Holidays still important to Brits

According to a recent report holidays are still important to Brits despite the fact that the global credit crunch has impacted heavily on household finances. In fact, the report suggests that many people would actually rather cut back on every day goods and luxuries than have to give up their yearly holiday, even though many are suffering from really strained household finances. Read more

Tags: smoking, Household, holidays, food, arrangement fees, conscious travellers, way, repercussions

Credit crunch will hit ‘less well off’ worst

Mortgage-seekers who are less well off will be hardest hit by the implications of global credit squeeze.

According to a representative for money education charity Credit Action, the sub-prime mortgage crisis that hit the US with its repercussions reaching UK financial markets, has meant that those with the least will now find it hardest to be successful in mortgage applications.

The mortgage market has seen a widespread tightening up of specifications for people wishing to take out a mortgage after the problems that famously hit lender Northern Rock.

However, she said: “The companies that traditionally provide for the less well off, such as the door step lenders, won’t be affected because their system is so different.

“They rely on the agent network and I don’t think that is likely to be affected at all.”

She added that the sub-prime market makes up around “ten per cent” of the UK mortgage industry and it is clear this has been impacted by problems in the US.

Tags: repercussions, cent, United Kingdom, credit crunch, tightening, uk mortgage, sub prime mortgage crisis