Debt Advice l Bank Accounts l Loans l Remortgages l Insurance l Car Finance - thinkmoney.com

Average house price up by 0.9%

Fri, 3 Jul 2009 16:16:1 GMT

The latest survey from mortgage lender Nationwide has shown a 0.9% rise in average house prices in June, compared with the previous month. Nationwide said that it was the third house price rise in four months, and the first positive three-month rate of change since December 2007.

Full article: Average house price up by 0.9%
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Savings at `record high`

Thu, 2 Jul 2009 11:52:40 GMT

According to National Savings & Investments (NS&I), Britons are saving more money than they have done at any time in the past five years. In its spring Quarterly Savings Survey, NS&I found that on average, people are saving £92.41 a month, an increase from the £90.12 recorded in winter 2008/09. Nearly half of the population (47%) are saving each month, with regular savers putting away more substantial amounts - an average of around £209.23 per month.

Full article: Savings at `record high`
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Households paying off debt rather than saving

Thu, 2 Jul 2009 14:13:35 GMT

New savings and mortgage figures from the Building Societies Association (BSA) have suggested that households are looking to repay debts rather than save. The BSA claimed that savings balances held by building societies had fallen by £106 million in May 2009, compared with an increase of £1,162 million in the same month last year.

Full article: Households paying off debt rather than saving
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Energy prices rise by 22.7% in a year

Wed, 1 Jul 2009 9:54:55 GMT

Figures compiled by the Office for National Statistics show that between the first quarter of 2008 and the first quarter of 2009, domestic electricity prices increased by 19.7% in real terms, while the price of domestic gas rose by 34.8% and the price of coal and smokeless fuels rose by 28.9%. A debt expert for Think Money commented: "During an economic downturn, the prospect of debt will become a reality for many households. The rising cost of living means that some people will find it particularly difficult to afford their essential expenses every month.

Full article: Energy prices rise by 22.7% in a year
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Student loans on the rise

Wed, 1 Jul 2009 10:25:42 GMT

New figures from the Student Loans Company (SLC) have shown a rise in the amount of money lent out to students in the 2008-2009 financial year. The company lent £4.2 billion to students over this period, a rise of around £300 million on the last year.

Full article: Student loans on the rise
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Increased flooding risk highlights importance of insurance

Wed, 1 Jul 2009 15:27:2 GMT

AA Insurance has emphasised the importance of insurance after it was found that over one in five homeowners had cancelled or not renewed their home insurance during the recession. Simon Douglas, director of AA Insurance, said: "We are getting home insurance claims from places where there is no previous history of flooding. Drainage systems are often unable to cope with some of the sudden and extreme downpours we have been experiencing. As a result, homes are being flooded in unexpected places.

Full article: Increased flooding risk highlights importance of insurance
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Energy companies `overcharging customers`

Tue, 30 Jun 2009 10:18:7 GMT

Independent consumer watchdog Consumer Focus has claimed that customers are being overcharged by an average of £74 a year on their energy bills. The watchdog claimed that energy companies have not been passing on the full declines in wholesale costs.

Full article: Energy companies `overcharging customers`
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Bank of England considers ways of improving loans market

Tue, 30 Jun 2009 10:48:29 GMT

The Bank of England has finished a two-week consultation on plans to use more spending under its quantitative easing scheme to boost loans and other forms of credit to businesses, according to The Times. The quantitative easing scheme was introduced to boost cash flow into banks and other financial institutions, thereby increasing the amount of money available for loans and mortgages.

Full article: Bank of England considers ways of improving loans market
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Average 2-year fixed mortgage rate may reach 6% within weeks

Tue, 30 Jun 2009 10:54:10 GMT

Moneyfacts.co.uk has said that the average interest rate on a two-year fixed-rate mortgage could soon reach 6%, according to The Telegraph. The average rate offered to fixed-rate customers looking for two-year deals has been rising rapidly over the last week. On Wednesday, The Telegraph said that the average rate stood at 5.04%, up from 4.92% two days previously and 4.74% a week before that.

Full article: Average 2-year fixed mortgage rate may reach 6% within weeks
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Falling LIBOR could help car loan rates

Tue, 30 Jun 2009 11:6:53 GMT

The three-month sterling LIBOR rate (London Inter-Bank Offered Rate) fell to 1.200% this week, raising hopes that car loans and other forms of credit could become cheaper. It means the rate has fallen from 1.25% to 1.2% in just a week. According to Thisismoney.co.uk, the rate had shown signs of stabilising at 1.25% in mid-June, but then began falling again, possibly due to the effects of quantitative easing.

Full article: Falling LIBOR could help car loan rates
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Online sales may exceed £21bn before 2012

Thu, 25 Jun 2009 11:0:51 GMT

A recent survey by PayPal predicts that online sales will rise from just under £9bn to £21.3bn by the end of 2011 - while sales on the high street will fall by up to £8.3bn, The Telegraph reports. The report, carried out by Experian, was based on 1,000 interviews with adults. It concluded that 24% of UK adults believe that online shopping will overtake high street shopping in the future.

Full article: Online sales may exceed £21bn before 2012
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Bank charges court case continues

Thu, 25 Jun 2009 12:21:43 GMT

The legal battle that could force banks to pay back billions of pounds to customers reached the House of Lords yesterday. The three-day hearing will look into an appeal by seven major lenders against a previous ruling that overdraft charges were subject to consumer contract law, and as such could be regulated by the Office of Fair Trading (OFT).

Full article: Bank charges court case continues
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Energy bills could approach £5,000 a year by 2020

Wed, 24 Jun 2009 10:49:20 GMT

Research from uSwitch.com warns that if current price trends continue, the average annual household energy bill could be more than £4,700 a year by 2020. Uswitch claims that in 2004, the average bill size was £580 - today it has leapt to £1,243, which is 114% higher.

Full article: Energy bills could approach £5,000 a year by 2020
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Energy prices: warning for customers on fixed-rate tariffs

Wed, 24 Jun 2009 11:6:35 GMT

According to Confused.com, last year`s rises in energy prices saw the average energy bill go up by 42% - but many customers were able to `shield themselves from rising prices` by choosing a fixed-rate deal. Today, customers who are coming towards the end of fixed-rate energy tariffs will need to consider their next move carefully.

Full article: Energy prices: warning for customers on fixed-rate tariffs
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Falling living costs offer relief to households in debt

Wed, 24 Jun 2009 11:20:2 GMT

New research from Asda has suggested that the average family was £7 better off during May, compared with the same month in 2008, according to The Telegraph. In its monthly Income Tracker, Asda said that a typical household had £164 a week left as disposable income - nearly 5% more than at the same point last year.

Full article: Falling living costs offer relief to households in debt
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Mortgage lending returns to early-2008 levels

Wed, 24 Jun 2009 11:44:36 GMT

The May lending statistics from the British Bankers` Association (BBA) have shown that mortgage lending - in terms of the number of mortgages approved - returned to levels not seen since early 2008. The BBA said there was a net increase in mortgage lending of £2.3bn in May. Although mortgage lending had increased, it was the smallest monthly rise since early 2001.

Full article: Mortgage lending returns to early-2008 levels
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Loans: interest rate rises `a step closer`

Tue, 23 Jun 2009 10:59:35 GMT

The base rate has been at a record-low 0.5% for almost four months, but one expert has suggested that this could soon change. Edward Menashy, chief economist at stockbroking and investment management group Charles Stanley, has suggested that `the prospect for rising interest rates [may have] moved a step nearer`, due to the recession slowing down and credit becoming more available than in recent months.

Full article: Loans: interest rate rises `a step closer`
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Insurance adjustment fees affecting car scrappage scheme

Tue, 23 Jun 2009 11:24:2 GMT

New research from uSwitch.com has claimed that many motorists hoping to benefit from the Government`s car scrappage scheme are paying expensive mid-term adjustment fees on their insurance policies. Motorists who change terms on their insurance policies, including a change of vehicle, are often faced with adjustment fees that can prove costly.

Full article: Insurance adjustment fees affecting car scrappage scheme
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Household finances continue to deteriorate

Mon, 22 Jun 2009 14:59:34 GMT

According to the `Household Finance Index` produced by Markit (in conjunction with YouGov), UK households are still suffering increasing financial pressure. 32% of respondents saw their financial situation deteriorate in June compared with the previous month - while just 6% said their situation had improved, The Telegraph reports.

Full article: Household finances continue to deteriorate
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No `significant recovery` ahead as mortgage lending falls

Mon, 22 Jun 2009 16:4:32 GMT

The Council of Mortgage Lenders (CML) has said it does not expect to see a significant recovery in activity in the coming months. It said that mortgage lending volumes were still at `extremely low levels`, and that limited availability of mortgages would continue to restrict the market.

Full article: No `significant recovery` ahead as mortgage lending falls
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