Don’t be tempted to lie on your insurance application

Insurance is something that many of us take out to protect various aspects of our lives, from our pockets when taking our vehicles on the road and our belongings in our properties to our health and our loved ones in the event of unforeseen problems. Read more

Tags: Cheating, household budgets, way, pressure, basic cover, insurance applications

Insurance firms get tough on drinkers

According to recent reports some insurance companies are getting tough with consumers that drink more alcohol than the amount recommended, penalising them in terms of how much they have to pay for their cover. Read more

Tags: recent reports, drink, alcohol, pressure, alcohol insurance, life insurance, hiking

Many savers could move their money into Irish banks and Post Office

Following a change in the Irish banking industry it seems that many consumers in the UK could be looking at shifting their savings into UK branches of Irish banks or into the Post Office in order to increase the security of their heard earned money. Earlier this month the Irish government changed regulations so that all of its banks offered a 100% guarantee on all savings. The Post Office savings account is run by the Bank of Ireland, so this too will benefit from the increased safety net. Read more

Tags: bank of ireland, Brewin Dolphin, irish government, uk, pressure

Parents make sacrifices for children

Parents are making considerable financial cut-backs in order to afford what their children want, according to new research.

Findings from Engage Mutual reveal that up to 49 per cent of parents with children under 18 say that they have given in to their children’s pleading in the last 12 months.

A further 68 per cent said they would make financial sacrifices to be able to afford gifts that their children ask for.

Karl Elliott, spokesperson for Engage Mutual said: “With kids being spoilt for choice for toys, technology and games, many feel pressure from their peers to keep up with the latest gadgets and labels.”

He added that the research gives a new perspective into family finance with some children ‘wearing the trousers’ when it comes to family spending.

The survey found that up to 44 per cent of parents with children under 18 say that they cannot always afford what their children want or need, with 81 per cent of these parents being more likely to make sacrifices.

Meanwhile, the child poverty action group has welcomed the proposals in the budget stipulating that £1 billion will be put aside to help child poverty.

Tags: survey found that, Childhood, order, pressure, family

Rate cut could ‘ease financial pressure’

The cut in interest rates by the Bank of England (BoE) will help “ease financial pressure”, claims one financial expert.

According to the Fair Investment Company, the rate cut of 0.25 percentage points to 5.25 per cent by the Monetary Policy Committee (MPC) should help homeowners with mortgages of over £150,000 receive as much as £40 per month back.

James Caldwell, director of the company, said: “The MPC’s decision will come as a relief to many. A lot of people are facing higher living costs and business expenses, so the rate cut is an important step towards easing financial strain.”

However he added that home owners will only benefit if mortgage rates are cut in line with the BoE’s decision.

Mr Caldwell also said that savers will be worse off as a result of yesterday’s decision.

Those savers who hoped the base rate would remain the same for another month “will be disappointed”, he concluded.

However, according to the Newcastle Building Society, despite the effects of the interest rate cut, savers could benefit from the current climate of competition between banks and building societies to offer the best deal.

Tags: Mortgages, england, Newcastle Building Society, pressure, Business Finance, interest rates, business, best deal

Young buyers mortgage illiterate

Many first-time buyers are mortgage illiterate, according to new research by AA Legal Services.

Those looking to get their first mortgage on a property are confused by certain terms and may not be completely aware of what it is that they are buying.

The research found that 40 per cent of new buyers do not know the difference between a leasehold and freehold property, with those aged between 18 and 24 being the worst offenders.

AA Legal Services has expressed concerns that many young people are feeling the pressure of rising house prices and this may be forcing them into getting onto the property ladder without fully understanding what they are signing up to.

First-time buyers spend an average of £159,653 on their first property but 41 per cent have no idea what freehold means and 43 per cent are clueless as to the meaning of leasehold.

“Our research suggests that many homebuyers are so desperate to get onto the property ladder that they may be over looking vitally important basic legal principals,” commented James Molloy head of AA Legal Services.

The term leasehold means the right to hold or use a property for a fixed period of time according to a contract. However, many 18-24-year-olds thought it meant that the property could be rented out and others believed that it made the house exempt from council tax.

Freehold means that there is no limit to how long the property can be held and remains with the holder until he or she willingly transfers it. Six per cent of 18-24-year-olds thought freehold meant exempt from capital gains tax, while two per cent thought that only freemasons could buy freehold properties.

Tags: property ladder, leasehold, Many first-time buyers, first mortgage, ladder, pressure, legal, difference