, best deals, cheap flights

Safety Concerns About Internet Banking

How safe do you feel when doing your banking online? Most people are confident in the security measures the banks have in place, but in spite of the cases of online fraud almost doubled in 2008 and experts expect this percentage to rise in the coming years. Read more

Tags: online fraud, main ways, safety, internet banking, keylogging, extra steps, halifax, place

Charity ideas – great ways to give in the recession

With the recession still in full swing in the UK most households are trying to make cutbacks, and this includes having to try and save money on everything from going out and entertainment to grocery bills, utilities, holidays, and more. Read more

Tags: uk, charirty, donate during recession, charity credit card, event

Dont Bust Your Budget on Your Next Night Out

According to popular financial website This is Money the cost of going out for the evening, especially for a family, have risen quite high in recent years so that it is often a real treat to take the family to a show. Read more

Tags: GBP, box, Spandau Ballet, better, Airline ticket, entertainment costs, individual seats, Entertainment Culture

Many wasting money on unreliable broadband

Reliability is the most important thing customers in Britain are looking for from their broadband provider according to a recent survey from a popular broadband news website. Read more

Tags: Virgin Media, service 34 percent, triple-play tv, top, online services

First Time Homebuyers in Scotland Being Frozen Out of the Market

Due to the recession and the slump in the housing market, lenders are requiring higher deposits on mortgages before they will approve a loan for a person interested in purchasing a new home. Read more

Tags: 25% deposit mortgages, council of mortgage lenders, first time home, first time buyers, Remax Platinum, finance, mortgage

It is not the end for the car scrappage scheme

When the government brought in the car scrappage scheme earlier this year many industry groups and consumers were delighted. The scheme had already been used in a number of other European destinations, and had proven very successful. Read more

Tags: initial teething problems, car scrapping scheme, twelve months, Software engineering, boost, scrap old cars, Engineering, rug

Cutting your energy bills to save money

We have all had to make cutbacks over the past eighteen months or so in order to try and stay afloat financially, particularly with the global financial crisis and the recession still taking their toll. Read more

Tags: lot, switch energy provider, provider, saving, energy costs, Climate change, huge outgoings, electricity

Mortgage Defaults on the Rise as More People Become Unemployed

According to experts at City the number of homeowners defaulting on their mortgage could rise to about 400,000 by 2011 with the number of unemployed reaching a high of 3.5 million.

Ed Stansfield of Capital Economics equates the results of the current recession to that of the early 1990’s. At that time the housing crash and the recession resulted in 350,000 mortgage defaults. He expects that the unemployment statistics for 2011 will exceed that of the early 1990’s because of the close association between job losses and the inability of homeowners to make their monthly mortgage payments.

Stansfield projects that unemployment figures will reach a staggering 3.5 million by 2011. Banks are reporting that there are signs that this prediction is very likely to become reality.

Reports from Lloyds Banking Group show that at least 20% of the customers are now in a state of negative equity where they owe more money on their home than it is worth on the housing market.

As of the end of June, 2009, the largest High Street bank in Britain says over 83,000 of its mortgage customers are currently in arrears, representing an increase of 26% from 2008. The figures of arrears at the Bank of Scotland have not yet been released, but Northern Rock, a nationalised bank reports that it has more than 22,000 customers in arrears.

The Halifax division of Lloyds, though, is reporting that they are seeing signs of improvement in the housing industry. This is based on the fact that house prices are on the rise. In July house prices rose by 1.1% to an average price of £159,623. In spite of this increase, however, house prices are still about 12% lower than what they were last year with an average home selling for about £180,000.

The Royal Institute of Chartered Surveyors warns consumers not to read too much into the data. According to a spokesperson for this institute, “There has been a clear change in the housing market in the last few months and as a result it is unlikely that we will now see the kind of house price falls widely predicted at the start of the year. However, the outlook for 2010 is fairly uncertain and there is a real risk prices may slip back. Affordability is still stretched and mortgage finance, while improving, is fairly hard to come by.”

There is no need to panic if you feel that you are in danger of losing your job and think that you may end up defaulting on your mortgage putting your home at risk. Those who are finding themselves facing unemployment should discuss options with their lenders so that they can find ways of being able to continue making their payments and enjoying a clean credit record.

Lenders do recognize that during this recession there are many people in financial difficulty and are willing to help them find ways of easing the burden.

Tags: Royal Institute, monthly mortgage payments, recession, capital, increase unemployment, mortgage defaults, negative equity, Stansfield

Charities Reporting Reduced Donations

The recession has been hitting all parts of the economy and now its effects are being felt by charitable organizations. According to a recent survey, charitable donations have been down by as much as 11% in April alone. Read more

Tags: highest salaries, sector, Voluntary income, salaries, long way, monies, charity donations

Britons Selling Body Organs to Gain Cash to Pay Bills

The threat of losing their homes because of the inability to repay their mortgage payments has forced many people in Britain to use extraordinary means of finding the cash they need. Many have resorted to selling one of their kidneys as a way of clearing their debts and paying their mortgages. Read more

Tags: term, sell body organs, getting out of debt, mortgage debts, monetary help, lodgers

Are you being charged a fortune in interest on your insurance?

Buying insurance cover for your vehicle is already an expensive affair, and whilst there are different levels of insurance cover to cater for different needs and pockets there is no doubt that the cost of vehicle insurance cover overall has been rising for a number of different reasons, including the heightened level of insurance fraud in the current climate, which unfortunately honest drivers usually end up picking up the tab for. Read more

Tags: different levels, different reasons, daylight, whopping 40 percent, insurance interest charges, time, car insurance

Tips for Spending Less on Your Holidays

Everyone needs to take a holiday at least once a year so that they can de-stress and unwind so that they will be rejuvenated and ready to return to work. Read more

Tags: restaurant, money saving ideas, local currency, save money, holidays, card, cheap holidays, repayment

Stop Overpaying Your Mortgage

In the past year, homeowners have been advised to overpay their mortgage whenever possible. However, this advice has changed in light of the news that banks and buildings societies have increased the interest rates they are paying on savings accounts. Read more

Tags: lower mortgage payment, london, mortgage repayments, all-time low, brokerage firm, savings accounts, overpay mortgage, advice

Learn How You Can Beat Online Fraud

Did you know that students are the group of consumers that is most at risk for becoming victims of online fraud? For the majority of young people using the Internet for their shopping and banking needs is second nature and they spend more time online than they do actually shopping in stores or conducting business at a bank. Read more

Tags: online fraud, Marketing, behaviours, avoid online fraud, id theft

Savers Can Enjoy Increased Interest Rates

In an effort to fund new mortgages, building societies and banks have started to raise the interest they pay on savings accounts in an effort to raise the monies they need to be able to offer new mortgages to their customers. Read more

Tags: repay mortgage, savings accounts, length of time, Financial services, funding, interest rates, wholesale funds, saving rates

BT opens outlets to demonstrate broadband

Broadband and communications giant BT has recently opened a couple of outlets where the focus will be on demonstrating its latest broadband internet technologies to consumers. Read more

Tags: bt, Communication, Technology Internet, BT Total Broadband, broadband, broadband products, Internet service provider

The UK Reports High Rates of Unemployment

The numbers of people who are unemployed in the UK are the highest they have been in fourteen years according to the latest figures released by the Office of National Statistics. Read more

Tags: david blanchflower, unemployment, turbulent economic times, 17 years, GBP, jobless, Glasgow, sharp economic contraction

Should you opt for a package deal or a DIY holiday?

Saving money on a holiday isn’t always an easy task, and whilst tour operators are doing their best to try and tempt customers in the current financial climate by lowering their prices for spectacular holiday deals the cost can often still be very expensive, and far more than many of us are willing or able to pay. Read more

Tags: holiday insurance, atol, holidays, abta, holiday cost

Be Wary of Christmas Clubs

Christmas Clubs are advertised as a way of saving money for the expenses you incur during the Christmas season. You invest an amount of money each month during the year and get your money back in December just in time to buy your Christmas presents. Actually you don’t receive cash that you can spend wherever you wish, but you get the money back in the form of cash vouchers that you can only use in specific stores.

Budgeting for Christmas is something that everyone should start doing in January of each year. By setting aside an amount of money each month, you will have the money you need for the season to cover the expenses of extra groceries and decorations as well as gifts for family and friends. In this way, you can avoid the headache of having bills coming due in January for the purchases you made on your credit cards during December and for which you have to spend the rest of the year making payments to bring down your outstanding balance.

When the Fairfax savings club collapsed just before Christmas in 2006 there were about 15,000 families who never saw any of the money they had paid into the club during the year. As a result, they incurred a lot of extra expenses for Christmas that year.

The Christmas Prepayment Association has reduced the possibilities of such a fiasco happening in the future. This is a regulatory body that has been established to oversee the operations of such savings clubs as Country Christmas, Family Christmas, Park Christmas, Variety Christmas and Post Office Christmas.

The regulations in place will ensure that if any of these clubs do encounter financial difficulties and have to declare bankruptcy, those who do have savings with them will get the cash vouchers they were promised.

One of the main problems with using such a club as a way of saving money for Christmas is that you can only take out the money in December. If you have an emergency at any other time of the year, you will not have access to the cash you have saved because it cannot be withdrawn during the year. Thus if you lose your job, as is the case with many UK families during the recession, you cannot get back what you have paid in to tide you over.

Another disadvantage of the savings club idea is that although you do get all the money back that you paid into the scheme you don’t make any money on the savings. The club does not pay any interest. Even though the amount of interest paid on savings accounts by banks is very low at the present time, at least you do earn some money.

When you want to save money for Christmas, it is better to open a savings account. There are many such accounts available in which you can make deposits of any amounts during the year from £10 to £250, such as that offered by Skipton Building Society Christmas Savers Account. You earn about 3.23 % interest on your money, but like the other Christmas clubs, you can only withdraw the money after November 25 of each year.

Tags: need, family and friends, Banking, body, christmas clubs

Saving money when shopping for food

The ongoing financial climate in the UK means that we are all looking for ways to save money on our monthly outgoings, and one of the ways in which this can be done is to review your shopping habits. Many of us have shopping habits that end up costing us far more money than we actually need to spend, and in addition to this we also end up wasting a huge amount of food every week, which is basically money down the drain. Read more

Tags: addition, run out, end, haven, money saving tips, long life, plan

20 Extreme Ways of Saving Money

Everyone wants to save money these days with money getting tighter all the time. Costs are rising and more and more people are finding themselves out of a job. It is little wonder that a money saving craze is sweeping across Britain. Some are taking radical steps to curb their spending. Read more

Tags: save money, neighbourhood, money saving ideas, money saving tips, return home, water, use, cheap price

How younger drivers can save money on car insurance

For younger drivers the cost of insuring a car can be high at the best of times, but in the current financial and economic climate, when money is tight for everyone including younger consumers, many may be hoping more than ever to try and save money on the cost of this expensive insurance cover. Read more

Tags: consumers, Driving test, car insurance, vehicle, younger drivers, climate

Banks take taxpayer’s money but won’t lend any back out!

Over the past year the UK government has spent billions of pounds bailing out the banking industry following the global credit crunch and the ongoing financial crisis. Banks have run into severe difficulties in terms of their finances, and at one point the banking industry in the UK was said to be on the verge of collapse. Read more

Tags: move, banks, bail out, mortgage applications, high interest rate, business

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