First-time buyers risking all - Published:22/09/07
information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance Consumer advice Broadband & phones Retirement economy & banking Credit & loans Small business duty & wills Message boards Money blog gear & calculators Ask an expert Guides Compare & buyunparalleled buyers are risking homelessness as they option to desperate measures to get on the property ladder, a housing charity is warningA QUICK cash MAKEOVER If you only have one minute to learn how to sort your finances, forget the relax and read this>> Our 8-step planThe number of populace whose homes have been repossessed or are struggling with mortgage arrears has doubled in the history two existence, says ShelterSome are falling into debt after signing lifetime mortgages of six or seven times their salary It is almost twice as hard to pay money for a first property as it was ten years ago, the aid organization addsShelter chief executive Adam Sampson-said: 'Buying a first home is becoming an increasingly far-away dream and, as housing becomes increasingly unaffordable, repossessions are likely to spiral and more families will countenance the nightmare of homelessness'According to Shelter, the average cost of a first home last day was £154,000, treble the £50,000 it cost in 1996Its yearly affordability index shows it is now 93% harder for unparalleled buyers to get a property than it was when the index began in 1994As a consequence, buyers are having to stretch their finances to the boundary, the charity says It then only takes a borrower to drop sick or lose labor to fall behind with mortgage paymentsThe report comes as growing price rises leads to fears of more interest rate increases in the pending monthsThe Council of Mortgage Lenders blamed a lack of homes for sale 'In parts of the country they're pulling property down because no one wants to live there but in London there are too many buyers for too few properties,' it saidPhil, you certainly cannot understand how difficult it is these existence to judge in the way that you are I earn above the average wage and take house over £1200 a month after tax My mortgage expenses me just over 900 pounds a month for a little one bedroom flat, not to mention committee tax, water, and electricity bills etc I am left with just over £150 a month to exist on, have no car, and have not been on holiday for two years I gamble it wasnt this difficult for you approx 20 years ago (assuming you are center aged)Well if today's young populace were more realistic in their expectations and actually made small sacrafices in their way of life then owning a property may not be such a burden But no, they want the pleasant house, flashy cars, 3 holidays a year, eating out 4 nights a week, flashy HD television etc They want it all but are not prepared to make any sacrafices Many have no savings at all, or raid their parents retirement money for the deposits required (very, very selfish)© 2007 linked Northcliffe Digital Ltd Terms Privacy policy Advertise with us LoansCardsMortgagesInsuranceCompare the best deals around with This is MoneyPlease decide a loan£ choose a loan term 12 months (1 year) 24 months (2 existence 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 existence 120 months (10 existence GO New credit cardPick your favoured card offer Please decide 0% preliminary rate No annual fee Cashback Loyalty scheme All of the above GO Balance transferPlease select a type of cover Life cover Home and contents Car Breakdown services Health - medical Health - dental Travel Pet - afflict Pet - cat GO RECLAIM ALL FEESAdvice/template mail:BUY-TO-LET TIPSThinking about investing in property This is Money has the best in order and advice.
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Borrowing "relatively subdued" says BBA - Published:07/12/06
The British Banking Association (BBA) has supposed that "relatively subdued" customer spending should not be interpreted as a warning that the UK is slipping into a downturnThe comments came as the BBA issued its newest borrowing figures, showing that the amount borrowed on homeowner loans, unsecured praise and overdrafts rose by £505 million in February, compared to £604 million in the same month last yearThe amount borrowed on credit cards greater than before by £183 million over the month, compared to a £113 million increase in JanuaryThe BBA supposed that these figures remain broadly inline with the standard over the last six months of £173 million"There carry on to be signs of consumer caution, as unsecured credit demand remained relatively subdued and put growth was above average," said David Dooks of the BBA"now as we did not look upon the above-trend rises in the major banks' net mortgage lfinishing towards the finish of 2005 as heralding a sustained upturn in mortgage market action, we do not now see the moderately weaker figures since as signalling a downturn, particularly with information of house prices picking up in 2006 so distant"MoneyExpert Limited is authorised and regulated by the Financial Services Authority (FSA register No 301654) The Financial military Authority does not regulate some forms of mortgage.
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Rising bad debt could end free banking in the UK - Published:04/11/06
The rising amount of bad money owing in the UK could put gratis banking at risk, according to an expertmoneysupermarket claims that as more borrowers have mounting amount overdue such as credit cards and personal loans, many organisations could finish free banking for their clienteleRichard Mason, director of moneysupermarket, comments: "The resulting impact will be further cost for the UK’s 31 million current account customers who are long second-hand to free banking"He adds that it will be a "sad daylight hours" when banks opt to charge for running the "most essential and necessary" of financial services also, Mr Mason predicts a possible backlash for the first banking which chooses to enforce a chargeThe figures provided by moneysupermarket indicate that UK personal money owing , such as credit cards and personal loans, is rising at a "tremendous speed", having recently reached £119 trillion by the end of April 2006However, the latest info released by the Bank of England show that there was very small rise in credit card lending in June 2006, although the total add to in consumer credit was £08 billionRising bad debt could.
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