Many paying for fuel with credit cards

For many people credit cards have provided a convenient and simple means of making payments instead of paying cash or using cheques. However, it appears that these days credit cards have become an essential tool to help people afford to fill up their cars so that they can get around. Many people have used their cards at petrol stations in the past simply because of the convenience that they provide. However, these days people are said to be using them out of necessity.

As all drivers will know the cost of petrol and diesel has rocketed over recent months, and the cost of filling up a tank has soared. As a result of this many people have had to resort to using their credit cards to pay for fuel at petrol stations because they cannot afford to do anything else, and this has sparked concerns about the knock on effect that this will have on consumer debt levels.

Daily living costs have soared in many areas recently, yet many people have seen their pay either frozen or reduced because of the recession and the financial climate, which has left most struggling to cope with the rise in the cost of living. Many people are not only paying for their fuel with their credit cards but are also now meeting other essential living costs with their cards. Many are unable to make much more than the minimum repayment after using their cards to this degree and will come to a point where they have maxed out their card and have massive debts to pay as well as still having to find a way to meet the cost of living.

One official said: “With inflation hitting 4.4 per cent last month, it’s not surprising that many families need to resort to using their credit cards for more and more living expenses. But we believe this does highlight just how important it is to keep on top of credit commitments overall.”

Tags: knock, payments, credit, consumer, consumer debt levels, climate, credit commitments, Daily

AMEX increases rates for late payers

Credit card giant American Express has recently announced that cardholders that make late repayments on their credit card, or those that miss repayments, will be penalised with higher interest rates. Read more

Tags: late payments, american express credit cards, Credit Cards, credit card charges, payments, american express, interest rate

Greater security could come from mobile payments compared to credit card ones

A recent report has suggested that consumers could enjoy a greater level of security through making mobile payments for transactions compared to credit card transactions. Read more

Tags: payments, level, mobile payments, encrypted, popularity, credit card payments, mda

Five year fixed rate mortgage launched by Co-op

Consumers that are looking to take out or switch to a fixed rate mortgage may be interested to hear that the Co-op has launched a new mortgage product that is said to offer a highly competitive rate of interest.

The lender has launched a five year fixed rate mortgage deal that will be available to eligible and qualifying borrowers, and the rate set on the mortgage will be 4.49 percent.

The mortgage came onto the market in the middle of January, but in order to qualify borrowers must be able to put down a deposit of at least 40 percent. The five year fixed period means that consumers can safeguard themselves against rising interest rates for a number of years and can enjoy financial stability through having fixed repayments for a five year period.

However, with interest rates plummeting and set to fall further many may want to stick to a variable rate mortgage or wait to see if fixed rate deals come down further.

The benefits of the mortgage from the Co-op include flexibility, such as being able to overpay on your mortgage, underpay on the mortgage, or even take a payment holiday.

An official from Co-op said: “With base interest rates reaching an historic low and rates across the industry falling, this new mortgage offers customers the chance to fix in their mortgage payments at a low rate and have peace of mind that their payments will remain unchanged at this level for the next five years.”

Another industry official said: “If you’re lucky enough to have at least 40% equity in your home then this mortgage does offer a great opportunity to fix your interest rate at a low level. However, before deciding on a mortgage it’s essential to compare mortgages to find a good deal, and then speak to a mortgage broker for professional advice.”

Tags: January, new mortgage product, coop, order, number, Co-op include flexibility, five year fixed rate mortgage, payments

Do you need additional insurance for your Christmas gifts?

With consumers across the UK clamouring to the shops to get their Christmas shopping sorted out, retailers are raking in the money despite the apparent slowdown in the economy and in consumer confidence.

Many retailers are also looking at ways to increase profits at the busiest time of the year, peddling everything from high interest rate store cards to costly insurance policies. Most people are aware of the dangers of store cards, which charge a fortune in interest if the balance is not repaid in full each month. But what about insurance cover on the gifts that you buy?

Most people will be familiar with the patter that sales employees give when purchasing certain items such as electrical gadgets. This is where the employee tries to persuade you to take out additional cover to get the item replaced if it breaks down or gets damaged within the first three years. However, this cover can be expensive, often coming to a third of the price of the actual item, and many retailers try and push this cover on items as cheap as a fiver, which could be easily replaced by the consumer in the event that anything happened.

However, experts are warning that even with more expensive items consumers should think carefully before shelling out on cover, as in many cases this cover may be unnecessary. Industry experts state that consumers already enjoy a high level of protection without having to take out additional cover, with the manufacturer’s warranty, credit card purchase guarantees under Section 75 of the Consumer Credit Act, and the Sale of Goods Act.

Those that do wish to benefit from additional protection on the gifts and items that they purchase over the Christmas period may fare better by looking into specialist stand alone policies that provide cover for several items rather than a specific item. In addition, consumers should remember that many of the items may be covered under their home insurance policy.

Tom Smith
10th December 2007

Tags: christmas, shopping, extra, payments, purchases, Insurance, cost, interest

Younger couples could be better off renting than buying property

Industry experts have stated that younger couples on average incomes could be far better off financially renting a property in England and Wales rather than purchasing.

Although there is no investment element in renting a property it is estimated that the cost of renting an average two or three bed house in England and Wales is around two thirds the cost of a 100% mortgage, making it the more affordable option for those on average incomes.

In the past the cost of renting a home was more or less the same as taking out a mortgage to buy one, and therefore purchasing was the more sensible option. However, due to the rising value of property in England and Wales, which has rocketed over recent years, coupled with rising interest rates, which have been hiked up five times since August 2006, mortgage costs are sky high at present, and many couples and families are now turning to rental properties.

One industry professional involved in the research stated: “Not too long ago, there was little difference between the costs of buying and renting. But while house prices tripled in the years since 1994, private sector rents only increased in line with earnings, and the costs of renting have as a result fallen relative to the costs of buying.”

Research shows that the amount of money that first time buyers now need o be earning in order to get a mortgage is higher than ever, making it increasingly difficult for younger couples and families to get onto the property ladder even with the availability of increased income multiples now offered by many mortgage lenders.

Tom Smith
5th November 2007

Tags: rent, home, buy, mortgage, market, cost

Flooding costs to affect insurance premiums

The UK has seen some of the worst rain and floods in years over the past few weeks, and for many this has resulted in severe damage to their property and huge insurance claims.

Many insurance companies have been inundated with claims following the flood damage, and millions of pounds worth of claims have had to be processed and paid out. Insurance companies have stated that the level of claims coming in has been high and the payouts have made a big dent.

The recent flooding is said to have been the worst in the UK for around sixty years, with many households devastated by the damage caused. A number of leading insurance companies are now stating that they will have to push the cost of premiums up because of the level of claims that have had to be paid out as a result of the flood damage. Both contents and buildings insurance cover is now expected to rise as a result of the situation.

One of the leading insurance companies in the UK, Norwich Union, has confirmed that its premiums will be going up. From next week those taking out cover with the insurance giant can expect to pay around 10% more than previously. All customers will be affected by this price increase and not just those that were hit by flood damage and had to therefore make a claim on their policies.

One insurance company official stated: “People are spending more on home improvements. When things go wrong they’ve got flat-screen televisions and expensive flooring. So, when the do damage, it’s costing us more.”

An official from Direct Line insurance stated: “We do recognise that premiums will rise, and that goes for all RBS brands.”

Tom Smith
19th September 2007

Tags: flood, premiums, cost, increase, cover, claim, Insurance

Interest rate rises result in increase in repossessions

The five interest rate rises that have been enforced by the Bank of England over the past twelve months have taken their toll on the finances of many consumers, and there are many households that are now struggling to keep up with repayments.

A number of experts have been predicting that an increasing number of people will find it extremely difficult to keep up with repayments due to the rising interest rates, and recent figures indicate that this has already started to take effect.

Interest rates in the UK have shot up from 4.5% to 5.75% in the past year, after a series of five interest rate hikes, each of 0.25%. Homeowners have seen their repayment shoot up considerably over this time, and those with already steep mortgage repayments have had to find hundreds of pounds more in some cases as interest rates have risen. Those that went on fixed rates several years ago are now finding themselves in hot water too, as the fixed rate period ends and their interest rates shoot up to today’s base rate.

The predictions of many experts is already coming true as the first half of this year has seen home repossession resulting from bad debts hit an eight year high. Interest rates at the moment are at their highest in six years, and struggling homeowners are risking their homes because of difficulties in making repayments on their mortgages. Around 77 homes per day are currently being repossessed.

One official from the Royal Institute of Chartered Surveyors stated: “With the housing market slowing into 2008 and interest rates expected to hit 6 percent, homeowners slipping behind with their repayments may be left stranded, unable to sell their way out of trouble.”

Tom Smith
17th September 2007

Tags: bank, england, Mortgages, payments, increase, interest, rate, rise

Many banks and card companies to be sympathetic over postal delays

Over recent weeks the UK has been hit by a number of postal strikes, which has disrupted many services.

A number of banks and credit card companies in the UK have stated that they intend to be sympathetic with customers who may have suffered as a result of the postal strikes in terms of payments coming in late because of the postal delays. Although banks have suffered a fair amount of bad press lately some of the leading banks and credit card companies stated that they would take the postal strikes into account when it came to customers’ accounts.

The postal strikes were set to go on for two week in total, and this means that those paying by cheque will find that their payments may be delayed, which could result in their bank accounts exceeding the overdraft limit or their credit cards going over the credit limit due to late payment. Banks and credit card companies are urging consumers that experience this problem to contact them, stating that they will ensure that they are sympathetic when it comes to the removal of charges that were applied as a result of late payment because of postal delays.

One Barclaycard official stated: ‘We will take an understanding approach and if anyone does incur a fee they should come and talk to us.’ Lloyds TSB, Halifax, and HSBC have also stated that they will treat each case sympathetically, and that customers that have experienced postal problems that have affected their accounts should contact them as early as possible. Other banks have added that customers may want to look at alternative methods of payment whilst the postal strikes are underway.

Consumers are warned that trying to dupe the banks into thinking that payment is late because of postal strikes will not be easy. One bank spokesperson stated: ‘We will treat every customer individually and do our best to be sympathetic. But if someone is always in the red, the postal strike will probably be just another excuse and will be seen accordingly.’

Tom Smith
17th September 2007

Tags: interest, red, postal, delays, cards, payments, strike, charges

Risk of default increased by lack of checks

According to a recent report released by the UK’s financial regulatory body the risk of homeowners defaulting on their mortgage repayments has been increased as a result of various lenders allowing them to borrow money to purchase a home without carrying out adequate checks into their income.

The Financial Services Authority claims that some lenders have been allowing consumers to borrow money to buy property but have failed to determine whether they can actually afford the repayments based on their income.

With a series of five interest rate rises already having taken place in the past year, along with the threat of further rises, many homeowners with variable rate mortgages are struggling to keep up with repayments, even though they may have been able to comfortably afford the repayments when they took out the loan. However, for those that were struggling initially, as a result of being able to borrow more money than they could actually afford, the interest rate rises could tip them over the edge.

The FSA has been investigating the sub-prime market, where brokers and lenders seem to be unable to show whether the borrower can actually afford to make repayments on the amount that they borrow. According to reports around one third of brokers have been unable to confirm whether a borrower could actually afford the mortgage, and over half of them allowed borrowers to self certify their income.

One MP stated: “Talking about a few rogue brokers is just skimming the surface of the problem. While rogue brokers are a problem, the more pressing issue is high street lenders aggressively trying to build market share. Lending income multiples for mortgages are now at an all-time high and, with interest rates set to rise further, the outlook for many homeowners looks grim.

Tom Smith
13th September 2007

Tags: homeowners, default, home, lenders, payments, brokers

Are cheque payments becoming a thing of the past?

There was a time when paying for something by cheque was the norm for most people, but with the soaring popularity of credit and debit cards in the UK it seems as though cheque transactions are becoming a primitive payment method that will soon be left trailing.

This is being reflected by the number of retailers that are now turning away cheque transactions, and the latest to jump on the bandwagon of saying no to cheques is Sainsbury’s.

The supermarket giant has announced that as from the 1st August this year it will no longer be accepting cheque payments from customers. Although this does reduce the range of methods that customers can use to make payment for goods, the vast majority of customers tend to use debit cards, credit cards, or cash anyway. The no cheque rule will be applied in all 800 of the supermarket chain’s stores.

According to officials from the supermarket chain it makes sense to stop accepting cheques because so few people use them and because processing them can be time consuming. A number of other high profile retailers have also decided that they will stop accepting cheque payments, and this includes WH Smith, Morrisons, Boots, Asda, and Shell. Again, the main reasons seem to be lack of use by customers and time consumption for the companies in question.

With more and more retailers stopping cheque payments it is likely that an increasing number of transactions will now be made using credit and debit cards, which could see the number of card transactions made each year in the UK rocket even further.

Speaking about cheque use one Sainsbury’s spokesperson stated: “Like other retailers they are being used less and less by our customers.”

Tom Smith
27th August 2007

Tags: debit, spend, cheque, credit, payments

Future demand for buy to let mortgages could fall

According to a recent report the demand for buy to let mortgages could fall in the future, as a slow down in the rise of property values hits, lumbering landlords with higher mortgage repayments but lower house value inflation and rental income.

However, reports have also indicated that at present landlords are doing very well, and in the past year enjoyed returns of around 13%. Reports indicate that landlords saw the property vales rise on average by around 7.3% and saw rental returns of around 5.5% of the property value.

The figures come from a report issued by Birmingham Midshires. The report indicated that although the 13% property value rise seen was up from the previous twelve months of 11.9% rental payments dropped from 5.7% in the previous twelve months to 5.5% last year. Birmingham Midshires warned that the interest rate rises had led to mortgage repayments being higher than rental payments, and that this could have a dampening effect on the popularity and take up of buy to let mortgages.

One economist from the building society stated: ‘While house price growth in the sector is expected to be more subdued near-term, reflecting the impact of higher interest rates, the potential for further increases in rents should encourage long-term investors. There also remains the potential for healthy long-term capital appreciation in the buy-to-let sector, particularly given the backdrop of more households being formed each year than there are new properties being built.’

Along with homeowners buy to let landlords are likely to be hit hard by the interest rate rises that have been applied by the Bank of England over the past year, as it means higher repayments on the mortgage without higher rental income.

Tom Smith
1st August 2007

Tags: rental, rise, landlords, cost, property, rates, let, increase, buy

Actions To Ease The Mortgage Pain

There have already been several interest rate rises since August 2006, taking the Bank of England’s base rate from 4.5% to 5.75%. Read more

Tags: payments, interest, offset, rates, bank, Mortgages, england, savings

Do your kids have the right savings account?

Banks and building societies have come under fire on many occasions over the past year due to the failure of many to pass on the full level of interest rate rises onto savers whilst applying the full amount and sometimes more besides on borrowing.

And it seems that it is not only the adults savers of the UK that are getting a raw deal with some banks – many are paying even less in the way of interest on savings accounts for younger savers, often paying way below the Bank of England interest rates.

According to recent reports some savings accounts for younger savers pay under 4 percent in interest, which is over 1.5 percent less than the current base rate. Amongst those paying considerably less than the base rate on children’s savings accounts are C&G, Royal Bank of Scotland, Birmingham Midshires, the Woolwich, and Barclays. Even where balances on the accounts are close to one thousand pounds, many of these banks and building societies pay poor interest rates compared to the current base rate in the UK.

On the other hand there is a great deal on children’s savings account with the Nationwide. The interest rate on the Smart Account with Nationwide has been hiked up to 5.78 percent before tax, and in addition to this the Nationwide has pledged to pay at least 0.25 percent more than the base rate until 2010. This savings account is available to those up to the age of eighteen, and with this impressive interest rate and guarantee younger savers can look forward to seeing healthy returns on their savings.

A number of other banks and building societies are offering some impressive deals on savings, and consumers with kids that are getting a raw deal on their savings should look around and compare different accounts to see whether there is something more suitable available

Tom Smith
29th June 200

Tags: account, savings, earn, bank, Banking, kids, payments, accrue

How To Build Up a Good Credit Rating

It is evidently not a good thing to have a bad credit rating. For example, it can limit your borrowing options. The sorts of thing that contributes to a poor credit rating are county court judgments, defaults on payments and bankcruptcy orders. In the case of circumstances such as these, the only way to get credit (loans, mortgages) is through the sub-prime market. Here the borrower is charged high rates of interest to reflect the apparent risk to the lender.

There are two main credit reference agencies who compile credit histories on individuals. These are Equifax and Experian. They take their information from sources such as the electoral roll, county court judgments and the payment of past debts. When anyone takes out a new form of credit it will leave a record which these credit agencies also draw upon. But it is not the credit agencies who make the decision about whether to offer credit to would-be borrowers. It is the lender who makes that decision, based on the information provided by the credit agencies and their own lending criteria.

Under the Data Protection Act, if a lender refuses you credit, it must tell you why. Under the Act, if scoring was used to help the lender decide not to give you credit, then you are entitled to ask for you application to be reviewed. Even it this doesn’t help you to get credit this time, you will be able to see your rating and where it might need improvement. Or it can highlight errors that may be on your record (and they do happen) and you can try to get them rectified.

If you do have a poor credit rating, it is a good thing to work to make it better. Although bankcruptcy remains on a rating for up to six years, a year of good credit practice should return a rating to a healthy state.

To begin with, you should ensure that you pay off your creditors on time. If you do have to miss a payment, tell the creditor and make sure that you make the payment the following month.

Even simple things like making sure you are on the electoral role and completing credit application forms correctly will help to improve your rating. Agencies allow people to explain why they may have had a poor credit performance, and a ‘notice of correction’ can be attached to their report explaining, for example, whey they missed payments.

It is worth buying access to your credit history from one of the agencies to make sure that everything is in order. As an example, if you have had a county court judgment, but have since paid the debt, make sure the payment is recorded on the file. If you have had a bankcruptcy order annulled, make sure a copy of the annulment or order of discharge is sent to credit agencies.

Another way of boosting your rating is to take out a store card and pay off the balance regularly and on time. The rating can be improved quickly by opening a variety of accounts, but make sure you do pay off the debt each month. You can also ask someone you know well (family or friend) with good credit history to co-sign for a small loan or credit card. This also helps your own rating.

It is a bad idea to keep applying for credit if you have already been refused by another lender. A lot of searches on history does not work in your favour. The tip is to ask the lender if you fir the profile of people they give credit to.

Having no credit record can be as bad as having a poor credit record. So if you have no credit record, start to build one up – a good one.

More Information:

• Credit Building Tactics
• Bad Credit-Credit Cards

Tom Smith
19th June 2007

Tags: history, bad, adverse, build, direct, credit, good, debit

Happy birthday debit card

This beginning of June marks the twentieth anniversary of the debit card in the UK.

It is difficult to imagine how the nation managed without the debit card, but until 1987 this is exactly what we did. At the beginning of June 1987 Barclays launched its Connect Card, revolutionizing the way that consumers accessed their cash. Soon bank customers everywhere were able to access their money instantly and easily, as well as being able to make purchases quickly and conveniently.

Within a year of the launch of the Barclays Connect Card, a million debit cards had been circulated in the UK, and this has steadily grown over the years with nearly seventy million debit cards now in circulation, two decades after the initial launch. According to APACS around 143 purchases per second are now made through the use of a debit card in the UK, with people paying for everything from holidays and electrical to petrol and groceries with their plastic.

Debit cards are more popular than credit cards in the UK, and 85 percent of consumers in the UK have a debit card compared to 66 percent of consumers that own a credit card. Nearly seven billion transactions each year are carried out on debit cards.

A spokesman from Barclays stated: “The massive change when debit cards were introduced was that people were able to leave their chequebooks at home. It gave people the convenience to access their current accounts anywhere in the world. It was a massive convenience for the retailer as well.”

He added: “Without payments moving to an electronic platform, internet retailing could not have taken off. The ability to make a payment accurately without having to send off a cheque has created this online channel for retailers.”

Tom Smith
12th June 200

Tags: cards, debit, pay, bills, credit

Online banking is booming

Ten years ago the Nationwide Building Society started the huge phenomenon that has become online banking.

And as we reach a decade of banking via the Internet it seems that this method of dealing with finances and applying for banking services has become more popular than ever. There have been some concerns over the ease of banking fraud via the Internet, but with increasingly stringent safety measures in place and customers becoming savvier than ever when it comes to security, online banking continues to thrive.

One of the UK’s leading banks, HSBC, as reported an increase of fifty five percent in terms of its online business. According to recent figures around eighteen million people in the UK now use the Internet to deal with their finances and manage their bank accounts, and HSBC alone has received nearly two billion visits.

At a recent Annual General Meeting the chief executive of HSBC stated: “More and more of our personal and commercial customers are seeing the benefits of buying online. Our websites handled 1.8 billion visits last year and online sales increased by 55 per cent.”

He also stated that the bank was starting to move more towards interaction with customers through the Internet rather than through the branch.

A number of banks that are trying to encourage customers to deal with them online have offered various incentives and rewards such as increased interest rates on savings and bonuses – this is because it is easier, faster, and more time effective for banks to deal with customers in this way rather than through a branch.

When banking online customers can make bill payments, transfer cash, check balances, apply for services such as credit cards and loans, set up and cancel direct debits and standing order, and more.

Tom Smith
11th June 2007

Tags: online, transfers, bank, Banking, rewards, bills, accounts, payments, services

Even more convenience for A&L customers

Following in the footsteps of HSBC and First Direct, the Alliance & Leicester has revealed plans to introduce a new method of banking that will offer consumers even more in the way of convenience and flexibility – mobile banking. Consumers in the UK that have accounts with major banks and building societies can already enjoy the convenience and ease of Internet banking in addition to using the facilities and amenities available at the local branch. It seems that mobile banking could be the next big step for many banking companies.

Through the use of the mobile banking service on offer from the Alliance and Leicester, consumers will be able to quickly and easily check on recent transactions that have been made, will be able to check their balances, and will even be able to top up their mobile phone credit directly from their bank accounts. In the future, according to officials from the Alliance & Leicester, consumers will also be able to make money transfers and pay bills from the account.

For those that want to take advantage of this mobile banking service, registration will be made easy and simple, and can be done via the Internet or via the mobile phone. One spokesperson from the bank stated: ‘There has not been much technical integration and all we need to do is verify the customer and their bank account details, so it has been straightforward.’

One research analyst says that over time consumers will become used to this updated method of banking, as it means that they will have one more valuable facility to help with the smooth-running of their finances and accounts. However, he added: ‘It is taking consumers a while to use their mobile phones for more than voice calls, and it is difficult for a bank to teach people to use them in another way.’

Tags: cost, payments, account, interest, transfers, online, charge

Consumers could save money on home insurance

A number of studies carried out in relation to consumer trends with buildings and contents insurance have shown that a large percentage of consumers could save a small fortune on the cost of their insurance premiums by taking a few simple steps. A recent survey was carried out by Tesco, and the results indicated that many consumers could be paying up to twenty five percent too much on their premiums for buildings and contents cover.

In many cases consumers are failing to shop around for good deals on home insurance cover simply because they think that they have to take the insurance cover that is offered by their mortgage provider, which is not always the case. The head of insurance at Tesco stated: “Many consumers are apathetic about their home insurance or believe it is an integral part of their mortgage. Others suspect the saving made by shopping around won’t be worth the effort but that isn’t true.”

As part of a survey, around 125 consumers were asked to shop around when it came to renewing their home insurance, and out of these a quarter discovered that they were paying around seventy five pounds more than they needed to on the cost of their premiums. The other seventy five percent from the survey also discovered that they could make some form of saving on their cover simply by shopping around.

In addition to shopping around, Moneysupermarket.com has advised consumers to ensure that their home is made secure through the fitting of security locks, burglar alarms, and other security devices, as this could also help to slash the cost of insurance premiums through reduced risk. Consumers may also find that purchasing a combination package of buildings and contents cover could save them money on the overall cost of their home insurance.

Tags: Insurance, premiums, contents, home, cost, security

Interest Rate Rise Could Mean Nearly £300M More To Pay For Homeowners

A recent study carried out in relation to the recent interest rate rise enforced by the Bank of England has shown that mortgage payers in the UK could be paying nearly three hundred million pounds more collectively in monthly repayments on their mortgages. The interest rate hike was recently announced, after Bank of England officials increased it from 4.75% to 5%.

The figures with regards to the monthly rise in total mortgage repayments came from an analysis carried out by Egg. Officials from Egg have advised consumers to start shopping around for a better deal on their mortgages in order to try and save money on the amount that they will otherwise have to pay out as a result of the interest rate increase. Those on a variable rate mortgage could find that the 0.25% rise in the base rate could make a significant difference to their monthly outgoing based on the value of their mortgage.

According to the report from Egg, those with variable rate mortgages in the UK will each pay an average of around £35.92 more each month as a result of the interest rate increase. With over eight million mortgage payers currently on a variable rate, this could mean a rise of around £292 million per month on total mortgage repayments.

Officials state that by doing a little research and shopping around for a more competitive mortgage deal consumers could cut back on the financial impact that the interest rate rise has on their monthly outgoings. There are a number of deals available on the market at the moment, and some consumers may prefer to opt for a fixed rate mortgage to avoid further financial implications in the event that the interest rate rises again early next years, as predicted by some financial experts.

Tags: rate, rise, Mortgages, home, pay, payments, bank