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

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Inflation levels hit 11 year high

June saw inflation levels rise to an eleven year high of 3.8% as a result of soaring food and petrol prices, according to recent reports. The rate of inflation for May had already hit highs of 3.3%, resulting in the governor of the Bank of England, Mervyn King, having to write to the chancellor, Alistair Darling, to explain why inflation had soared so high and what would be done to bring it back down. However, the situation is now even worse, with inflation nearly double the government’s 2% target. Read more

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First Direct offers mortgages to new customers

First Direct has restored its mortgage services to new customers with a number of two-year, five-year and ten-year fixed-rate deals. Read more

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Latest energy hike provides ‘green light to switch’

With the last of the big energy suppliers announcing an increase in its premiums consumers now have the “green light to switch” providers, one financial expert has claimed.

Money advisers Which? stated that spenders ensure they have the best deal when it comes to their mobile phone tariff and this should be no different for their energy bills.

Scottish and Southern Energy announced last week that its prices for electricity customers will rise by 14.2 per cent on average.

Siobhan Parker of Which? said that this latest price increase is the “green light to switch”.

“Everyone’s feeling the post-budget pinch and making sure you’re getting the best deal for your home energy is a smart and easy way to take some of the pressure off,” she continued.

Which? said that customers should use their buying power to show they mean business, and switch to a cheaper supplier.

Meanwhile, Scottish and Southern Energy increases mean that prices for gas customers will increase by 15.8 per cent.

Home energy bills have now smashed the £1,000 per year mark for many households.

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House fire risk of smoking ban

Homeowners are being warned of a potential rise in the number of house fires when the smoking ban is introduced in England from July 1st.

Smoking in public places such as pubs and bars will become illegal from this date and Abbey is concerned that fires will become ore commonplace as people choose to stay in rather than go to the pub.

The bank believes that many people may opt to host house parties as an alternative to going out so that they can smoke while drinking.

However, this can pose a danger as drunken smokers could inadvertently set something alight, leading to a costly home insurance claim for the mortgage holder.

Figures show that around £11 billion worth of damage is caused by fires started by cigarettes each year in the UK but recent statistics display a downward trend in the past ten years.

Abbey, however, is concerned that this will begin to change as more and more people choose to spend their nights indoors.

“The landscape of social behaviour is going to change quite dramatically following the smoking ban and we anticipate that people are likely to spend more time entertaining at home rather than going out,” said Prasad Shastri from Abbey.

“This could well have an adverse effect on the number of fires started in the home and we would ask everyone to be extra careful and take simple precautions to protect their homes and the people in them.”

Research from the Department for Communities and Local Government has found that nearly a third of households have a smoker living in them.

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First ever 25-yr fixed-rate mortgage

A new mortgage has been launched that could help first-time buyers get onto the property ladder.

Nationwide Building Society is offering a 25-year fixed-rate mortgage which will see buyers protected from future interest rate rises.

The firm has announced that the mortgage comes with a 5.49 per cent fixed interest rate and borrowers can opt out of the mortgage after ten years without having to pay a penalty fee.

Nationwide is promoting the new deal to everyone but first-time buyers are likely to see the biggest benefits.

“At Nationwide we are totally committed to our members because we have no shareholders to please,” commented Stuart Bernau, executive director at Nationwide.

“Our new 25-year fixed-rate mortgage is a clear demonstration of this. It not only offers long-term good value to borrowers looking for the security of fixed payments but also the flexibility of a ten-year deal.

“This is the latest in a series of initiatives that have been designed to complement our existing mortgage product range,” he added.

The new mortgage has been welcomed by many people although some argue that better deals are still available, with many shorter-term loans offering better rates.

If you are considering getting a mortgage make sure you seriously consider which deal is best for you.

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