Offshore investors told to do their homework - Published:19/11/07
People considering moving their money offshore should ensure that they have researched the marketplace and have sought professional advice, it has been claimedAccording to Rhiannon Williamson, director of Shelter Offshore, investors should not make a decision to offshore their money without first consulting a expert adviserInvestors need to be aware that getting such advice may denote they do not waste time and money next a strategy that may not be worthwhile, she said"Not everyone can advantage from going offshore in any way and so it is not worth the time and expense for such populace, so get personal advice before you act," she recommendedEarlier in the year, Rachel Thrussel, skull of savings at Moneyfactscouk, said that the rates obtainable with some offshore savings accounts made them more attractive than some onshore productsHowever, consumers should be cautious of the tax implications of such accounts and know their defense rights to ensure they obtain a suitable deal, she affirmedOffshore investors told to do their.
Read More:
Offshore Investors Told To Do Their Homework >>
Mortgage Rates Rise As Banks Struggle - Published:21/09/07
As I explained on Monday in huge News From The Credit Crunch, the worldwide turmoil in financial markets has created a welcome boost for savers Lenders struggling to raise cash for their short-term wants have increased interest rates on fixed-term savings accounts in order to get more money through their doorsWorryingly, the same armed forces are at work in the mortgage markets, as lenders regulate their lending offers to take account of senior money-market interest rates and reduced market stability Indeed, Abbey, the UK's large mortgage lender, today announced that it is balanced to increase the interest rates charged on its range of tracker mortgages by up to 02%Although roughly four out of five novel mortgage borrowers (80%) opt for a fixed-rate mortgage, tracker mortgages are gaining in popularity In exacting, they are attractive to those people who believe that the Bank of England will reduce its bottom rate next year, thus bringing down monthly repayments on variable-rate mortgagesAlthough existing Abbey borrowers will be unchanged, this news will mean steeper mortgage repayments for new Abbey clientele What's more, Abbey expects this trend tapering credit conditions) to continue for some time, putting other lenders under similar pressure Hence, mortgage re-pricing is improbable to discontinue there, with other high-street lenders sure to follow in Abbey's footstepsIt's value pointing out that this is an strange move for Abbey, as mortgage lenders usually adjust their changeable rates solely in response to changes in the base rate Nevertheless, Standard existence today announced that it is also adjusting its rates to manage with money-market pressuresDespite five rate hikes by the Bank of England's Monetary Policy group since August 2006, taking the base rate from 450% a day to 575%, the UK housing market still shows some cipher of strength However, increases to the base speed, coupled with tighter lending restraints, will eventually create to bite as hard-pushed homeowners feel the strainWhat's more, home prices will also be under pressure from the higher interest tax on fixed-rate mortgages, which have risen throughout 2007 Indeed, mortgage borrowers coming off a fix in use out two or three years ago will see their monthly mortgage repayments shoot up as they move onto today's higher rates In adding, massively higher arrangement fees on fixed-rate mortgages (nowadays, around £800 to £1,600 a occasion allow lenders to promote good-looking ‘headline' interest rates and, therefore, mask the ‘true' cost of home loansFurthermore, as lenders seek to strengthen their risk profiles, borrowers on the limits of affordability will be turned away more often Indeed, the UK's subprime lenders have already priced in higher amount overdue, defaults and repossessions by hiking their interest rates -- in some luggage, by as much as 25% a year Predictably, this will make ‘lending at the limits' even less feasible and will scare off prospective borrowersFinally, I think it's time to countenance facts The UK housing boom has been mainly fuelled by a decade of cheap praise As interest rates climb and lax lending is curbed, individual, company and government creditworthiness will fall, and our ability to service money owing will be tested In addition, the predicted collapse in City proceeds due to the credit crunch will reason mega-bonuses to be slashed, hitting high-end possessions prices in London and rippling throughout the South EastThus, in the existence to come, I expect the UK housing market and the economy as a whole to be much weaker than they were in the Blair years of 1997 to 2007 Expect mortgage arrears and repossessions to go up steeply, along with individual bankruptcies and insolvencies In my view, now is not a good time to borrow up to your eyeballs for any cause -- and that goes for buying your dream home, too© Copyright 1998-2007, The assorted Fool Limited All rights kept This material is for personal use onlyPlace of Reg: England & Wales corporation Reg No: 3736872 storage bin Reg No: 735 7818 01 Registered Office: 30 Great.
Read More:
Mortgage Rates Rise As Banks Struggle >>
Principality launches 5.25% Monthly Saver - Published:20/11/06
Principality, the largest building society in Wales, is preliminary the new year with a proffer to encourage the UK to save regularlyFollowing figures which have revealed that barely half (55 per cent) of all adults in the UK regularly put aside money, the building civilization has announced the launch of the periodical Saver AccountThe product promises to be among the best savings accounts for those who diagram regular deposits, paying 525 per cent on deposits of between £20 and £1,000 every monthUnlike some comparable products, the Monthly Saver will let up to one withdrawal every 12 months with no reduction in the speed of interest"As a mutual organisation, we feel it's important for us to give confidence our customers to kick-start the year with a healthy investments habit," said Tracy Moreshead of Principality"We are certainly seeing a growth in the figure of savers, which is very encouraging, but many carry on to 'live for today', building up debt and not charitable saving a second thought"Saving regularly doesn't take a lot of attempt and if this prototype of paying a little each month into an explanation is established, lump sums can be built up quite quickly"MoneyExpert Limited is authorised and keeping pace by the Financial military Authority (FSA Registration No 301654) The Financial military Authority does not control some forms of mortgage contract, credit cards,.
Read More:
Principality Launches 5.25% Monthly Saver >>
