OUR hypothetical young starter will have been a child largely of New Labour, so we will call him Gordon Blairson.
Scotsman: Stay Sharp As Lenders Shuffle Cards
BRITONS are planning to spend a whopping third more on their credit cards this Christmas than last, clocking up an average of £1,270 on plastic. Despite this, all is not well in credit card land, which means consumers must keep their wits about them.
Scotsman: Pressure On McConnell Over Tax
THE government’s planned corporation tax cut for Northern Ireland is likely to lead to an increase in jobs and revenue, according to an influential report which is likely to reverberate in Scotland.
Money Links For 18th Nov 2006
Links to other interesting money articles on 18th Nov 2006.
MoneyExpert: Clampdown On IVAs ‘could Encourage Debtors To Consider Loans’
Creditors involved in individual voluntary arrangements (IVAs) are increasingly cracking down on the amount of money set aside for emergencies, it has been claimed, which could encourage some people to take out additional loans from other sources.
MoneyExpert: New Type Of Home Loan ‘may Grow In Popularity’
A new kind of homeowner loan designed for consumers with poor borrowing history could become increasingly popular in the UK, despite being more expensive than standard mortgages, it has been claimed.
Bad credit mortgages are aimed at people who have been rejected by major lenders due to missed repayments or CCJs.
The Council of Mortgage Lenders (CML) predicts that the popularity of these homeowner loans will rise in relation to the fact that many households are facing significant financial difficulty, sometimes through failing to compare loans and find the best rates.
“At any point in time there is a substantial minority of individuals who cannot access mainstream financial products,” states Bob Pannell, head of research and information at the CML.
“The provision of adverse credit products helps such individuals get into or sustain homeownership and in many cases gives borrowers an opportunity to re-order their finances.”
The CML is confident that bad credit mortgages will play a key “rehabilitating” role for those with short term financial problems.
With rising interest rates the number of homeowners remortgaging in the UK has dipped to its lowest level since 2001. CML figures show that remortgaging accounted for 30 per cent of the overall mortgage market in September 2006.
Scotsman: Mortgage Plus Offers Up To 125%
HBOS has become the latest lender to let borrowers combine a secured mortgage and unsecured personal loan to borrow up to 125 per cent of a property’s value.
Scotsman: Successful Homestake Plan Given £14m Boost
A PILOT scheme aiming to help people on low incomes to buy their own home has had to quadruple funding to meet demand.
Scotsman: Finding A Friend To Buy With
FRIENDS planning to club together to buy a house can get help at www.propertyfriends.co.uk, a website launched this week.
Scotsman: IFA Brief: New Opportunities
NEXT year’s introduction of Real Estate Investment Trusts (REITs) opens up new opportunities for investors in the UK, allowing individuals to invest in a diversified property portfolio, buying low-cost easily tradable units instead of having to finance…