Mortgage borrowers can get help with energy costs

These days mortgage loans are far more restricted than they were prior to the global financial crisis, and many people who want to get a loan for a property find themselves being refused, as lender continue to be extra cautious over who they lend to, how much they lend, and what sort of deposit they are likely to accept.

However, one mortgage lender has decided to buck the trend by offering an incentive to consumers who are taking out a mortgage. The High Street banking giant, Halifax, has decided to try and tempt eligible consumers to take out a mortgage or remortgage through the bank by offering an incentive that could save the borrower a significant amount of cash on the cost of their energy bills.

As part of the new offer customers that take out a mortgage loan or decide to remortgage through Halifax could be eligible to get £500 off their gas and electricity bills, enabling them to save a small fortune on the cost of their energy usage. This could be particularly useful with the winter months fast approaching, when many people find that their energy bills soar.

An official from the banking giant said that the company was committed to encouraging homeownership, and with consumers facing such financial difficulties in the current climate the offer would help them to enjoy making at least some savings when moving into a new home or remortgaging on their old property.

He added that as part of the offer consumers may be able to save between four and six months worth of energy costs, which would help them to enjoy better value for money on their mortgage borrowing and help them to tackle the high cost of energy usage.

Tags: electricity bills, cost, bank, halifax, remortgage, mortgage, better value

Thousand leave Halifax over bank charge changes

It is reported that around seventy thousand customers have left the High Street banking giant Halifax amidst anger over changes to the way it charges for overdraft facility usage. There is also speculation that customers of the bank are still leaving, which means that eventually the changes may have cost the banking giant in excess of 100,000 customers. Many customers are said to have moved to rival banks, with many others trying to open new current accounts with an alternative bank so that they can leave Halifax. Read more

Tags: Banking in the United Kingdom, overdraft, Bank charge, halifax, Office of Fair Trading v Abbey National plc, fee

Whopping overdraft charges from Halifax

The High Street lender Halifax is to increase its borrowing costs from December of this year, and this will see customers having to spend a small fortune on the cost of borrowing, with the lender planning to hike up borrowing costs significantly. Read more

Tags: income, overdraft facility, bank charges, interest, halifax, charging structure, halifax bank charges

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

October sees further house price falls

Recently released figures from the Halifax have shown that house prices have fallen again in October, this time by 2.2 percent. This follows a smaller drop in September, and according to Halifax figures has resulted in the annual house price falling to 13.7 percent, although according to Nationwide the annual drop is larger at 14.7 percent. Halifax officials have said that the average house price is now around £30,000 lower than a year ago, coming in at £168,176. Read more

Tags: royal, halifax, rate, housing market, term interest, likelihood, stabilise, england

Warning on house prices from Nationwide

One of the UK’s major lenders, the Nationwide Building Society, recently sent out a stark warning with regards to house prices in the UK, painting a bleak and gloomy picture of what homeowners and the housing market in general has to face over the coming couple of years. Officials from the building society are expecting things to get markedly worse before they get better in the housing market. Read more

Tags: building society, principal focus, nationwide, price, value mortgages, halifax

House price falls worse than last crash

In the 1990s, many people will remember that there was a house price crash that plunged many homeowners into negative equity, and a lot of people will have concerned memories of this time following the past year, when house prices have been tumbling month on month. However, according to officials from the Halifax, its records show that based on a peak to trough bases the current situation has already outstripped the 1990s crash. Read more

Tags: halifax, Real estate economics, situation, finance, past year, house prices, prices

Top of the polls for Nationwide

In a recent poll carried out by moneysupermarket.com a building society has beaten all of the big banks, pipping them to the post with the number one spot as most trusted bank or building society amongst UK consumers. The big name banks have always claimed to be the most trustworthy and reliable, but the poll has shown that the highest percentage of people actually have more trust in a building society. The Nationwide scooped the number one spot on the poll, and its excellent service and reliability levels were highlighted. Read more

Tags: place, building society, halifax, uk consumers, poll, spot

Storm insurance costs hitting the roof

The roofs of up to 1.5 million homes in the UK have been hit by storms in the past year, costing consumers £4.5 billion in repairs, according to insurance experts.

Research from Halifax Home Insurance shows that the average cost of repairing wind damage has risen to £2,800, which equates to 12 per cent of the average British salary.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: “Homeowners without adequate buildings insurance cover risk finding a huge hole blown in their finances by the cost of repairs.”

He added that the increasing number of incidents of extreme weather conditions, such as wind and flood, “make it more vital than ever for homeowners to take proactive steps to protect their financial and physical security before disaster strikes”.

Further findings from the firm reveal that the average affected house needs 127 tiles replacing, a figure which equates to more than 200 million across Britain.

Meanwhile a study in Germany predicts that financial losses incurred by bad weather could rise to 37 per cent in the UK.

Tags: year, huge hole, Financial economics, disaster strikes, halifax, adequate buildings insurance, security, storms

UK private housing market valued at £4tn

UK homes are worth a total of £4 trillion, according to new research from the Halifax.

The findings revealed that the value of the UK’s private housing stock rose by 9 per cent (nearly £320 billion) in 2007.

Martin Ellis, chief economist at Halifax, said: “UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen.

“This has significantly strengthened the household balance sheet. Mortgage debt accounts for only 30 per cent of the value of the UK’s £4 trillion worth of housing assets,” he added.

The value of the housing stock has more than tripled over the past decade, rising by 208 per cent from £1.3 trillion in 1997.

By comparison, the headline retail price index (RPI) has risen by 31 per cent over the past ten years.

Meanwhile, the Bank of England’s decision to hold interest rates at 5.5 per cent is “not all doom and gloom” for home buyers, according to the Leeds Building Society.

Tags: halifax, housing market, price, interest rates, england, finance

House prices fell by 0.5 per cent in October

More evidence that the housing market is slowing down was published yesterday.

Halifax’s monthly housing market report, published on Thursday, found that average prices fell by 0.5 per cent in October.

Although this contradicts figures published by Nationwide late last month, it is the second consecutive month in which Halifax – the country’s biggest mortgage lender – has recorded a drop.

Halifax reported that house prices fell by 0.6 per cent in September.

Nevertheless, the lender was confident about the long-term strength of the housing market and the economy.

Chief economist Martin Ellis said: “The UK economy is in a strong position. High levels of employment and a shortage in the number of properties available for sale will continue to support house prices.”

A recent study of the market by PriceWaterhouseCoopers claimed that houses in the UK are 10 per cent overpriced compared to average salaries.

Halifax’s study comes as the Bank of England held interest rates at 5.75 per cent for the fourth month in a row.

Tags: halifax, uk, position, england, interest rates, Economic history, martin ellis, second consecutive month

Halifax: Avoid damage payouts with winter-proofing

With bad weather coming this autumn, homeowners are advised to ensure their homes are not at unnecessary risk from damage.

According to Halifax, there have been severe weather warnings for November, with high winds and harsh storms forecast.

Giving properties a “health check” and winter-proofing can reduce the risks posed by such extreme weather, the like of which led to 18,000 claims last year totalling in excess of £16 million.

“Winter is the time when we retreat to the warmth and safety of our homes, but before doing so there are some essential checks that need to be carried out,” said Vicky Emmott of Halifax Home Insurance.

“With home emergencies, prevention is certainly better than the cure, and many claims could be avoided if householders spent a small amount of time preparing for the coming bad weather.”

Some of the checks recommended include looking for weaknesses in the roof, checking external lights are securely fitted and trimming back low-hanging branches that could cause damage.

Tags: safety, halifax, Halifax Home, damage payouts, warmth, Pacific Northwest, severe weather warnings, home

How things have changed in last 50yrs

Half a century ago (July 1957) Conservative prime minister Harold Macmillan famously said that the people of Britain “have never had it so good”.

He was talking at a time when rationing had only just come to an end following World War II but Halifax has been comparing the economic picture in the UK in 1957 and comparing it with today’s situation.

Understandably, it has found that massive changes have taken place and concludes that the people of Britain in 2007 really have never had it so good.

The average annual wage in 2006 stood at £31,278, compared to a miser miserly £731 that workers took home on a yearly basis 50 years ago.

More people own their own home today, with 70 per cent of the adult population holding the rights to a property, compared to just 38 per cent in 1957.

We work shorter weeks today, with the average being 38.9 hours, while in the fifties they worked 48.5 hours per week.

Some things were better in 1957, with unemployment figures very low at just 1.3 per cent compared to today, while house prices were fantastically low at just £2,330.

The pound was also very strong in those days, sitting at $2.79.

Tags: halifax, pound, population, July, United Kingdom, world, War, week

Housing market slowing down

House prices in the UK are increasing in price at the slowest rate they have all year.

The Halifax House Price Index shows that properties increased in value by 0.3 per cent in May, signalling the third consecutive month of the market slowing down.

The average house price sits at a lofty £196,893 and buyer interest fell for the fifth consecutive month.

The housing market is expected to continue to slow down in the coming months, with increasing interest rates and reduced real earnings each playing a part.

Commenting on the 0.3 per cent price increase, Martin Ellis, chief economist at Halifax, cited rising interest rates as the main factor.

“This is the smallest increase so far this year and the third successive easing in the monthly growth rate,” he said.

“The recent slowing in monthly house price inflation, together with further evidence of moderation in housing market activity, suggests that the interest rate rises since last summer are having an impact on the market.”

A slowing down of the housing market is good news for first-time buyers as ever-increasing house prices are making it very difficult for young buyers to get onto the property ladder.

Tags: halifax, rising interest rates, Index, United Kingdom, part

Check your garden is protected against theft

Although the British summertime is a pleasant period for green fingered people and garden lovers, it is also a time that can increase the risk of theft from outside your actual house – from your back garden.

Many people are looking forward to spending time sprucing up their gardens, adding plants, and enjoying barbeques with families, and the popularity of garden programmes on television has seen more and more people invest in their gardens, often spending huge amounts of money on their pride and joy.

However, as summertime approaches insurers are warning consumers to check that they have adequate cover to protect the items on their gardens. Summertime thieves will target everything from expensive plants and shrubs to barbeques, lawnmowers, decorative ornaments, furniture, tools, and just about anything else that could be of value in your garden. And without adequate cover this could mean financial losses as well as a ruined garden.

According to the Halifax the average claim for garden based theft last year was around £400. Claims tripled between March and August last year according to the Halifax, and there were total claims of around £1 million last year relating to garden based theft. Some of the items may be covered under the regular home insurance cover, but many do not cover plants and therefore additional cover may be required.

Consumers should contact their home insurance providers to see what sort of garden items and equipment are already covered, and can then arrange additional cover if required. Cover on garden items can vary from one insurance provider to another, and terms and conditions for making a claim can also vary, so this is something else that consumers will need to check.

Tom Smith
7th June 2007

Tags: home, damage, halifax, policy, plants, garden, claim, lawns, Insurance

Home disasters for returning holidaymakers

Over one million Brits return from holiday each year to find that there home is a disaster area.

Research by Halifax Home Insurance shows that we arrive home to a combined total of £2.3 billion worth of damage and, without insurance, we could be counting the cost for years to come.

The most common problems are criminal damage, faulty utilities and storm damage. According to Halifax, a quarter of us are burgled while on holiday.

Water damage is another costly problem that affects many, with 1.7 million holidaymakers having to pay a combined bill of £960 million to repair damage done by burst pipes and the like.

“Home disasters can be extremely distressing at the best of times, so returning to one after a relaxing holiday would certainly bring you back down to earth with a bump, so having adequate home insurance cover to protect your property – whether it’s occupied or not – is absolutely critical,” said Vicky Emmott from Halifax.

“As well as making sure they are insured there are lots of other practical things that holidaymakers can do to protect their properties whilst they’re away.

“For example, ensuring that the heating comes on during the winter can prevent pipes from bursting, and cancelling regular deliveries like milk or newspapers make it less obvious to a thief that your property is vacant,” she added.

Children left alone on the house are also a common menace for holidaying Brits, with almost one million saying that they had returned to find their home damage by the kids.

Tags: halifax, water, insurance policy, milk, adequate home insurance cover, Vicky Emmott, house, Financial economics

Seven in ten towns ‘unaffordable’ for FTBs

Property buyers are still suffering from high housing prices, with public sector workers unable to buy homes in seven out of ten towns in the UK, according to one report.

The Halifax bank has claimed that, by dividing average and regional property prices by annual wages, there are many unattainable areas in London and the south-east in particular for first-time buyers (FTBs).

So-called key workers – those in public sector position such as nurses, teachers, firefighters and police – are particularly suffering from high mortgage costs, as costs for a first home continue to increase beyond the financial reach of many.

And according to the Halifax, 363 of the 517 towns and local authorities surveyed were deemed unaffordable.

But while several mortgage lenders have recently been trying to address this concern, offering huge mortgages equal to six times the salary of the borrower, the market is showing little sign of slowing down.

The number of buy-to-let mortgages are set to continue to increase as wealthier and professional house buyers continue to snap up affordable property in order to rent them out.

Tags: buy to let mortgages, high mortgage costs, Public sector, public sector position, key workers, FTBs).So-called key workers, halifax, professional house buyers

Household spending rises

We are spending more on household appliances such as kettles and fridges.

That is according to Halifax Credit Cards which points to a disparity between how much we spend and how much appliances cost in comparison to previous years.

The firm points out that in 2005 we spent an average £4.32 on appliances per household every week.

In 1995, however, we spent just £3.62 per week yet the cost of household appliances has fallen by 15 per cent in that time.

Halifax has calculated that we now spend 29 per cent more on appliances than we did ten years ago but we are getting more for our money as prices have plummeted.

The firm says that many consumers are choosing to pay for their household appliances with a credit card as they see a number of benefits when buying items in this way.

“When purchasing household items there is nothing more disappointing than the item not being delivered or finding it to be faulty,” commented Ken Stannard, head of Halifax Credit Cards.

“When purchasing with a credit card, all appliances over £100 are covered by Section 75 which means we will give you a full refund if the goods do not arrive or are found faulty.”

Although there are some clear benefits of paying for products with a credit card it is imperative that consumers ensure that they can keep up any repayments to avoid falling into a spiral of debt.

Tags: Halifax Credit Cards."When, stannard, repayments, previous years.The firm, purchasing, Household spending rises, halifax, head

Cold snap may cause chaos

If you have already put away your winter coat for the year you may find yourself caught short as the Met Office warns that a cold snap is fast approaching.

Freezing temperatures, wind and snow are expected and, aside from having to get our coats out again, we are being warned that our homes may suffer with the weather.

Halifax is warning that we may suffer damage to our homes as the temperature changes, particularly with burst water pipes causing problems.

The cold can lead to water inside exposed pipes freezing and expanding, leading to cracks which will leak water once the ice thaws.

“A sudden unseasonal drop in temperature can wreak havoc on people’s homes and gardens if they are unprepared for it,” warned Vicky Emmott from Halifax Home Insurance.

“Water from a burst pipe in a loft space can very quickly cause damage to plaster ceilings, walls, kitchen units, electrical wiring and decoration.”

We are being advised to get a home insurance policy so that we are covered in the event of a disaster and Ms Emmott also has some handy tips to prevent the worst happening in the first place.

She says that we should insulate any exposed pipes, ensure loft insulation is placed above water tanks and leave the loft open if going away.

Tags: people's homes, halifax, vicky, weather, Physics, place, space, year

Terraced houses see biggest growth

Terraced houses in the UK have seen the biggest price increases over the last five to ten years.

That is according to Halifax Estate Agents which used its own price data in its research.

Over the last ten years terraced house prices have increased by an unprecedented 239 per cent, with flats and maisonettes a close second with a 235 per cent growth.

However, the five-year picture looks slightly different, with flats and maisonettes seeing just an 87 per cent increase, compared to 95 per cent for semi-detached and 113 per cent for terraced houses.

“Terraced properties have seen the largest average house price increases in both the last five and ten years,” said Tim Crawford, group economist at Halifax Estate Agents.

“Although the average price of a terraced house is still below the UK all property average, the gap has narrowed.”

Detached properties remain the most expensive in the UK, with an average price of £326,396.

This figure is in stark contrast to the average detached property price in 1996 which stood at just £110,240.

That sort of money would not even buy you an average terraced house today, with the majority of people paying around £186,316.

Tags: halifax, average house price increases, property, house, increase, Halifax Estate Agents, Terraced

Prepare your home for snow storm

The UK is about to be hit by a bout of severe weather, with homeowners being warned to properly prepare their houses.

The Met Office has forecast up to seven inches of snowfall in the country over the coming days and Halifax Home Insurance says that we should all be insulating our pipes.

If the weather predictions are correct, temperatures could drop to as low as -10 degrees Celsius, potentially leading to burst pipes.

The most common place for this kind of incident is said to be the loft, meaning that when the water thaws and begins leaking it causes maximum damage to the entire house.

“Water from a burst pipe within a loft space can very quickly cause damage to plaster ceilings, wall plaster, kitchen units, electrical wiring and decoration, as well as carpets, beds, electrical items and other contents within a property,” said Vicky Emmot from Halifax.

“So by simply insulating your pipes you can help to protect yourself from unwanted disasters this winter. It is also worth considering how prepared you would be if the worst was to happen.”

Halifax has some tips to avoid a burst pipe disaster, with insulating exposed pipes being the first action to take.

Homeowners are also told to ensure that the water tank is insulated, the loft door is open (if possible) and all external taps are switched off.

Tags: halifax, Insurance, pipes, water thaws, Water pipe

January worst month for burglary

A robbery takes place in Britain every 35 seconds during January, with figures showing it to be easily the worst month for crime.

According to Halifax Home Insurance, we are 26 per cent more likely to have our homes broken into during the first month of the year when compared with the annual average.

It is estimated that around 76,000 homes will be broken into during January, costing a collective £170 million.

Halifax is trying to get the message across that it is vital to take out insurance, while the firm is also attempting to help homeowners prevent crime in the first place.

“We tend to see a rise in burglaries during January as burglars know that it is the time when our homes are packed with lots of new and expensive items, ranging from electrical goods to jewellery,” said Vicky Emmott from Halifax Home Insurance.

“We must remember that thieves are opportunists, and will strike during the day or night if they feel a property has inadequate security and the timing is right.”

Official crime statistics show that a huge 40 per cent of burglaries take place during daylight hours (06:00 – 18:00), highlighting the fact that thieves are willing to strike at any time of day.

Homeowners are being urged to remain vigilant throughout the day and night in order to avoid becoming a victim of burglary.

“The fact so many burglaries take place during daylight hours shows the importance of always remaining vigilant,” added Ms Emmott.

According to Halifax, Nottingham, London and Leeds are the worst areas for theft, while Colchester, Bath and Shrewsbury are the safest.

Tags: order, worst areas, halifax, theft, day

Average house price £100k+

House prices have continued to grow, with new research showing that every county in the UK has an average house price above £100,000.

The data, collated by Halifax, signals the first time ever that this has been the case and demonstrates a massive growth in average prices.

In 2001 there were 63 out of 101 counties with an average price below £100,000. In addition, only Surrey had an average price of £200,000 back then.

The latest survey shows that 19 counties had an average house price of at least £200,000.

Scotland and Wales saw the biggest growth in house prices, with the top ten fastest growing counties being in these regions.

“Wales, Scotland and, to a lesser extent, Northern Ireland, have dominated the UK county league table for house price growth over the past five years,” said Martin Ellis, chief economist at Halifax.

“Southern England, by contrast, has lagged behind. Much of the out performance by these parts of the UK has been part of a catch-up process with the greater availability of more affordable property stimulating demand and therefore allowing prices to rise more quickly.”

Tags: southern england, addition, business, bank of england, house price, martin ellis, halifax