Are you covered for bonfire night?

Homeowners are being advised to make sure that they check their home insurance policies and plans before the festivities of Bonfire Night, as they need to make sure that they have the right level of cover for their needs and to ensure that they have adequate cover in place in the event of accidents or injuries. Many people do not even think about the fact that they may not have adequate cover in place and therefore any incidents that take place could end up costing them a fortune.

Whilst households may have insurance cover in place there is a chance that certain things are not covered on their policies, and this is what officials are urging households to check before Bonfire Night comes around. For example, if you are having fireworks and a bonfire in your garden your insurance cover may not offer any public liability protection in the event that someone is inured or worse on your property, which would effectively be your responsibility.

Officials have said that every year thousands of people are injured at bonfires and fireworks parties and households that do not have the right level of protection in place could find themselves in very hot water in the event of an injury occurring on their property. A quick phone call or just checking your policy could enable you to determine whether you have the right level of cover in place and if not you can upgrade your cover before November 5^th.

One home insurance expert said: “For those hosting a fireworks party at home, it is essential to ensure your home insurance policy is up to date and that you have adequate personal liability cover. In the event of an accident such as someone getting burnt on the bonfire, you could find yourself liable for any injury or damage if you are not covered by insurance.”

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Shapps wants more help for first time buyers

Since the onset of the global financial crisis banks have become increasingly cautious over their lending levels, and many people hoping to purchase a home have suffered as a result, particularly first time buyers who are being told they have to pay huge deposits to even stand a chance of getting a mortgage. Ministers are now concerned that the High Street banking giants are failing to offer loans to first time buyers even if they have excellent credit ratings and history.

In fact, concerns have become so bad that a meeting is being arranged for next month, where senior officials from major lenders will have to answer to ministers with regards to why lending levels are so high. Recent figures released by the British Banker’s Association have shown that mortgage approvals for 2010 fell to their second lowest level in eleven years, with the lowest number of approvals being seen in 2008.

It has been revealed that the Housing Minister, Grant Shapps, will be demanding answers from lenders with regards to why their lending levels are so low, and why they are no lending to first time buyers even if they have perfect credentials. There are concerns that this failure to lend to first time buyers, who are needed to keep the property market buoyant, could have a serious negative impact on the property market in the UK.

Shapps said: “We have to avoid pulling up the housing ladder and cutting off a whole generation of young people who want to buy their own home. We want to do more to help aspiring first-time buyers – the average age of the first-time buyer with no support from their family is now 37, and there are 1.4m households who aspire to own a home but are simply unable to do so because of house prices and mortgage availability. So I’m calling together key figures from across industry to discuss how we can tackle this problem. “This cannot be achieved simply by top-down diktats from Government – there will need to be a unified effort and creative solutions from across the board to make sure we do not lock young people out of the housing market.”

Tags: Recent figures, level, Association, uk, Loans, chance, first time buyers, history

Many will never be free from debt claims CAB

Officials from the charity the Citizen’s Advice Bureau have recently claimed that the typical person that is seeking assistance with their finances and debts has no chance of actually ever getting out of debt during their lifetime, which is a daunting prospect for the many people that have found themselves burdened with high levels of debt. Read more

Tags: debt help, development, finance, chance, year, personal debt, debt consolidation, Debt Relief Order

Insurer gives storm advice

As storms and high tides continue to affect several areas of the UK, Halifax has offered some advice to homeowners about dealing with the inclement weather.

Those who are at risk from flooding are advised to place sandbags outside doors and windows to minimise the amount of water that gets inside, move furniture upstairs and turn off the main supplies of water, gas and electricity.

Meanwhile, to protect a home from windstorm damage, Halifax recommends that owners secure outside items such as garden furniture, cut back low-hanging branches and clear drainpipes of debris to decrease the chance of blocks.

Martyn Foulds, senior claims manager at Halifax Home Insurance, claimed that the insurer is “well-prepared” for the current storms and is ready to serve customers.

“We anticipate more calls coming in as the storm worsens and we are fully prepared for this,” he added.

The average cost of damage from gales each year in the UK is £300 million, according to the Met Office.

Tags: storm, main supplies, Foulds, home, inclement, flooding, Insurance

Longer term mortgages popular with first-time buyers

Longer term fixed rate mortgages have proven “increasingly” popular in recent years, especially with first-time buyers, claims an industry expert.

Head of residential lending at Mortgage Express, Tim Anson, has said that newcomers to the market appreciate the “peace of mind” offered by fixed deals.

Purchasing a property through a fixed deal allows first-time buyers the chance to get used to managing a budget and meeting the costs of running their first home.

“For most people a mortgage is the biggest financial commitment they will ever undertake, and increasing numbers of borrowers have sought the certainty provided by fixed rate deals in recent years,” he said.

However, as interest rates are predicted to fall in 2008, fixed rate deals could look uncompetitive in the future Mr Anson warned.

Last week the Council of Mortgage Lenders reported that 42 per cent of borrowers would choose a fixed rate mortgage.

However over half of these would opt for a short term deal under five years long.

Tags: Head of residential lending, Tim Anson, loan, Business Finance, newcomers, fixed rate deals, chance, head

5 Ways To Reduce Your Student Car Insurance Policy Payments

One in every five students in higher education in the UK either owns their own car or has access to a car that they can drive to university. If we take it as given that higher education students have very tight budgets to live on, the following are five ways to help reduce your student car insurance policy payments and help you to save money: Read more

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First-time buyers taking risks

First-time buyers are prepared to take bigger financial risks to get on the property ladder as house prices continue to rise.

As the third interest rate rise in five months looks set to have just a minor impact on the price of a house, Yorkshire Bank says many consumers feel forced into taking big chances with their future.

According to the bank, three out of five first-time buyers would consider taking out a home loan that was five times their income.

In addition, 80 per cent would also consider getting a mortgage which is paid back over more than 25 years in order to make the monthly payments more manageable.

“With the average house price nearing £200,000, this year may feel like the last chance saloon for first-time buyers already finding it hard to buy,” said Gary Lumby from the bank.

“Saddling themselves with such huge debts isn’t wise as they could still be paying off their mortgage well into their sixties or even seventies.

“They may also face breaking point should interest rates increase again. Unfortunately for some, they feel it is their only option,” he added.

Yorkshire Bank has also found that 28 per cent of first-time buyers are so keen to get onto the property ladder that they are willing to offer above the asking price straight away for a house which they want.

In response to the current housing climate, 15 per cent of parents have started a home fund to help their children buy a house when they are older.

Tags: monthly payments, property, yorkshire bank, chance, Real estate