Buying better than renting in some areas but not all

Over recent months first time buyers have experienced huge difficulties when it comes to getting a mortgage to purchase a property, with the global credit crunch resulting in far tighter credit conditions, and with lenders demanding higher deposits and increasing the interest rates on mortgage loans. With house prices falling, and expected to fall further, those that now commit to purchasing a home could end up facing negative equity in addition to the other problems. Read more

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MP claimed consumers were wealthier than ever

Most consumers are now feeling the pinch to put it mildly with household budgets stretched to their limits due to rising living costs, soaring petrol prices, increased food costs, and high borrowing costs. Yet, according to a recent report one Labour MP has branded the British public as being miserable and has said that consumers in the UK are actually wealthier than ever. Transport Minister, Tom Harris, made the comments some weeks ago, and was slated by other officials given the financial crisis that many households are suffering. Read more

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Leave out the banks

Following a stinging attack on banks over penalty charges, consumers are being told that they can avoid contact with banks altogether if they wish.

Zopa, an online market place where people meet to lend and borrow money, says customers need to be made aware that they are no longer limited to simply switching between banks.

During a parliamentary debate on January 16th, many banks were accused of “ripping off” their own customers and penalty charges were labelled “illegal” by Liberal Democrat MP Matthew Taylor.

The people at Zopa say that by borrowing from other members of the public it is possible to get some of the lowest interest rates around.

“There is simply no need for people to continue to suffer at the hands of the big banks anymore,” said James Alexander from Zopa.

“They are no longer restricted to just switching to an apparently less greedy bank either.

“They can cut them all out by borrowing and lending between fellow individuals to get not just a better deal, but also the pleasure of no longer contributing to the banks’ truly staggering profits,” he added.

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