90 percent mortgages fall by 97 percent over two and a half years

Most people are well aware that the mortgage market has been experiencing problems over the past couple of years, since the onset of the global credit crunch, and many mortgage products, particularly for groups such as first time buyers, have been disappearing from the shelves making it difficult for many people to get an affordable mortgage loan. Read more

Tags: Business Finance, 90% mortgages, loan, Mortgages, Loan to value, importance, 90% LTV mortgages, worrying

Is it cheaper to be on the road now compared to twenty years ago?

Ask any driver and they will most likely tell you that the cost of keeping their vehicle on the road is extortionate. The cost of petrol is a major contributory factor, with petrol prices having rocketed by an incredible amount over recent months. The cost of insuring a vehicle has also gone up considerably, and many pay hundreds of pounds even for the most basic cover on their vehicle these days. Add to this the cost of buying a vehicle in the first place and the cost of servicing, MOTs, tax, and repairs, and you could find yourself shelling out a fortune each year to be on the road. Read more

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Credit crunch shouldn’t affect responsible credit card users, claims expert

Credit card users who have not had difficulty in managing their finances in the past can continue using their cards despite the current economic downturn

Financial information provider Moneyfacts said that so long as people have a sensible approach to their finances, they could continue to take out personal loans, however the company also warned that transferring debts to new credit cards is becoming more difficult to do as lenders tighten their criteria.

Samantha Owens, head of personal finance at Moneyfacts, commented: “We haven’t seen the rates rising on credit cards like we have across other products just because the margins on them are so big already,” but the company calculated that they nevertheless went up by 0.2 per cent over the past year.

A Nationwide report released this month found that consumer confidence was at its lowest level since records began and a survey by YouGov revealed that six per cent of people have taken time off work as a result of worrying about their debts.

Ms Owens advises consumers to consider various options for managing their finances, including taking out a structured personal loan.

Tags: business, YouGov, responsible credit card, report, finance, company, worrying, difficulty

Student debt rises again

Student debt levels are being ramped up still further, a worrying new survey claims today.

Run in conjunction with high street bank Lloyds TSB, the Push annual survey says that those who started at university last year can expect to owe nearly £17,500 by the time they leave.

Even more worrying is the report’s claim that this year’s freshers face a £20,000 bill for studying.

Furthermore, while the national average student debt lies at £13,000, the £20,000 barrier has already been breached at nine elite campuses.

Catherine McGrath at Lloyds TSB said: “Students face higher levels of debt than ever before and with the added pressures of escalating house prices and increased competition for graduate jobs, it’s essential that they find ways to keep their student debt to a minimum.”

Johnny Rich at Push added: “This increase is not just another rise. Some students are facing real financial hardship. Even so, the advantages of having a degree still vastly outweigh the costs.”

The Push survey was the largest ever conducted on the subject of student finance.

Face-to-face interviews were conducted by its pollsters with over 2,000 students at 130 faculties around the UK.

Tags: bill, Johnny Rich, finance, today, survey, debt levels, lloyds tsb